Paying the bills – Overheads. 

These are the costs you have to pay every month even if your organisation has no income. The gas, the electricity, the phone system, the IT System, the HR support, the waste management solutions (bins to you and me) the insurances, the Health & Safety and Fire Risk and the employee wages/salaries.

You can very rarely mention these costs when you apply for funding because you are expected to pay them anyway.  Asking local commercial organisations to contribute to the boring old bills isn’t very sexy.  No one shakes a bucket or jumps out of a plane because you need a new sanitary bin in the ladies!

Here are 5 Top Tips to Ensure you pay less for these inevitable costs:

  1. Check the date of the end of the gas and electric contracts. It is also important to make note of the notice period date.  You need to give notice to terminate the contract by, this could be 30, 60 or even 90 days before the end of the contract!  Give notice in plenty of time and ensure you get acknowledgement of the termination notice being received in writing.  Make sure you shop around with a whole of market broker to ensure you get the best deal.
  2. Look at your bin invoices and make sure that you are aware of all the costs involved. Are you being charged to rent the bin(s)? Are you paying a Duty of Care amount for the year via a separate invoice that you haven’t accounted for when comparing the prices?
  3. Do you have a fax line that you still use?  If you don’t, cancel it ASAP.  This could be costing you over £300 a year for a telephone line that you don’t need and has not been used since 1992!!
  4. Have you shopped around with a whole of market broker for your insurances this year? If not, why not?  Do not let these go to an automatic renewal. If you do automatic renewals, you will be over-paying and if you don’t review if the protection is right for the organisation now (since last year) you may be paying for insurance that will not pay out because the cover is wrong!
  5. Keep all your renewal dates and notice periods in once place and keep them in a calendar as tasks to keep on top of.  You may find that you need to outsource this to someone who will keep on top of it and who has lots of connections with brokers and tried and tested providers who won’t rip you off.

For more helpful hints and tips on saving money and managing the bills – sign up for my newsletter here.

Wendy Ward

0772 9481010

Feel free to email me to set up a date to share coffee to chat this through.

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