How small businesses can save this tax year
Originally uploaded on April 07, 2022
The beginning of a new tax year has left many businesses swamped with paperwork, reviewing outgoings, and planning for another challenging and uncertain year ahead. If you’re a small business owner or manage a fleet for a small business, you will no doubt have been feeling the pinch over the past year, if not longer on the back of an unprecedented increase in operating costs.
The lifting of COVID-19 restrictions dramatically and suddenly raised demand in many industries and saw the price of many vital commodities surge. The recent rises in wholesale oil prices have also had a drastic effect on the market, especially for small businesses. There are many ways that small businesses can save money for their fleets. Here are our top suggestions:
Track your fleet data
Rising oil and fuel prices are the main topic of conversation for small businesses at the moment. Not only have they been steadily climbing, but the upfront cost for fuel is also pushing up overhead costs due to the logistical supply of all products being affected.
The best practice to employ to save some of your budget is to encourage your fleet to use as little fuel as is possible. In the first instance, this can be handled by encouraging safer and more economical driving. With telematics, you can monitor your drivers’ habits and see if anyone is increasing their fuel usage by driving aggressively, such as driving in low gears, unnecessarily braking, or harsh accelerating. You can then use these insights to train your drivers and save your fleet money.
It's worth keeping in mind as well that simple maintenance needs, such as underinflated tyres, also use up fuel. This tax year, use your fleet data to stay on top of repairs before they become an unexpected drain.
Streamline your journeys
During the COVID-19 lockdowns, small businesses had to assess what travel was vital and what journeys could be avoided. In the past months, many of these commutes have resumed but, in the current financial climate, is worth reviewing again what travel is essential. It’s important to be economical.
For some sectors, such as freight and transport, cutting out journeys is not an option. In this case, it is instead a good idea to look at streamlining your drivers’ routes. Telematics can also provide a wealth of data to be reviewed, which can be used for assessing if your fleet is using routes that are longer than is needed.
Our journey planner can help you plan routes for your drivers.
With a Fuelmate account, you’ll be given access to our journey planner, which can save you fuel by reducing detours as well as advising on where you can get the best price. We offer a large array of cards with access to sites both along the UK motorways as well as within urban areas. We’ll advise on the perfect selection of cards for you and your drivers, giving you absolute coverage.
Review your fuel card deal
In preparation for the new tax year, you have likely been spending a lot of time pouring over invoices recently. During this time, you may have noticed a few surprises in your fuel card deal. The increased fuel cost was probably the most unpleasant factor, though not particularly a surprise. If you have a current fuel card contract, there is also the unfortunate chance that you will have seen some hidden fees added by your provider.
If this is the case, it may be time to review if your provider is the right one for you. Those working for small businesses often find themselves in roles covering multiple responsibilities when compared to their counterparts at larger companies. As such, you need a provider that is upfront with you regarding any additional costs instead of expecting you to find them in the small print during a hectic work schedule.
In terms of the fuel cards themselves, it’s always worth looking at what additional benefits you can be earning from the fuel suppliers. Most fuel providers, such as BP and Esso, offer reward schemes that provide some support to those who have a regular and consistent fuel outgoing.
At Fuelmate, there are no hidden fees hidden and we pride ourselves on being transparent about what you will be paying. We provide a free invoice analysis before you even sign up to show you what you would be spending with us and allow you to make an informed decision about your fuel solution.
Call us now
If you manage the fuel spend for a small business, and are wanting advice on your outgoings, get in touch with us today. Our priority is ensuring that you get the best fuel card solution for your business, and we are always here to offer support and advice.