Business owners have sights set on better performance

Looking to the future is something most business owners will do at this time of year, especially now the post-New Year rush has come to an end. It seems that many are optimistic about what the coming months have in store, as they look for ways to reduce costs and enhance profits.

The latest Commonwealth Bank Future Business Index found that 71 per cent of firms expect to see better performance over the course of 2015. More than half (53 per cent) of those polled said they are focusing on growth over the next six months, although cost management also features high on their agendas.

One area that company bosses might choose to address this year is the rising cost of energy. Simply by carrying out an electricity comparison, they could find that a more favourable deal is available, helping them reduce outgoings on a monthly basis.

The Electricity Gas Australia 2014 report from esaa showed that companies are facing rising costs, which in some areas has led to cuts in consumption. Both New South Wales and the ACT were found to have reduced their energy usage over the past three years in a bid to reduce the impact of rising costs.

CommBank found that businesses are up against a wide range of challenges at the moment, including the lower Australian dollar and volatile conditions. The economy is now shifting away from being resource-led, therefore leaving companies will little option but to find new ways of ensuring consistent cash flow.

Aside from going in search of new revenue streams, firms could find there are simple changes that can be made within their organisation to lower costs and increase profits. See what energy tariffs are currently available and determine which are most suited to your business needs.

Posted by Nikki Wilson-Everett