The COVID-19 pandemic has shown us that businesses need a forward-thinking approach to managing risk.
Resilience relates to specific events and challenges that businesses face. Ongoing financial, environmental, supply chain, reputational and client risks will continue to test the resolve of all UK businesses. To help conquer these potential barriers to post-COVID recovery and longer-term prosperity, we have teamed up with Inspired Energy, one of the UK’s longest established and leading independent energy and sustainability consultancies, to launch a package of services to support your businesses.
Taking action now to futureproof your business
against rising utilities costs is the best investment you can make
Energy price volatility
Energy is the largest indirect cost for most companies within the frozen food industry. As businesses look to recover from the impact of Coronavirus, energy price uncertainty is set to continue.
Long-term exposure to volatile energy prices can affect turnover and profits. Our partnership with Inspired will provide members with a better understanding of the threats and the opportunities that exist within the current energy landscape.
Whether you decide to opt for a fixed or flexible approach, there will always be an element of risk involved in energy procurement. But with a robust risk management strategy in place, you can ensure that all of your energy purchases are made in line with your organisation’s appetite for risk
“The price you pay for your energy is determined by a number of factors, but the coronavirus pandemic is one factor that has been driving energy prices more than any other. With wholesale energy prices set to remain volatile for the foreseeable future, it can be difficult to determine how to best prepare your business for every eventuality.
This is why we have joined forces with the BFFF to provide members with the most complete utilities solution available. Whether you’re stepping up energy-efficiency, navigating the wholesale markets or taking strides towards net-zero, having an expert partner to rely on is key.”
Wayne Brown, Head of Strategic Partnerships
COVID-19 and the path to net zero
COVID has been a challenge for everyone, of that there is no doubt. However, many companies within our sector have used the pandemic as a catalyst to reassess and reset traditional ways of operating. In many cases, this has led to increased creativity, efficiency, and productivity which in turn has refocused attention to sustainability and net zero.
Any action you take towards improving your organisation’s carbon emissions is commendable - but to make sure you’re getting the most out of your efforts, you need to take a streamlined approach to emissions reductions.
It’s also important to note that there is a no ‘one size fits all’ route to net zero. Your business must carve out its own path - from setting goals that are ambitious yet achievable, to determining which measures are feasible for you to implement now and which options will be viable in the long-term.
“One of the consequences of the pandemic is a renewed focus on sustainability within the food industry. The sustainability agenda today is different to five years ago, and it will develop further over the coming five years. It is therefore vital we help members understand the narrative as it evolves”.
Richard Harrow, chief executive, BFFF
The Exclusive Membership Package
1. Energy Review
An evaluation of your current energy buying strategy, giving you a clear overview of your energy usage, identify weaknesses, make recommendations for improvement and provide unbiased insight into alternative options that could protect your business from future price shocks.
2. Historic Cost Recovery Audit
Due to the complexity of electricity, gas and water bills, you may have historical errors waiting to be recovered. Refund opportunities can be pursued in line with the statute of limitations, which allows historical recovery of errors for the last five years in Scotland and six years in the rest of the UK. All audits have no effect on any supplier agreements already in place.
3. Compliance Audit
Businesses face a raft of energy legislation which they need to comply with or face reputational and financial penalties. Likewise, there are schemes available which reward sound energy management behaviour which can drive businesses to best practice performance.
4. Climate Change Impact Assessment
Did you know that your exposure to climate-related risks can affect your investability and impact external lending and insuring decisions? This can also influence other interested parties such as your supply chain, clients and employees.
5. Build Your Net Zero Plan
Why should my business aim for net zero? what's in it for our organisation? How do I know which targets to set? Can I go beyond zero? Inspired have all the answers to this and more