Although the prices of utilities are a concern for small business owners, studies have found that there is a lack of understanding and engagement from these business owners in association with energy purchase and consumption. 2.54 million (52%) of SME owners are unaware of what percentage of their overheads is used up on gas, electricity and water costs.
Utilitywise published a study in which only 17% of small business owners reported to be responsible for looking after their own utilities supplies. In 66% of SMEs the responsibility of utilities purchasing and management was given to other members of staff, most commonly office managers although staggeringly, 11% of small business owners were unsure who in their business was responsible for the utilities.
In addition to this, the study revealed that less than one third of business leaders are able to access information about their energy consumption and only 25% of SME leaders can easily see the amount of electricity, gas and water their business is using. It has also been found that business owners review their personal domestic utilities more regularly than the supply to their business and 68% of small business owners did not know the difference between a fixed and flexible energy contract. Shockingly, 14% of small business owners reported to never have reviewed their utilities
Despite these figures what is most surprising is that it still remains that for more than half of all small businesses, the increasing price of utilities is the main source of cost inflation. Therefore, it is clear that the attitudes and engagement of small business leaders need to change in order for small businesses to receive the best energy savings.