It’s a question many businesses in the East Midlands are grappling with: how do I get the best deal on my energy? The energy market can feel like a bit of a maze, and understanding your options, especially when you're focused on running your business, is crucial. Recent research sheds some light on what businesses across Great Britain are experiencing, and these insights are definitely relevant for our East Midlands entrepreneurs.
The Cost of Keeping the Lights On
Let's be honest, energy costs are a significant concern. While the majority of businesses are managing to keep up with their bills – a positive sign compared to previous years – a notable portion are still finding it a struggle. In fact, over a quarter reported facing some difficulty, with a small but significant 3% falling behind. What's interesting is that this burden often falls heavier on the smallest among us – sole traders and micro-businesses are more likely to report struggling than their larger counterparts. It also seems that a lower understanding of energy matters can go hand-in-hand with payment difficulties. For those who have reached out to their suppliers for help, the experience hasn't always been smooth sailing, with a limited number finding suitable debt repayment plans.
The Switching Game: Is It Worth It?
So, what are businesses doing about it? Well, a good chunk of companies have been actively looking around. Around a third of businesses reported switching their energy supplier in the last year, a noticeable increase. Larger businesses, perhaps with more resources or a greater need to control overheads, were more inclined to make the switch. And why are they switching? Price, overwhelmingly. It’s the main driver, with most businesses choosing their current supplier because they believed it offered the cheapest option.
The Role of Energy Brokers
Navigating this market can be time-consuming, and that's where energy brokers come in. Just over a third of businesses have consulted a broker when selecting their current contract, and many found the experience positive. The feedback suggests that brokers are valued for their good customer service, their ability to offer tailored solutions, and crucially, the time they save businesses by doing the legwork. It seems that for many, a broker acts as a helpful guide through the complexities of energy contracts.
Looking Ahead: Customer Experience and Decarbonisation
Beyond just price and switching, how businesses experience their energy supplier day-to-day matters. While the research touches on customer service, it's clear that a smooth, supportive relationship with your energy provider can make a big difference, especially when challenges arise. Furthermore, the conversation around Net Zero and decarbonisation is growing. Businesses are increasingly aware of their environmental impact and are starting to explore steps they can take. This is an area that will likely become even more important for East Midlands businesses as we move forward, potentially influencing supplier choice and operational strategies.
For businesses in the East Midlands, understanding these trends – the ongoing concern over costs, the willingness to switch for better deals, the value of expert advice, and the emerging focus on sustainability – can help in making informed decisions. It’s about finding that sweet spot where affordability, reliability, and future-proofing align.
