All successful businesses have a set of goals and expectations for the future. Too often, the benchmark for success is rooted solely in the bottom line, or net income. As savvy leaders look for new paths of growth, a big picture mentality can help translate a regular expense into an opportunity for organizational efficiency.
One way to increase the efficiency of an organization is by benchmarking the WEGO costs. WEGO is an acronym for water, electricity, gas and oil.
The first step in creating a benchmark is to understand where you currently rank in terms of energy usage. One simple way for a business owner to benchmark energy usage is through the use of smart meter technology. A smart meter gathers data, just like your utility company would do, which can be used to create a report on energy consumption.
Benchmarking is an effective measure to create long-term savings because energy usage is billed by utilities on an accrual basis–meaning you use the energy first and get a bill based on your previous consumption.
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