Small businesses are being urged to make the switch to fuel cards now as the UK struggles with the cost-of-living crisis and unstable fuel prices.
Challenging times
Indeed, these are worrying times for businesses in the UK, many of whom use diesel powered vehicles.
Given the current financial situation, there seems little room for optimism in the near future as it seems prices, including fuel, will need to be watched.
Fuel cards offer savings
And that is why small businesses are being urged to make the switch to fuel cards.
It means, for example if they use the fuelGenie fuel card, that it can help them save money, which in turn, helps their own customers as they can keep their costs down as practically reasonable.
Not only this, fuel cards can help create a more efficient business model, which is vitally important as the UK looks to overcome the squeeze on finances.
Other factors
Indeed, SMEs are also facing difficult decision about investment and fleet renewal when faced with increased costs and administration.
Once again, fuel cards provide a solution as they provide an effective way for SMEs to help reduce motoring costs and start to create a more efficient business model, especially if using fuelGenie which offers cost-effective fuel.
For example, small businesses may be using pay and reclaim and many have substantial administration and receipt processing costs, not reclaiming all VAT because of misplaced receipts, or simply not be aware of the benefits of fuel cards – all of these factors impacting overall operating costs.
Yet SMEs can be better prepared when faced with economic uncertainty with the right advice and support from an established fuel card provider.
Stay positive
Indeed, it needn’t be all doom-and-gloom for small businesses.
As highlighted, small business fuel cards are an effective way for companies to help reduce motoring costs.
The financial benefits is one aspect but fuel cards, such as fuelGenie, can also help on a practical level.
For instance, the fuelGenie mobile app can help small businesses by providing even more card detail and invoice functionality.
Other ways
Use natural lulls in the business cycle, such as the summer holiday, to review how to reduce other outgoings when battling rising inflation, rising interest rates, plus more.
Such opportunities can provide a time for small businesses to consider other ways to reduce financial outgoings and to reassess their operating costs against a back-drop of economic volatility.
For instance, if allowed the time, then businesses who are using other fuel cards where they believe they’re getting fixed weekly pricing could check through their fuel card invoice to compare if they are actually getting a good deal.
Look closely
Not only this, many small businesses may have significant receipt processing costs and might be using pay and reclaim.
Additionally, they might not be reclaiming all VAT simply due to lost receipts, or just not be aware of the benefits of fuel cards.
Whatever the factor, all these considerations can combine to significantly push up overall operating costs.
Extra help
As well as fuel cards, there are other ways that small businesses, including those just starting out, can save money at the moment.
Simple measures, such as going paperless, not only help keep costs down but also help the planet.
This can be achieved by discouraging unnecessary print outs, while encouraging digital note taking. Another option is to introduce hot desking as a way to reduce clutter.
Office factors
Other ways to keep down costs around the office, or at home if it is home working, include buying recycled printer cartridges, and seeing if there is free software available that could do the job instead of buying it.
Cost savings
Just like in personal shopping, bulk purchasing can possibly help reduce outgoings. Usually, the larger the bulk purchase then the cheaper the unit cost.
Light ahead
Many savvy small businesses have already made the switch to fuel cards as a way to save money.
They have come to appreciate that as well as helping to keep costs down, they can also reduce admin time, allowing them to focus on other key areas of the business, which is especially important as small businesses look to the future.
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