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How Small Mistakes Are Making You Spend Big Bucks

How Small Mistakes Are Making You Spend Big Bucks

Small business owners in the UK form the backbone of the British economy. Their services, unique products, and their personal approach to customer service make them the shining stars of our entrepreneurial ecosystem. However, even the best of small businesses can make mistakes that chips away at their profits.

The biggest culprit

When asked to reduce costs and increase profits, most small businesses would think about upgrading technology and reducing their workforce. They forget the biggest cost culprit in their financial statement- electricity.

Think about the refrigerator, toaster, microwave oven, and coffee maker in your office kitchen/pantry. Pay attention to the three printers around the office. You may believe that these small appliances do not consume electricity but they do. As long as the appliances are plugged in, you would continue getting a big utility bill. Every wire and cable will cost you more.

To make sure that you don’t lose a fortune because of utility bills, simply unplug devices when they are not in use. The story is different from the refrigerator which should be connected to a source of power 24×7. In this case, you should ensure that the refrigerator temperature is adjusted periodically to suit the weather. Small changes like these could go a long way.

Check out when fans and light bulbs remain switched on when they are not needed. Encourage your staff to develop the habit of switching off light bulbs and fans when not in use. This simple exercise could save your profits from leaking off.

Now the big steps

You have taken a few baby steps to manage your utility bill issue. Now it’s time to handle the big issues. Heating is often a big energy hog in any small business. Adjust the thermostat to a comfortable degree (a tiny 1 to 2-degree change wouldn’t matter much in most cases). You may also need to check the insulation on the windows. Lack of proper insulation could send your heating system into overdrive, making it work harder and consuming more power.

Finally, you can start moving to energy-efficient appliances. As you save more money each month, start replacing your appliances and light bulbs into energy-efficient variants. This will help you double down on your savings and eventually reflect on your financial statements. To know more, simply check this handy small business utility guide. Good luck!

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