Nicola Fox Answers ‘Top Ten Questions that everyone would like to know about your business but were too afraid to ask…’

Nicola Fox Answers ‘Top Ten Questions that everyone would like to know about your business but were too afraid to ask…’

1. What made you decide to run your own business?

 Although running your own business is hard work, it brings its own rewards; I love the fact that I am in control of how I work and when I work, and it gives me a great deal of satisfaction to know I can work in a way that allows for freedom of lifestyle.

 2. How did you get into your current business?

I saw a gap in the market which I felt needed to be addressed as, increasingly, businesses were asking for advice on how to cut their overheads, yet the industry has traditionally been beset by rogue practices and false promises. I launched kWh Consulting on the fundamentals of ethical practice, therefore. It was founded in 2008 at the height of the credit crunch when I noticed that businesses were very keen to listen to anyone who could help them cut their overheads, coupled with the fact that I had enjoyed a long career in the electricity and gas industries, so it felt like the natural thing to do.

 3. What is a typical working day?

Get in early to set the systems up for the day; test and ensure our pricing system is accurate before motivating the staff for the day ahead; deal with the day’s escalations and monitor the workloads to ensure we hit our Key Performance Indicators; process finance invoices and suppliers’ commissions; review the day’s sales performance; send the staff home; tidy up loose ends and lock up.

 4. How difficult is the market to operate in?

We focus on established businesses as they have more control over negotiations, and have an established credit rating and a proven track record, but the market itself is highly competitive with a rash of energy suppliers, brokers and price comparison websites,  all fighting for a share of the market. Hence why we focus on the business sector, rather than the consumer sector, streamlining our target market to help existing businesses save money on their energy renewals.

 5. Given such a fast moving business how do you keep up with it?

It helps that I’ve had a long career in the energy business working for the big six suppliers and smaller independents in a variety of roles. Although the industry moves quickly in terms of products, it moves more slowly when it comes to fundamental regulatory change. We work closely with our supply partners who attend regular meetings and provide us with the industry news, wholesale market movements, regulatory changes and product adjustments. In addition to this, I keep a close eye on the news and Ofgem regulatory releases.

 6. What challenges does your business face going forward?

Industry reform will be the main challenge, Ofgem is currently reviewing their broker practices in the market place and there is no doubt that change is imminent. Although a challenge, it will be a change we will embrace as, hopefully, it will push the more unscrupulous energy brokers out of the market.

 7. What advice would you give someone considering starting a business today?

Don’t run before you can walk and be prepared to make a hundred mistakes or bad decisions. Although all entrepreneurs possess a certain flair for spotting opportunities, none of us are born with faultless business acumen. As soon as you embrace your bad decisions, you will learn from them ensuring you don’t make them again in the future. Above all else tenacity is the key, you’ll fall at several hurdles but you must keep going.

 8. To what do you attribute your success?

Our success is measured by customer satisfaction and staff morale. Above all, we aim to deliver a professional, helpful, service to our clients and we train our staff to deal with all eventualities. This not only improves our customer service, but enhances staff performance and reduces staff turnover.

 9. How do you like to relax?

Not much time for that with four children and a husband, but a nice fire and a bottle of red wine always hits the mark!

 10. Favorite motivational book? Any last tips?

Little time to read due to my hectic home life. You can always draw motivation from your family and the art of conversation is definitely alive in our house! I believe in working hard to ensure my children have everything they need and building a business for their future.