A trial scheme in Greater Manchester has identified over £85,000 in cost savings for local businesses. The savings have been achieved through the reduction of business utility costs. The business savings scheme has been trialed in the Manchester business improvement district of Altrincham in Greater Manchester. Each of the selected businesses conducted a simple savings review focusing on the utilities used by each business. Through the business savings review, over £85,000 in savings were identified. Averaging at £3,000 for each business involved in the scheme
The initiative in Greater Manchester is being managed by a private business support group. Who offer a 30-minute consultation. Designed to identify the business cost savings available to each business. The business savings review looks at current suppliers and the annual expenditure for each business. A number of national business switch studies show that SME businesses lose an average of £4,397 each year. Through overpaying for business essentials such as energy and telecommunications.
It is surprising that business owners will compare alternative suppliers when it comes to domestic utility usage. But fail to carry out the same practice when it comes to business. When you consider 68% of businesses are overpaying for utilities. It makes sense that a business owner should dedicate 30 minutes of their time to review their business utility costs
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The pilot scheme in Greater Manchester is expected to be rolled out across the entire city in 2018. A recent consultancy report identified an urgent need for SME business owners to review their business utility costs. An increasing number of businesses have been identified as overpaying for utilities due to being on incorrect tariff or not sourcing competitive suppliers.
Business broadband and telecommunications costs have also been identified as a financial black hole for businesses. With many business owners paying for services they do not fully utilize. It is extremely rare that a supplier will contact a business owner to inform them they are overpaying for a service. It is the responsibility of business owners to be proactive and identify potential saving.
A recent report from CompareYourBusinessCosts.com has outlined the importance of changing suppliers or renegotiating existing contracts. The website offers a simple interface that allows users to instantly compare costs and suppliers while providing a support system developed with business users in mind. A recent five-star review of the website reported over £3,500 in savings having been made for business utility usage alone. The website also provides the ability to compare telecommunications costs and source alternative financial partners.
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