Managing costs effectively is essential for the success and survival of a small business. Your energy bill is a key component of these costs.
Small businesses have a vital role in America’s economic engine. Yet, according to Investopedia, only 25% of new businesses make it to 15 years or more, with almost half failing over the first five years. Therefore, managing costs plays a critical role in the success and survival of a small business. It’s no secret that right after rent, utilities take out the biggest chunk of a business’ monthly budget.
Costs of doing business
Beginning with your rent, followed by Ohio Edison electricity and other bills, along with payroll, you’re in for expenses you have to pay regardless of whether you are making sales or not. These are fixed costs that are there no matter what and are usually those that make businesses tumble. Therefore, it can be said that the success of your business depends on your ability to manage costs.
The good news is that thanks to social media, advertising costs are far smaller than they were two decades ago. Moreover, you can do a lot of your business marketing for free. You can even do your website on platforms like Wix that can cost as little as $15 per month yet look super professional.
Ways to lower your energy bill
Heating and cooling accounts for most of your energy usage and it’s no secret that utilities are the second biggest expense after rent. According to Iota Communications, the average cost of utilities for commercial buildings is $2.10 per square foot. Fortunately, having a business in Ohio means you have the power to influence the amount you pay for using electricity as it is a decentralized market. When it comes to energy, there are plenty of things you can do to lower your bill.
Make sure you got the most affordable provider
Just like when making a big purchase, you need to get out there and compare all the deals offered on the Akron Ohio market. Fortunately, there are many sites that provide you with a ready list of electricity providers and their offers. The difference between two providers can be as many as several hundred dollars on your annual bill. First Energy Ohio that was formed through the merger of Ohio Edison Company and Centerior Energy Corporation has plenty of options that enable Akron shine in all its splendor.
Practice energy conservation
Turn off the lights whenever you leave a room. Make sure everyone turns off their equipment before going home and that includes plugging out the appliances as otherwise they continue consuming energy in standby mode. Besides eliminating the waste from vampire appliances, you need to do your best to eliminate any energy-wasting behavior. For example, did you use natural light as much as possible on your premises? Natural light will do much more than save you money from having to use artificial lighting. It will make your employees happier and much more productive. Which translates to increased profitability.
Make your business more energy efficient
Invest in making your home smarter to benefit your wallet and wellbeing as these kinds of improvements do much more than just save energy: they make everything more convenient. You won’t have to think of turning off the lights if you have sensors that do the job for you. But, for a truly green way of doing business, you need to think outside the box and it all begins with an ‘energy audit’. Where you evaluate your current habits and identify ways to improve them. Use fans instead of turning on the AC, even during winter as fans can help distribute hot air when turned in the opposite direction. How about organizing a team meeting outside as opposed to in the office? From beautiful gardens and parks to an enchanting coffee culture which will take your meeting to another level, Akron, Ohio has it all.
Take advantage of green incentives
The State of Ohio and the City of Akron might offer some support to businesses who make the effort to go greener. Green energy initiatives can literally be found everywhere across the globe these days, just do your research.
Cutting energy costs will help you make your overall business greener. Which can only increase the value of your products and services. Consumers are getting more aware and know how to appreciate businesses that do business right.