Many small businesses have come forward as they are not happy to be put in such a precarious situation due to the government's plans to slash energy subsidies. This moves from the government, introducing the EBDS leaves out vast numbers of businesses that rely on these subsidies for continued operation and makes it much more difficult for them to cover the costs of staying afloat.
Many small business owners have acknowledged how this decision will hurt their operations, with some likely struggling throughout a time when the economy is already stretched so thin. With the Energy Bill Relief Scheme coming to an end, there is going to be less financial relief for smaller firms operating in all sectors. This could lead to a long-lasting impact on businesses and customers alike.
Read more here for more about the Energy Bill Discount Scheme
How will this affect smaller businesses?
As the full reality of the changes to business support become clear, it is becoming ever more evident that many small businesses are struggling to stay afloat. With the cancellation of the Energy Bill Relief Scheme (EBRS), the government has been unable to offer even a fraction of the support that has previously been offered. On average 40% of SMEs are only going to see a maximum of £49 relief in the year the EBDS is running.
To make matters worse, energy bills represent one of the greatest financial pressures facing these companies at this current time. Such strains on companies can potentially lead to downsizing, closing, or changing operations in order to adapt as best as possible.
However, industry leaders fear such shifts would not be enough for many companies and worry that price hikes may be their only option for increasing profit margins. All in all, it is clear that these changes have introduced significant tumult among small businesses and despite new support, they are still certain to face an uncertain future over the next few months.
How can your business cope with rising bills?
By making sure that you take care of your energy bills on time, you stand to save a significant amount of money which can make a huge difference for businesses. Our energy consultants are experts in the industry and are always up to date with the latest prices and offers available in the market. They continuously monitor your current contract and let you know when it's time to negotiate energy rates, so you get the best deal each time. Don't wait until your business is in a financial mess before signing your next energy contract; our experts will help you create a bespoke solution that brings down costs whilst ensuring that your business is still able to access enough fuel to operate properly.