Three cashflow tips to boost your business bank account

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For any business, a steady cash flow is very important, and seen below are three cashflow tips to boost your business bank account, proving this very fact. It can help a business to see its projections for the year or even months ahead. In addition, it can help to maintain a positive cash flow. This allows you to see when to expand. According to 2021 research by LSE, almost 15 percent of UK businesses are at ‘great risk of imminent closure’ due to bankruptcy after Covid.

Three cashflow tips to boost your business bank account are mentioned in this blog. These are business loans, refinancing and business loans. Read more about these below.

Business Loan:

When referring to a business loan it’s the exchange of money between the lender and the borrower, in return for this payment plus added interest. The lender—usually a corporation or government—loans an amount of money to the borrower, with no exception to the amount. In return, the borrower agrees to a set of terms. These can include any finance costs, interest, repayment date, and other conditions.

An example of this is a VAT Loan, which is something that WestWon can provide. Benefits of this include being able to keep funds in your business to be used elsewhere. In addition, payments can be made directly to HMRC who then receive the money on time and an easy fixed repayment schedule with fantastic rates.

Refinance:

A refinance is the process of changing and replacing the terms of an existing credit agreement, which can for instance relate to a loan. When a business or an individual decides to refinance a credit obligation, they essentially seek to make a number of changes. These can be to their terms outlined in their contract. If approved, the borrower gets a new contract that takes the place of the original agreement.

There are several types of refinancing options. Depending on the needs of the person who is borrowing, the type of loan can differ. Some of these options include:

  • Rate-and-term refinancing
  • Cash-out refinancing
  • Consolidation refinancing

Sale and Leaseback:

Sale and Leaseback is an exchange in which one sells an asset and then can lease it back for the long term. Therefore, even if you continue to use the asset, it will not be in your possession.

A sale-leaseback therefore enables a company to sell an asset in order to increase capital. It then lets the company lease that asset back from the purchaser. This can improve your company’s balance sheet.

Contact Us:

For more information on any of these three cashflow tips please give a member of the WestWon team a call on 01494 611 456 or email us on hello@westwon.co.uk

Business Loan Options at WestWon

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Here at WestWon we provide financing and business loans to a plethora of sectors. We also offer a range of loan options to help businesses with any financial situation they might find themselves in. WestWon provides 5-star customer service with a team that prioritises customer care, industry leading rates, require no deposit, and have a high acceptance rate. Likewise, we will ensure to waste none of your time and give you a decision within 24 hours!

Business loan options that we provide here at WestWon:

VAT Loans

VAT loans can provide financial relief for your business from the large lump sum of quarterly tax bill and instead allows you to pay 3 affordable monthly payments. This enables you to disperse this expense evenly. Additionally, we will take care of all the legal requirements of being VAT registered. Having those checks taken care of takes stress and responsibility off your company’s shoulders.

Corporation tax

Avoid late payment penalties! Our corporation tax loan can help spread the cost of your business’ company tax. Then, this can be paid over a 6- or 12-month period. We can make the process easier for you and pay this directly to HMRC ensuring all checks are in place. Alternatively, we can transfer the money into a bank account of your choice. However this is considering your company has been trading for a minimum of 2 years.

Working capital

With loans starting from £5000 and industry leading rates; you can cash inject your business and boost its growth.

Equipment Refinance

You can raise funds against equipment that you have purchased and get a monthly plan agreement in place. It is an opportunity to gain an immediate cash injection into your business. By financing your existing equipment, it allows you to keep funds in the business that could be used elsewhere.

Equipment Leasing

Equipment leasing is the alternative to asset purchasing. Leasing your equipment provides elasticity, and it is ideal for anyone who needs to step up their operation. In addition to this, leasing is an amenable way to replace old or damaged equipment. As a result, this can instantly make the business more productive and improve yield. By paying monthly instalments over an established period from 1 – 5 years, you can maintain your precious cash.

Here are just some of the many sectors we finance to:

 

In conclusion, here at WestWon we provide various business loan options. If your business is looking for a loan or asset finance, please call a member of our team now on 01494 611 456 or email hello@westwon.co.uk

The launch of our sister company, Scaffold Finance!

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WestWon are proud to announce the launch of our new sister company, Scaffold Finance, based in High Wycombe. Scaffold Finance are the UK’s first and only asset finance broker solely specialising within the scaffolding industry. The company will benefit from the 8+ year’s experience from their Managing Director, Carl Redding, 6 of those spent solely focused in the scaffold sector.

Scaffold Finance Background

Scaffold Finance will help scaffolding contractors to facilitate several options. These include for instance, Scaffolding Finance, Vehicle Finance, Commercial Loans, VAT Loans and Corporation Tax Loans. This partners perfectly with our finance options here at WestWon. They can assist all scaffolding companies of any size with their finance requirements.

Carl has worked in the asset finance industry for over 8 years. He therefore has an abundance of knowledge in his line of work. Alongside contacts with scaffolding suppliers, scaffolding vehicle dealerships and scaffolding contractors, he’ll be able to help you with any query that you may have as well as find the right supplier to work with you. Alternatively, he’s happy to work with a supplier of your choice, making the process much more personal.

Hear from the Director’s themselves

WestWon Managing Director, Jeremy Hall explained “I have worked in the asset finance industry for over 30 years now, with many different companies, including scaffolders, throughout this time. Consequently, having employed Carl for 5 years through WestWon, we agreed to go into business together to set up Scaffold Finance. As a result of this, I am confident that with Carl’s experience and dedication to providing quality customer service, Scaffold Finance will no doubt succeed. He will be able to help find the best possible deal out there for you.”

