5 great ways strategic cost management can help your business during the confusing UK telecoms market reshuffle
BT’s recent merger with the UK’s leading Telecoms Company EE has struck fear into the hearts of many in recent weeks. The £12.6bn acquisition of EE by BT is set to drastically alter the face of the UK telecoms market, prompting worry that businesses and individual consumers could be affected and potentially lose out in the contracting market sector. Influential consumer groups Ofcom and the Competition and Markets Authority (CMA) in addition to ‘Which?’ have warned consumers of the risks that the merger might pose stating that: ‘fewer players in an essential market is rarely good for businesses and consumers’.
During this turbulent time it is incredibly important to ensure that your business is up to speed with the latest developments but also make vital amendments where possible to reduce your monthly telecoms overheads.
Telecoms watchdog Ofcom and the CMA saw the merging company’s decision to progressively market quad-play’ deals onto consumers was met with increasing concern. The combined ‘bundling’ of mobile tariffs, internet, fixed line and TV services could mean price comparison is far harder for consumers.
Here are our top 10 telecoms tips to help you manage your costs through the busy market reshuffle:
- Understand your needs and usage. Understand the services that your organisation has and how much they cost. Audit all lines you have for usage.
- Check invoices carefully. Keep a sharp look out for billing errors. You may be surprised at the outcome.
- Manage usage. Create sensible guidelines for how employees should use their phones and proactively monitor all usage.
- Review contracts. Make sure that your organisation doesn’t automatically ‘roll over’ onto a new fixed period.
- Read the small print carefully. Check carefully when offered bundled contracts that include calls and equipment – they may not offer the best value.
- Monitor tariffs. Keep on top of the latest tariffs and make sure you are on the best one.
- Choose suppliers carefully. Work with a supplier that specialised in and can demonstrate providing a service to your particular sector.
- Video-conferencing. Video conferencing can considerably reduce the need to travel and reduce associated costs.
- Develop a procurement policy. Putting a procurement policy in place for future purchasing decision could lead to immediate savings.
- Implement a management reporting function. Generate detailed reports that can be distributed to management and users. Reporting is a great way to highlight usage policies.
The cost of telecoms affects every business sector. Management of this essential business cost can be a minefield without the right skills and expertise. The Business Hub Partnership’s designated team of strategic cost management specialists are fully equipped to manage all of your essential business costs, not just telecoms. Contact us now for your free, no obligation business health check!