What To Do If You’re Struggling With Business Energy Bills

person calculating energy bills

In the current economic climate, many businesses are struggling to keep their heads above water. The rising cost of goods and energy are making it difficult to manage the increasing cost of outgoings. So, if you’re struggling with business energy bills, you’re certainly not alone. This is a struggle that many businesses are facing at the moment, however there are steps you can take to help your business.

Communicate With Your Energy Supplier

If you’re struggling to pay your business energy bills, your first step should be to contact your supplier. They may be willing to agree to a payment plan that you can afford more easily. This may include more time to pay, payment breaks, reductions or access to hardship funds. The worst thing you can do is ignore payment demands from your supplier. This could leave you at risk of being disconnected, with the likelihood of incurring extra fines. Instead, communicating with your supplier provides you with the chance to re-negotiate a realistic payment plan. 

Try & Lower Your Usage

It might seem like an obvious point, however the benefits of making efforts to lower your usage can’t be overstated. There are so many simple changes you can make that will make a real difference to your bills. For example, can you turn off equipment rather than leaving it on standby? Switching to LED light bulbs and lowering your heating by just 1 degree can all make a big difference. Monitoring your usage will help you to see where energy is being wasted and where you could be making savings – a smart meter will help with this significantly. 

Check Finance Schemes & Grants

There is business energy support available out there, and so don’t be shy in finding out the help that might be available to you. Your supplier will be able to inform you of any grants that they offer to businesses. This may include longer term solutions such as subsidies on the upfront costs for more energy-efficient equipment. There is also government help for business energy bills. The Energy Bill Relief Scheme is currently running from 1 October 2022 to 31 March 2023 to provide energy bill discounts to non-domestic customers. 

Seek Professional Advice

If you’re struggling to pay your business energy bills and it’s impacting the rest of your business, then it’s important to seek some professional advice from a business rescue expert or insolvency practitioner. They will be able to advise you on the options that might be available for recovering your company. This may include formal rescue proceedings, such as a Company Voluntary Arrangement (CVA),administration, restructuring or refinancing. 

What If Your Business Cannot Be Rescued?

If you are unable to pay your business energy bills and are facing insolvency, the best decision may be to place the company into voluntary liquidation. A Creditor’s Voluntary Liquidation (CVL) removes creditor pressure quickly whilst enabling directors to claim redundancy and statutory entitlements. 

If you have been struggling to pay business energy bills and are concerned about the health of your company, our experienced team at My Liquidation can help. Please don’t hesitate to get in touch with us to discuss your business’ requirements.

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