Running a small business comes with a set of challenges that could prove at times to be a little too overwhelming to try and tackle by yourself. This is one of the main reasons why business owners tend to neglect certain aspects in order to focus on others. Unfortunately, one of the easiest to overlook tends to be your electricity supplier. When it comes to small businesses, it seems the easiest thing is to just go for the lowest deal and apply it long-term.
While this is not necessarily a terrible plan, there’s often a very good reason why some electricity suppliers end up with very low rates – and that reason comes in the form of hidden fees. It will probably not be something that you’ll be able to easily catch, and before you know it your company will be losing more money on electricity than you realised. Even worse, you could be stuck in a long contract, with very high cancellation fees.
Avoid this beginner’s trap by taking a few precautions
The folks at Utility Bidder suggest that in order to avoid the fate of corporate electricity taking advantage of your income, a few precautions need to be taken beforehand. This is, in fact, the main reason why experts are hired for this very purpose. You might find that method extreme, but you’d be surprised how much money is saved thanks to a single knowledgeable individual.
Make sure that you review that contract!
This is something that any of us can do, and it’s important never to overlook this simple act. It might not be too engaging to peruse through a contract looking for the possibility of hidden fees or anything that could blindside you, but it is essential to make sure that you don’t end up in an awkward position. While there might be a supplier out there that will give discounts depending on the length of the contract – watch out for those that are particularly low. These are the ones that most often come with hidden fees attached.
Be certain to ask questions
While the contract will certainly hold all the information that you need, here are a few questions that you can ask the supplier regarding their services:
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Are there any incentives for signing up with the supplier at this time?
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Is it a fixed or variable price?
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How much is the installation fee, and are there extra charges?
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Is there a cancellation fee? If so, how much?
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Do I receive one bill a month, or two?
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Does the price change depending on how much electricity I use?
To conclude, there are plenty of things that you can do to make sure that you aren’t roped into a deal with a supplier that might have some nasty fees in store. For those who want to be absolutely certain that they are making the right choice, you can hire an expert to help guarantee success!