You may have heard that installing a smart meter can give your business a boost, but how exactly can one device have such a big impact?

There’s no doubt that as a business owner in 2023 you’ll have heard about the drive to install smart meters. But we know what you really want to find out is how they can benefit your business both practically and financially.

So, here are five key areas where smart meters can really make a difference to your company and help you grow your customer base.

Improve your finance transparency

Running a small business is tough enough without nasty surprises that impact your bottom line. So, with every opportunity you get, it’s a good idea to agree deals with suppliers that are clear and understandable.

While your energy bill is liable to change, regardless of who provides your power, smart meters can provide a level of predictability when it comes to costs.

Not only are your bills calculated automatically, eliminating the need for an engineer to visit and read the meter, but certain energy providers will give you the option to install a smart meter featuring an in-home display (IHD), showing your gas and electricity use in near real-time. This doesn’t come as standard, so it’s worth speaking to your provider about what is available.

When it comes to managing expenses, this is just one more cost centre in your business where knowing what you owe is a big help.

Get more control over your costs

In business, they say cash is king, and many businesses (even successful ones) have been forced to close their doors permanently because of unexpected costs that sent them spiralling into the red.

A smart meter won’t magically reduce your outgoings, but if you can procure an IHD-equipped meter detailing your costs, you can take greater ownership of your business’ energy bill.

Not only can you make bills more predictable, but having the information at your fingertips allows you to take action if you discover areas of waste within the business. It’s possible to isolate wasteful infrastructure, machinery and usage patterns, and pivot to tools and systems that reduce the impact on your business.

And, by taking more control over your outgoing costs, you’ll be able to more effectively budget your finances, allowing you to spend more on making your clients happy.

Protect the environment

With the power to control costs comes the added benefit of a new weapon in the fight against climate change. With an IHD-enabled smart meter, you can chart not only the impact of energy use on your business’s bottom line but also reduce your carbon footprint through environmental and cost-friendly measures like switching off lights when not in use.

>See also: Environmental checklist for small businesses

More generally, smart meters are the foundation of a smarter and more flexible energy system for Great Britain. A smart energy system uses digital technology and data to improve its efficiency.

This helps the energy system better manage the supply and demand of energy in order to reduce waste. It will also be able to integrate more renewables into the system.

With future demands for electricity set to increase, it has never been more important to upgrade Britain’s energy system to one that is more sustainable and less reliant on non-renewable fuel sources.

Focus on your customers

Scheduling a meter reading is a small job, but it can be a pain, especially when it’s mixed in with all the other little jobs that fill your day as a business owner. Then there’s the issue of waiting for an engineer, showing them the meter and waiting until they’re finished.

A smart meter eliminates the need for any of this, meaning you can devote more time to impressing your customers with top-notch products and services. With an IHD-enabled smart meter, you also have the opportunity to find and eliminate costs, potentially diverting revenue into surprising and delighting the people who buy from you regularly.

Happier, more engaged staff

By cutting wasted hours dealing with the meter reading process, receiving accurate bills first time instead of estimates, and potentially reducing energy expenditure as a by-product, you could have more time and money to spend inspiring your employees.

Successive studies show that a growing number of highly skilled people want to work in businesses that can give them time and attention, not just a pay cheque, while related data points to the fact that people increasingly want to work at organisations that can demonstrate care for the environment.

Installing a smart meter won’t achieve these goals on its own, but with a rounded strategy for boosting morale, rewarding loyal workers and providing a working environment that is lighter on carbon, you stand a much greater chance of recruiting and retaining employees who care about their employer’s sustainability practices.

With a smart meter, your energy readings will be sent directly to your supplier, bringing an end to estimated bills. If you don’t have one already, there’s never been a better time to book an installation.

Click here to get a smart meter for your business.

This article is part of a paid-for information campaign for Smart Energy GB.