BUSINESS owners in Swindon and Wiltshire are feeling the squeeze as rising energy costs cause concern.

So, we are looking at steps small and medium-sized companies can take to review their business premises costs as part of the Swindon Advertiser's cost-of-living crisis campaign with NatWest which will help firms weather the storm.

First, review your premises - are they the right size and in a cost-effective location? Is every square metre used profitably? Could more business be conducted online?

Evaluating business space can determine whether you may be able to negotiate cheaper rent or, if you’re locked into a lease, how to use the space you have more efficiently.

Identify ‘dead’ space and think of ways to utilise it better. City centre premises are convenient but aren’t always cost-effective, so it could be a good time to consider whether some of your business could be moved online, where location costs don’t apply.

Next, ask landlords for a temporary rent reduction or a change in lease terms, or if it's possible to sub-let part of the space, or request a discount if maintenance is needed.

This can help lower business costs in the short term. During Covid, many landlords agreed to temporary rent reductions, and in the current inflationary climate, commercial landlords might again be open to altering their terms to retain tenants.

Be prepared to explain the reasons for your request, have figures to back them up, and be open to other suggestions.

Then, review opening hours to see whether working from home is possible on certain days, whether the business loses money at certain times, and consider if appointment-only or a shorter work week would be better.

This can help bosses discover if their business is consistently underperforming at certain times. For instance, if costs to open on a Monday are consistently higher than income on that day, it may be worth closing on Mondays or working from home. 

Consider consuming more energy at night, when it is cheaper. A multi-rate business energy contract, sometimes called an Economy 7 business tariff, offers a lower tariff for seven hours during the night.

However, the peak rate during the day is likely to be more expensive than a fixed tariff, so think carefully about whether it will save you money.

This solution may be worth it for those who can operate out of normal working hours or consume a lot of electricity during the night.