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The Insider’s Guide To Managing Your Utility Bills: Changing Your Business Name Edition

Business owners – particularly smaller proprietors and start-ups – are notorious for flirting with the idea of a sexy rebrand. And, sometimes, they cave-in and go whole hog with a change of business name. This can create an administrative nightmare, especially when you own premises!

In September, we shared our insider’s secrets to managing your utility bills when moving business premises. Today, we want to give you the scoop on how to navigate utilities suppliers when changing your business name.

The lay of the land

Some utilities providers make business name changes easy, but others wish to instigate a change of tenancy. This is a time-consuming process and can impact any deals you may have previously secured for your business utility rates.
While some business owners are under the impression that they can continue their current rates in a new name, they are sadly mistaken. Energy providers have the right, at this point, to revoke the contract and instate new rates. You might end up paying through the nose for the same

Our secret hack

Imagine that part-way through a twelve-month contract, you want to become a limited company. We advise remaining as you are and waiting for your contract to come close to its natural end before making the commitment. Three months before renewal, begin preparing the documentation to make the switch.
Not only does this give you plenty of lead time to:

  1. Undertake the relevant administration
  2. Shop around for the best rates

If you really can’t wait to change your business name, look at what you will have to pay out to terminate the contract early (including the difference between the new and existing rates). Are you getting your money’s worth?
We strongly suspect you will be better off waiting it out. Small businesses have had a hard time over the past eighteen months and the prognosis doesn’t look good while the economy recovers.
Moreover, energy prices are still going up. The rates continued to increase over summer and – with over 21 years in the field – we know that this is an unprecedented trend.

How we can help

If you are considering changing your business’s name, talk to us sooner rather than later so we can source best deal in plenty of time. If you leave it too late, your contract might elapse while we’re trying to sort the relevant paperwork, and you may be liable to admin fees to exit.

When you come to Double-M Business Services, we don’t ask you to sign anything, we just ask that you complete a form with correct information and meter readings. For additional peace of mind, we invite you to take a picture of your meter readings and send across as absolute proof. From our years in the industry, we know that anything written down can be questioned.

Don’t forget, while some brokers simply flog contracts, we are interested in the human side of businesses. We pride ourselves in being a small, family-run service and put our clients at the heart of everything we do.

To find out more, get in touch with Mike and Sue here.

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