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Consumer confidence in the UK has hit a new low, with 50% of people expecting the economy to worsen over the next three months. New data published by the British Retail Consortium (BRC) Consumer Sentiment Monitor, marks the fifth consecutive month of declining expectations. This economic uncertainty, coupled with an impending rise in employer National Insurance contributions in April, is forcing businesses to rethink their spending strategies.
One area where businesses can realise significant savings is fuel costs – a major and inevitable expense for companies reliant on travel and transportation of goods. With fuel prices fluctuating and operational expenses on the up, finding ways to cut back on essential costs is more important than ever. This is where choosing the right fuel card can make a real difference.
Cut your fleet costs, fast
Fuel cards offer businesses a simple and effective way to save money on fuel. Users get money off forecourt prices, and better visibility over fuel spending, allowing businesses to better manage cash flow and reduce unnecessary expenses. Lower rates on diesel, petrol, and peripherals such as AdBlue, can translate into substantial annual savings. In fact, in 2023, customers of The Fuel Store saved an average of 12 pence per litre off pump price – a saving which soon adds up.
Benefits of fuel cards
- Lower fuel costs: Fuel cards typically offer competitive pricing, helping businesses save money on every litre of fuel purchased.
- Better budget control: With clear weekly invoicing and reporting on fuel usage via our customer portal, businesses can track fuel expenses and prevent overspending. The advantage card – a pre-paid fuel card – offers additional budget control ideal for start-ups or businesses with a low credit score.
- Time savings: Fuel cards allow drivers to refuel at a huge network of stations, without having to divert off route. There is also no need to collect receipts or process reimbursements, which can add up to a huge time burden when done manually.
- Improved cash flow: Weekly invoicing can help businesses manage cash flow more effectively.
- Driver benefits: Cards such as the Shell CRT, Shell Fleet and FuelGenie offer a range of driver benefits and discounts when on the road.
Reduce your operational costs
With retailers already warning of price hikes due to increasing operational costs, businesses must act now to safeguard their bottom line. By integrating a fuel card into their cost-cutting strategy, companies can mitigate some of the financial strain caused by rising expenses and economic uncertainty.