Scaffold Finance Managing Director, Carl Redding added “I have worked specifically in the scaffold sector for the past 6 years, and so launching my own website has been in the works for a long time. I am delighted to be working with Jeremy and WestWon on this. This is because of our combined knowledge of the sector and the people within. With nearly 40 year’s experience within our team, we know the scaffolding industry incredibly well. If you would like to get in touch with us, please visit our website. We look forward to working with you.”

Contact Us

Above all, if you are interested in Scaffolding Finance, or any of the other options seen above, please don’t hesitate to get in touch. We would be happy to assist with any queries you may have. Give us a call on 01494 611 456 or send an email to hello@scaffoldfinance.co.uk to find out more. Feel free to check out the Scaffold Finance website at www.scaffoldfinance.co.uk

A £500,000 office furniture and fit out project

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A £500,000 office furniture and fit out project for £1.00 per square foot

We have recently quoted leasing figures on a £1/2 million office furniture and fit out project. The client is looking to sign a lease on a 10,000 square foot building.

We were asked for an indicative leasing quote based on a five-year term, the rental – as a rough guide – comes to £10,000.00+VAT per month.

Together with the office fit out supplier, we have built a sales strategy around £1.00 per square foot per month.

Breaking the capital cost down to the lowest common denominator

This strategy is nothing new, Olivetti (a famous IT manufacturer from many years ago) did exactly the same. They would take the rental cost of their computers and then illustrate this cost as a daily amount, a policy expressed in their saying; “it’s less than the cost of a cup of coffee every day.”

By dividing the £1/2 million cost by the square feet, and then again amortising this on a lease over five years, we have been able to break the capital cost down to the lowest common denominator.

A 20 x 25-foot meeting room becomes £500.00 per month.  Assuming there are fifty meetings in this room every month, and the cost per meeting is £10.00. Likewise, if an employee has equivalent to 100 square feet of space, then you can attribute a £100.00 cost to them every month.

Allocating office furniture and fit out costs to departments

Many years ago, we were looking to arrange a lease for a very well-known airline. They needed to allocate costs per department / division. One of their key criteria was the ease of changing departments costs. For example, the finance department contracts in space and the marketing department expands. When you have a cost per square foot per month, it is much easier to allocate these payments.

You do not have to lease office furniture and fit out to allocate payments and budget effectively

It is true, you do not have to lease to allocate departmental costs. You could just take the capital cost and divide it by the number of square feet. However there is also the cost of finance. Over five years, your internal cost of finance may go up or down.

There also might be a sperate cost for maintenance of these assets, warranty and the most popular cost now, disposal. All these costs can be included into a lease. This gives a true cost of ownership per month or per square foot.

Why do large cash rich companies lease?

If you ask most companies why they lease, they will say for cash flow reasons. It can be that the company does not have the cash currently, that they wish to preserve their cash or do not wish to use an overdraft or loan facility.

For the larger companies who do have cash reserves, budgeting and allocation of the true costs, this does play a major part in decision making when it comes to leasing.

Companies large and small lease office furniture and fit out

Our office furniture and fit out customers are both large and small companies leasing for a whole variety of reasons. Please call our sales team on 01494 611 456 if we can help with your office move, or for any further information email us on hello@westwon.co.uk .

Make the most of Furniture and Fit Out Finance

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Heading back to work in a new office? Make the most of Furniture and Fit Out Finance through WestWon.

As a result of the pandemic many businesses have had to adapt and work remotely. However, now things are looking more hopeful for all of us. Offices are slowly beginning to refill and resuming with “business as usual”. For companies who are returning to existing premises, the offices might look a bit tired, needing a renovation to dust the Covid cobwebs away and start afresh. Your company may be moving to new premises, for example, where tenancies have ended during lockdowns. Moving to a new premises, you may need to make superficial changes to make it more ‘your business’ and in line with your company culture.’ This is where you can make the most of furniture and fit out finance at WestWon.

On the other hand other companies have been forced to downsize due to the recession caused by multiple lockdowns and unemployment. Relocating is on the mind for many. However, this involves expenses such as fit out costs, preliminaries, surveys, design costs, electrical and decorating fees. All these costs during unsure times can cause businesses unwanted stresses and headaches. No matter your situation, WestWon are here to help support your business with finance products for these expenditures.

How does it work?

It’s very simple. Once you speak to a supplier and have received their quote, contact WestWon. We will then provide you with a free no obligation fit out leasing quote. After being contacted, WestWon will look to obtain a credit acceptance within 72 hours. This leads to a signed rental agreement by you. On return, your equipment is ordered and delivered and your rental starts only when a delivery confirmation is received.

How can WestWon help?

There are many benefits of office furniture and fit out finance and here at WestWon we offer all of them along with 5* customer service.

  • Keep funds in the business that are able to be used elsewhere within the company eg by recruitment (cash flow)
  • Alternative funding lines – there is no need to use up an existing bank facility, save it for a rainy day
  • The latest equipment – it is important for your business to have the latest technology on hand. Therefore when you replace equipment at the end of a lease term, it implements a recycling strategy
  • When dealing with rental agreements VAT is paid on the rentals, not in full and upfront.
  • Pay for equipment as you use it which is the same when paying employees. You do it all at once and upfront for office furniture as it is used
  • Tax planning – when using a lease rental agreement, 100% of that rental is then deductible against your company’s corporation tax

Contact Us

If you are interested in leasing office equipment and would like to have a chat with a member of the team, contact us on 01494 611 456 or email hello@westwon.co.uk

 

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