Don’t panic ? Who says?

Don’t panic is the message these days. Many members of the government and senior executives of various businesses have been telling us that there is no need to panic. There are shortages of goods on the shelves, there’s a crisis in the gas industry and petrol stations are closing, but they tell us it is only temporary, or perhaps not, and that the Market will sort itself out in due course. I have written before about the need for the public sector to provide certain things, especially essential things. especially those that the Market does not always get right.  Where the private sector does provide such things the government needs to regulate and manage it proactively. The present crisis, or group of crises, illustrates my point.

If we don’t panic, what else can we do?

Since panic buying creates the very thing we hope to avoid, try to shop responsibly. Ask yourself what you really need and be willing to accept substitutes when you can. Obviously, that does not apply to everything! Why not look for an alternative supplier? I get my energy supplies among other things from the Utility Warehouse. They are still taking on new customers. Have a look!

Don’t panic – go to the Utility Warehouse? Why?

  1. The Utility Warehouse is not one of the Big Six and many of us are grateful for that, considering how the Six behave at times. However, they are not the smallest and have been around for a long time. Therefore they have built up reserves and are not surviving hand-to-mouth like some firms.
  2. They also buy ahead and plan their pricing on a long-term basis, avoiding the worst impact of temporary market fluctuations, as they have demonstrated in the past.
  3. Another big benefit of being with this company is that they provide many other services: telephones, broadband, mobile phones and even insurance. So what? The usual reason to like that is that you get bigger discounts if you take more services. At present, the big advantage is that even if they had to suffer losses on gas or electricity, the profits from the other services would offset them.

Most of their customers stay with them for a long time, once they find what a good deal they get. They also find the service very good.

To sum up: don’t panic, but do three things?

  1. Avoid panic buying as far as possible.
  2. Get a quote from the Utility Warehouse
  3. Have a word with me for more details.
risk management dice. Don't panic - manage your risk!

Don’t panic – manage your risk!