How your business can deal with rising energy costs

Analyse your costs

 
If there’s ever been a time to be smart with your accounting and cashflow, it’s now.
 
It is vital to keep as much cash as possible in your business and stay in control of your expenditure. You need to work out where you are spending too much money and identify the most profitable areas of business to focus on. 
 
 

Find the best energy deal

 
Prices are high across the board, but you might still be able to reduce the amount you are paying for gas and electricity. 
 
The commercial energy market is competitive and suppliers are typically keen to increase their customer base. Business premises tend to use more energy than domestic properties so reducing your bill can make a significant difference. 
 
There are many well-known price comparison websites available (powertoswitch.ie, bonkers.ie etc), where you can compare energy prices and hopefully find a better deal for your business.
 
There are also some new services out there such as energy brokers who will assess your bills and do the research for you- they often do not charge a fee to you the end user but make their money from the energy providers. 
 
 

Energy efficiency measures 

 
Steps you can take to reduce energy at your business premises include:
 
 

Increase your prices

 
You may want to increase the prices of your products or services to offset the impact of energy costs.
 
Raising your prices is never an easy decision, particularly at a time when your customers are also suffering as a result of the cost-of-living crisis. However, there are ways to do it successfully.
 
Steps include analysing your exact costs to work out by how much you need to raise your prices and segmenting customers to identify those who will be least sensitive to price increases.
 
You can also take actions such as adding extra value for customers to soften the blow of a price rise.
 
 

Last updated: 2nd May 2024