Issue #49 - New Year, New Hope? 🤞
Energy prices have fallen (but don't get *too* excited) | How to manage stock | How to complete small business tax returns | The Social Club small business story | Tunes | Words | More
🦾 G O
Energy prices have…fallen 😲
Welcome to Issue #49 of The Backbone - the fortnightly newsletter from Bionic.
Wholesale energy prices have fallen. But before we start getting too excited it’s worth bearing in mind that peaks and troughs have been a common feature of the price volatility over the last 12 months.
We can’t predict where prices will go next, but the overall trend across 2022 was that prices increased. And even with the current drop, energy is still very expensive.
But back to the good news…
Although we suffered a cold snap in early December, it's been a relatively mild winter across the UK and much of Europe. This, coupled with the energy-saving efforts of homes and businesses worried by the prospect of unaffordable energy bills, has helped to cut demand and lower prices.
The energy market has also calmed down a bit after the shocks of Russia's invasion of Ukraine, the closure of Nord Stream 1, and other infrastructure issues that contributed to soaring prices last year. This easing of market nerves has also been helped by European countries cutting their reliance on Russian gas by filling storage facilities with liquified natural gas from across the globe.
Even so, wholesale prices are still higher than pre-pandemic levels, and the experts at Cornwall Insight, energy market intelligence analysts, have suggested that prices might not return to pre-pandemic levels this decade.
Unfortunately, the way that energy is bought and sold makes it unlikely that these wholesale savings will be immediately passed on to customers. Energy companies buy most of their energy in advance, by a season or a year. Known as ‘hedging’, this helps protect suppliers from being exposed to sudden price spikes and means they can offer fixed rates.
We’re currently putting together a guide on how energy pricing works, so we’ll let you know when that’s sorted. If you’ve been waiting for the government’s review into the future of EBRS, which was due on December 31, it’s been put back to some time this month. We’ll keep you posted on how that pans out too.
In the meantime, it’s worth keeping an eye on developments and comparing rates if your energy deal is coming up for renewal or if you’re already out of contract.
Last year we helped sort business essentials for more than 49,000 businesses of all shapes and sizes, right across the country. And we want to help even more this year. Here’s hoping for a great 2023 for your business and ours.
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🗞 R E A D
How to manage stock as a small business
No matter whether you’re selling raw materials, parts or finished goods, an excellent stock management strategy can be the difference between your business running smoothly or barely making it off the ground. Effective stock management is especially important at this time of year, as you may need to get rid of Christmas stock and bring in new stuff for the coming spring and summer seasons. Here’s some useful info on effective stock management.
How to complete your small business tax returns
If you sort your self-assessment tax returns online, the January 31 deadline is fast approaching. Our guide to completing small business tax returns explains everything you need to know about getting your admin in order to help keep the taxman off your back.
🗣 S H O U T O U T
#BionicBusinessStory - The Social Club 🙂
Bionic chatted with Jo Tiller, who set up a thriving clothing company during lockdown. We found out how The Social Club has gone from strength to strength and how Jo has got business booming.
Bionic: How did you start your business?
Jo Tiller: I’ve been in marketing for over 24 years. But after I had my second child, I didn’t want to be commuting up to town every day. I always knew I wanted to do something on my own. But I got really ill just before Covid hit and all my plans were put on hold. While I was recovering, I decided I wanted to do something safer for myself, something more secure.
B: How did you come up with your name ‘The Social Club’?
JT: We thought ‘let’s finally celebrate being social again. We wanted the brand to be quite cool, with 90s vibes, bright and happy colours, that sort of thing.
B: What makes your clothing company different from the rest?
JT: I try and use recycled and organic materials for the products. But I also wanted the business to reflect how I personally act as a consumer.
B: What is the best thing about running your business?
JT: The customers. All the feedback has been unreal. People have said every time they wear my clothes, they feel good. We cater to all body shapes; all kinds of people and our products are usually a comfortable oversized fit. The common thread was that the brand just rubs off on people!
Click on the fashion shoot below to read more of this Bionic business story.
📩 J O I N
Get involved with our business community 🔊
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📊 B U S I N E S S
Get your business costs sorted 💷
Bionic - the business price comparison experts - compare a range of business essentials to help you save time, money, and hassle.
Our tech-enabled team will answer all your questions in simple terms, and help you find the best deal on business energy, insurance, phone, broadband, or finance. No jargon. No-fuss. #BeABionicBusiness 🦾
Sounds like our help came just in time for Justine’s business and her sanity 😅
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🎧 L I S T E N
Playlist
If you partied hard during the festive season, why not ease yourself into 2023 with some Lofi Jazz? Curated by The Jazz Hop Cafe, this Lofi Jazz playlist is chock full of chilled beats and good vibes. Foot-tapping is essential, chin-stroking is voluntary.
Podcast
The Always Sunny Podcast sees the stars and writers of the long-running sitcom give a blow-by-blow account of each episode. Rob McElhenney, Charlie Day and Glenn Howerton go back to where it all began in 2005 and give us a deep dive into their memories of creating the show, revealing how they first met, look at which episodes wouldn't get the green light today, and loads more. If you’ve never seen It’s Always Sunny In Philadelphia, you should put that right as soon as possible (all 15 seasons are on Netflix).
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🚫 S T O P
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