When switching can help your business save money

Last year has been incredibly tough for many businesses. From start-ups to large corporations, every business has been impacted one way or another by the ongoing pandemic. It’s no surprise that businesses are now more than ever looking at ways to save money.

In this short post, we’ll share some ideas where switching might be a great way to make savings.

Switching energy suppliers

If every month you start feeling anxious when you receive your gas or electricity bill, then it may be time to do something about it. Most of us tend to get stuck in contracts and never take the time to review them or see if there’s a better deal anywhere else.

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But if you’re looking to get a better deal, nobody else is going to do it for you. Look at different energy providers and see what tariff they can offer you. And if you’ve received several quotes, don’t hesitate to get back to companies to see if they have any more wiggle room – some will be happy to match or beat competitors if you can show you’ve been quoted a better price elsewhere.

Switching water retailer

Some businesses don’t realise this, but you don’t have to stay with your local water network company anymore. Nowadays, businesses deal with water retailers such as Castle Water which will manage everything for you. Local water companies will still maintain your local network (like Thames Water, Scottish Water or Southern Water). Still, your business won’t usually deal with them directly.

This means that just like for energy, you could be looking at different retailers to see if they can offer you a better tariff. They can also offer various complementary services that can help businesses have a more comprehensive approach to water and wastewater. In the long run, this could mean reduced water usage (or more efficient usage) that translate into a smaller number on your bills! 

Switching suppliers

Whether you run an office or a manufacturing business, you will always have contracted suppliers – regularly or not. This could be food for the company cafeteria, raw production materials, office stationery, or anything else, really. 

If a contract is coming to an end or you are looking for new suppliers, don’t hesitate to compare several quotes and see if you negotiate a good price on your goods. It’s very easy to take a price for granted, but most suppliers will have some margin available for negotiation.

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Switch for freelancers

Having employees is great, but not all businesses can afford it – particularly smaller businesses and start-ups. If you have specific projects or short-term requirements, consider hiring freelancers. As freelancers are self-employed, outsourcing work usually cost less for businesses.

Some will charge hourly, while others will estimate a cost for an entire project, so you may want to consider what will work best for your needs. Freelancers’ rates can vary wildly, so take the time to compare individuals, their experience and rates to make the right choice.

There you have it; four ways to make a move and see if your business can save money. I hope this article has helped you realise that if it is easy to get stuck in routine or habits, sometimes switching things up can be great for your finances. You can find more advice on saving and budgeting here, and if you’ve got more switching tips, we’d love to hear about them in the comments below.