Issue #59 - Did you know..? 🤔
About that energy price cap | The UK's top borrowing industries | How to secure your WiFi | 5 businesses, 1 question | National Doughnut Week | [NEW] "Did you know..? | Tunes | Words | More
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The price cap won’t save you! ❌
Welcome to Issue #59 of The Backbone - the fortnightly newsletter from Bionic.
The government has announced that the Energy Price Guarantee will end on July 1. This is a government support scheme put in place to shield domestic energy users from soaring energy prices by keeping the average capped domestic energy bill at £2,500 per year.
But now energy prices are falling, Ofgem has changed the price cap so an average bill will be £2,074 per year from July, when the Energy Price Guarantee scheme will end as planned.
As a business owner and householder, there are two things you need to consider:
The energy price cap is set so the average bill will be £2,074, but what’s actually capped is the unit rate you pay for energy. If you use more than the average household, you will pay more than this.
There is no price cap on business energy. Although business energy rates might be falling, prices aren’t capped and government support has been cut considerably since April 1.
Business energy prices reflect the live market and move weekly. A drop in wholesale prices has seen rates fall by 50% since October, but we can’t predict or guarantee how prices will change in the future.
Ofgem has said that: "in the medium term, we're unlikely to see prices return to the levels we saw before the energy crisis", so securing your rates today can still protect you against market volatility.
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🗞 READ
Revealed: The UK's top borrowers 🏦
If you’re looking to grow your business, you might need to borrow the money to cover expansion. The same goes for covering short-term measures like cash flow issues. But which businesses borrow the most money? And are certain parts of the UK bigger borrowers than others? The number-crunchers at Think Business Loans - the finance division of Bionic - looked at the data to find out.
How to keep your business WiFi safe and secure 🔒
WiFi devices are one of the major targets when it comes to hacking attempts on businesses. Unfortunately, many local businesses often overlook this and, as a result, fall prey to attacks by professional hackers.
But it doesn’t have to end that way for your business.
Getting to grips with the ins and outs of internet security is the best place to start so you can secure your wireless business devices. By getting clued up, you can avoid falling victim to a cyber-attack that could spell trouble for your business.
🗣 SHOUTOUT
#BionicBusinessStory - 5 businesses, 1 question 🤔
The cost of living crisis is showing no signs of abating. And the fact that no one can seem to agree on what’s causing it isn’t helping anyone. But rising costs are a very real issue for all of us, not least small business owners. We asked five of them how they’re dealing with the cost of living crisis. Here’s what they had to say…
Bionic - How is the cost of living crisis affecting your business?
"The cost of living crisis has had a big impact on my business, to the point where I’m having to give up my current premises and rent a room on a part-time basis and finance a cabin to be built in the garden to work from the rest of the time. My client base has declined by 80% since February. I’m hoping that once the warmer weather arrives and people's bills are lower that I might gain some clients back. Ever the optimist!" Alison Savage - New Moon Holistic Therapies 🌚
"The cost-of-living crisis is having a significant impact on our business contacts such with suppliers increasing costs, wage increases and utility and rates increases. The costs also have an impact on our clients and how often they are able to visit for services and we are noticing them spreading out with longer gaps between appointments. The winter was difficult but there does seem to be more optimism in the air and hopefully, inflation starts to settle soon." Lilac Miller, Sleeping Beauty Salons 💅
"We spend much more time analysing our incomes, outgoings and comparing prices on every aspect of our business. We're really having to scrutinise every little detail which sadly takes us away from the shopfloor but means that we are as competitive in the marketplace as we can be.
Our customers are loyal, and we thank every single one of them for their custom. Whatever the future brings we're stronger, leaner and more efficient as a consequence but some peace and a little breathing space would be very welcome!” Martin Coles-Evans - Hargreaves of Buxton ☕
Want to read more small business stories? Head over to Bionic 🦾
🤳 SOCIAL
National Doughnut Week 🍩
This week is National Doughnut Week. All sorts of businesses across the country - including bakers, coffee shops, and offices - will be selling delicious doughnuts to raise funds for The Children’s Trust.
So, obviously, we’re tackling the big issues of the day in our latest Twitter poll, which asks…what’s your favourite doughnut?
Vote now and let us know 👇
In need of some inspiration? Read this small business story from Doughnotts.
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Get involved with our business community 🔊
Share your thoughts and tips to give other busy business owners a helping hand. Or ask a question to see if anyone can help you out.
📚 FACTS
📊 BUSINESS
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 🦾
Our tech-enabled experts are on hand to help with more than switching 🤝
Check out more ⭐⭐⭐⭐⭐ Trustpilot reviews
🎧 LISTEN
Playlist 🎶
Taking inspiration from this tweet by BrokenBottleBoy, Glyn - Chief Customer Officer at Bionic - has put together this belter of a playlist. Songs that refuse to have a verse and chorus structure? is two-and-a-half hours of words and music colliding to make great songs. Features REM, Roxy Music, Frankie Goes To Hollywood, Fleetwood Mac, Mogwai, Girls Aloud and loads more (including Glen Campbell, with arguably the greatest love song ever written).
Podcast 🎙
A Very British Cult is the story of a supposed life-coaching organisation that takes over the lives of its members. BBC reporter and documentary maker, Catrin Nye, ran an 18-month investigation for BBC Radio 4 into Lighthouse International, which describes itself as “a community designed to empower and help people grow”. Her resulting podcast series is full of shocking allegations from beginning to end (especially the end).
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Thanks for making it to the end of another Bionic small business bulletin 🤝🏻
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