Here is an interesting article from British Gas on how they not only help people shave off hundreds of pounds by using their latest energy tariff as shown at
http://www.cheapestdualfuel.co.uk but also offer a great service to business's cut debt:
SAVE initiative marks 2nd anniversary by providing financial advice and support to over 18,000 enquiries.
British Gas has helped reduce the debt of more than 1,000 business customers by nearly £4.3 million since its Small Business Advice and Expertise Service (SAVE) was launched two years ago.
The leading energy supplier to the UK’s small and medium sized businesses is now calling for other large businesses to provide similar initiatives to support customers through tough economic times.
British Gas set up SAVE in 2009 as part of its ongoing commitment to supporting its smaller business customers through the economic downturn by offering general financial and energy saving advice and arranging extended repayment plans for businesses with large amounts of debt.
The Expert Credit Solutions team, which delivers SAVE, has responded to 18,000 customer enquiries during this time and is currently working with 2,890 customers to reduce their debt through repayment arrangements. The 1,083 customers that have already completed this process have seen their debt burden fall from an average of £4,283 to a manageable bill of just £335.60.
The role of the initiative in offering valuable support to struggling businesses has been recognised by leading business support organisations.
Una Farrell from the Consumer Credit Counselling Service, the UK’s leading debt charity, said: “CCCS has seen an increase in the number of sole traders and small business owners seeking our help with their debt problems. It is encouraging that British Gas Business recognises, and is responding to, this growing problem. Through SAVE, British Gas Business is helping its sole trader and small business owner customers that find themselves in financial difficulty at an earlier stage by offering a range of repayment options as well as referring them to free debt advice organisations such as CCCS."
Angela Robinson, owner of Robinson’s Restaurant in Newport Pangnell, Buckinghamshire, is an example of a business owner that has felt the impact the scheme is having in helping turn round the fortunes of thousands of businesses around the country.
Angela contacted British Gas Business after receiving an unusually high bill of over £6,000 after a period of not monitoring her energy usage closely. The Expert Credit Solutions Team arranged a manageable repayment schedule over 18 months to allow Mrs Robinson to pay the bill at the same time as keeping up with her monthly electricity bills. They also advised her on managing her energy more efficiently and arranged for a smart meter to be installed at the restaurant that would help her avoid similar problems in the future.
Mrs Robinson said: “At first, I was worried about how we would pay our bill and thought I would have to take out a bank loan. However our British Gas Business account manager, Don Williams, put me at ease immediately. We worked through the problem and quickly arranged a no interest repayment plan that I knew I could afford. Thanks to this new plan, within 16 months I had completely cleared the debt. Now I have had a smart meter installed which should help us reduce our bills and I am updating British Gas Business monthly to make sure my bills are accurate. Without Don’s help, I could have been left repaying a high interest loan which would have had a considerable impact on my finances.”
Kanat Emiroglu, managing director of British Gas Business, said: “Smaller businesses are the life-blood of the UK economy and their success is critical to its recovery. With cost control listed as one of their key priorities for 2011, we are committed to doing our bit to help small businesses improve their cash flow. We would like to see more companies offering similar services to small and medium sized business customers. Initiatives like SAVE make good business sense because when small businesses thrive, they pay their bills. Their success and our success go very much hand-in-hand.”
Based on the support provided to thousands of customers, the Expert Credit Solutions Team offers five top tips for smaller business:
1. Stay in control through forecasting and budgeting. Fix costs where you can, take advantage of reductions for paying by direct debit and avoid seasonal variations and late payment charges.
2. Set clear payment expectations for the company’s customers to ensure prompt payment and to reduce cash flow issues and don’t be afraid to follow-up if terms are broken.
3. Update your utility providers with meter readings on a regular basis to ensure you pay accurate bills and keep talking to your suppliers so you can agree short-term measures to help you through cash flow struggles.
4. Review contract renewal terms when the notification is sent to you 120 days prior to the date of renewal. If you have questions, contact your supplier.
5. Invest in energy efficiency measures to reduce ongoing energy consumption. Simple changes in behaviour can result in a 10% saving that will release more cash to improve your working capital position.
For more information please visit
www.britishgas.co.uk/business or call 0845 073
