Entrepreneur Ideas during an Energy Crisis
With the cost of energy at record rates in the United Kingdom, and professionals not expecting profits to the level you saw in 2021 for a considerable time, most businesses will be looking for entrepreneurial ideas to reduce the effect of their cash flow.
Even before the Russian-Ukraine war, supply shortages and an increase in global demand have meant that wholesale costs have surged. Because of this, businesses are not just facing soaring energy prices. Most are as well continuing to feel the pinch of the war.
While the energy crisis is a great business opportunity, it is a real pain for some entrepreneurs. This is why it is important to implement the following entrepreneurial ideas from business experts like Stephen Taylor so you can beat the energy crisis:
1. Switching Of Non-Essentials
Similar to a home, there are many things in your business premise that shouldn’t be left on. Most devices use a lot of power, which you might not know.
For example, you may switch off your computers instead of being in sleep mode. You must also turn off your equipment and electric tools at the sources. This helps to keep the place safer.
But some devices should be left on in some businesses, including fast food franchises. Freezers and fridges are perfect examples of such things that need to be left on.
2. Increasing The Use Of Electricity & More Efficient Cars
Now more than 8.5 million EVs are on the roads, building on record sales across many continents, especially in Europe. The demand for EVs continues to grow stronger, thanks to government support and plummeting prices of batteries.
Since oil demand mainly comes from the transportation industry, entrepreneurs are focusing on the idea of using less oil to get goods and people from one point to another. This idea is also believed to significantly relieve the cost pressure on customers, reduce hydrocarbon revenues in some countries, and make the demand for oil more sustainable.
3. Negotiating Better Contracts
Having cost-effective contracts for energy supply is the start of controlling the prices of energy. If your contracts are coming to an end, be sure to take time to take action to ensure you don’t roll over to a costly standard rate tariff.
Balancing long-term benefits with short-term needs is key. And think about your consumption profile and whether it is going to dictate if you are better off on flexible or fixed contracts.
4. Fostering Behavioural Or Cultural Changes To The Use Of Energy
The key to reducing the use of energy in a workplace is to embed it in your business culture. As part of the workplace policies, be sure to encourage your staff to switch the lights off every time they leave the room.
Simple things, such as reminders on the use of water, might as well make a big difference. Motivate your staff to only fill their kettles with the water they want to use. You can lay these things on a handy leaflet or banner to serve as a reminder.
Using these ideas for your business will be a solution, which can facilitate the implementation and discovery of accessible and affordable solutions to the energy crisis. Entrepreneurs believe this will also strengthen energy independence, giving the economy a stable footing for future issues.