Energy management has helped countless businesses greatly reduce their energy consumption. But while in the past, the majority of energy management consultants focused on large corporations and international organizations, today, they are setting their eyes on small and midsize businesses who have expressed their desire to manage energy costs better.
When Accenture surveyed over 2,000 SMBs in 2014, more than half of the respondents were clamoring for more efficient energy solutions. They reported that they are paying over 10% of their yearly revenue toward electricity and only a small percentage are satisfied with the services available for managing their energy usage.
Better Energy Behavior Translates to Increased Sales
According to the Small Business Administration, with a 10% reduction in energy expenses a retail store can boost profit margins by up to 1.55% and is commensurate to increasing sales by $25 per square foot. Restaurants increase their profit margins by up to 4%, which is the same as increasing sales by $17 per square foot. Supermarkets stand to gain more from being energy efficient. A 10% reduction in energy translates to a 16% increase in profit margins, which is equal to a $44 increase in sales per square foot.
A Step in the Right Direction
Proper energy management is not just about reducing costs. It’s also about reducing carbon emissions and preventing adverse environmental effects. By making the decision to become more energy efficient, you also achieve a stronger market position, as a lot of customers prefer to support businesses that are socially responsible. It also creates a better work environment for your staff. In the end, it’s a win-win solution.
For many years now, homes are implementing strategies to conserve energy. Turning off lights when not in use, using solar arrays, monitoring energy use with the help of smart devices, which has become more commonplace in homes these days. But are businesses doing the same?
The truth of the matter is, most businesses want to become energy efficient. Why? Well, why not? There are numerous benefits a business stands to gain by taking measures to conserve energy, not the least of which is significant savings in overhead.
However, a lot of businesses are unsure of how to get started. They worry that it’s too complicated and that it would impact their productivity. They are also concerned about the costs. So, how does a company become energy efficient exactly?
The first step would be to engage the services of energy management consultants. They can review your current consumption and historical costs. They will also identify key areas that contribute to your high-energy usage and come up with measures to conserve energy.
Another essential benefit of using their services is that they can find energy suppliers who can give you the best price. They will obtain bids from these companies and even monitor the energy market to spot any dip in price so you can get a really good deal.
The trend towards energy efficiency is expected to grow in leaps and bounds in the coming years. If you have not yet made the switch, now is the time to do so.