As if us business owners haven't had a rough few years already the media posting about the looming New Zealand electricity crisis has cast a shadow on the businesses that have wholesale agreements in place, soaring wholesale electricity prices painting a grim picture for many business owners. As the country grapples the cost of living and with low water levels, limited gas impacting energy supply and the talk of increasing retail prices ahead, the need to trim day-to-day expenses becomes more urgent than ever. In the face of rising costs part of my coaching and consulting is looking for ways of saving time and money for business owners. Here are some practical strategies for business owners to navigate these challenging times and keep their finances in check.
Shop Around for Energy Providers
With the forecasted rise in energy costs, now is the opportune moment to reassess your energy provider. Instead of sticking with the same old supplier, take the time to explore what other options are available in the market. By comparing prices and terms from various providers, you may uncover hidden savings waiting to be seized. Whether it's switching to a different provider or negotiating more favourable terms with your current one, there are avenues to explore to shield yourself from impending price hikes.
Don't forget to ask what your services can offer you to keep you as a customer.
Combine Services from Energy Providers To Save
Now could be the perfect time to transfer your internet and phone accounts to your energy providers. I personally use Mercury Energy for power/gas/internet/phone, this is great for small business owners.. The more services you have the more discounts you receive and benefits such as the first 6 months free on your mobile. Power/Gas they have appliances you can use from totally free.
Leverage Software Discounts Like Xero
In the realm of cost-saving initiatives, embracing software solutions can be a game-changer for your business operations. Take, for instance, the widely used accounting platform Xero, which frequently offers compelling promotions. Currently, you can enjoy a 75% discount for the first six months by making the switch—a small investment with significant returns. By leveraging such tools, you not only streamline your financial management but also slash away at cumbersome administrative tasks that eat into your time and resources.
Ask Suppliers for Wholesale Discount
If you don't ask you won't know! I have personally used a coffee cup supplier and looking at ways to save costs I reached out and said I had been looking at cheaper alternatives but loved their products and was there any chance of a discount. They emailed back offering a further 20%.
Downsize Subscriptions
Many businesses end up paying for software subscriptions they no longer need or use. Now is the time to audit all your subscriptions. Can you consolidate tasks into fewer platforms or take advantage of free versions of some services? This simple step could save hundreds each year.
Optimise Your Office Space
For businesses that can accommodate it, exploring a flexible or remote work setup might be the key to unlocking cost efficiencies. Downsizing your office space not only trims energy expenses but also brings down rental costs significantly. Alternatively, embracing shared office spaces can be a smart move to reduce overheads while maintaining a conducive work environment for your team.
In the face of the New Zealand energy crisis and the broader challenges posed by the escalating living costs in the country, prudent financial management is more crucial than ever. By taking proactive steps to trim day-to-day expenses through smart choices like exploring energy provider options, embracing cost-efficient software solutions, investing in energy-saving equipment, and optimizing your office space, your business can weather the storm and emerge stronger on the other side.
Remember, the road to financial sustainability begins with small, intentional steps that add up to significant savings in the long run. So, gear up to tackle the rising costs head-on and steer your business towards a future of financial resilience and prosperity.
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