How can businesses tackle energy price rises?
The nights are drawing in and the weather is getting cooler. How can businesses cope with rising energy costs? Jurek Sikorski, Executive Director of Henley Centre for Entrepreneurship, gives his advice for businesses in the latest Henley Insight.
There is a sense of imminent horror as businesses are facing substantial hikes in their energy bills. The head of the British Chamber of Commerce, Shevaun Haviland, warned, “Businesses will close their doors this winter” if they are not given support with soaring energy bills. Sadly, some have already decided to close.
Here is a range of things businesses - especially small businesses - can do to mitigate the impact of energy price rises this winter that will stave off closure.
Embrace government support
New PM Liz Truss’ energy relief package involved capping energy bills for businesses at the same price per unit as consumers for six months. Alongside capping energy bills, we should also expect VAT and business rates to be reduced, all of which have yet to be finalised.
There is also a range of government schemes including loan and grants already available that business owners can take advantage of.
The Government also offers incentives to businesses who reduce their carbon emissions and invest in green technology, which could help keep costs down.