6 top tips on managing a business in a harsh economy

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Everyone in the county is feeling the pinch right now. Including businesses. That is why it is important to keep overheads low and protect your cash flow.

With inflation now being at 10%, overheads are becoming increasingly expensive and if you are not giving employees a rise at this time you are essentially cutting their wages. So with supplies becoming increasingly expensive, and employees requiring higher salaries, many businesses are feeling the pressure. To add to this, we are also seeing interest rates rise as the government attempts to suppress demand, currently at 1.75%. However, they are only expected to rise as inflation does too.

So, here are some top tips on operating under a tricky financial climate…

Prepare for future increased costs

In this unpredictable climate, when prices and interest rates surge without warning, it is key to prepare. Therefore, you should be stocking up now before prices increase any further. So now is time to proceed with any buying plans you may have.

Easier said than done though, right? Especially when you have a cash flow to consider. But that is where we can help, we can help you gain your desired goods whilst maintaining a healthy cash flow. But more on that later.

Negotiate

Now more than ever is it important to try and get the best possible price. So now is the time to work on your haggling skills, remember that every penny counts. It is always worth asking for wiggle room as I’m sure you’ve been told before- if you don’t ask you don’t get.

Reevaluate your overheads

Cutting any unnecessary costs at this time is vital, as mentioned above, every penny counts as it all adds up.

Also, it might be time to start shopping around. Perhaps you have an overpriced supplier that you have been using for yonks that you have just never considered changing. As a loyal customer, there should be more than enough space for negotiation, and if they don’t budge it is probably a sign to start looking elsewhere.

Review your prices

As you are most likely already aware, raising prices often leads to a decline in customers. Therefore, a good strategy is lowering the prices of one or two of your bestsellers. This will attract new customers who will then hopefully go on to buy other products of yours. Therefore, you can remain competitive and will make up the costs elsewhere.

Focus on retaining existing customers

Apparently, attracting new customers costs up to 5 times more than just keeping existing ones. So, this is an important time to identify what keeps your customers coming back and focus on keeping up the good work!

Obtain finance

Business loans are a fast and effective way of getting an instant cash injection into your business and improving your cash flow.

However, for if you have your eye on a specific piece of equipment, asset finance and leasing might just be ideal for you. With our flexible finance options, you can acquire the kit you need and still keep cash in the business to be used elsewhere. We can work with a supplier of your choice, or if you’re unsure we can always give recommendations.

Why not get in touch?

Here at WestWon we offer industry leading rates and have a 96% acceptance rate. Not to mention our 5* customer service, so there’s no doubt that you will be taken care of in our hands. Give us a call on 01494 611 456. Or, send an email to [email protected] and member of our team will be happy to discuss any finance requirements you may have.

Leasing Jargon Buster Part 2

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Due to the success of our recent blog “Leasing Jargon Buster” we decided to add to the vast vocabulary of the leasing and asset finance world. So, read on to gather a few more leasing terms under your belt…

Personal Guarantees

A personal guarantee is whereby the lessee becomes personally liable should they become unable to make agreed repayments.

Personal Net Worth Statement

This is a snapshot of a person or company’s financial health at particular point in time.

KYC check

KYC stands for “Know Your Customer”. Therefore, these checks entail verifying prospective customers against fraudulent or illegal activity. This is an important check for those who work in the finance sector to conduct.

Residual Value

The value of an asset as the end of its lease period.

Balloon Payment

A balloon payment is a larger payment made at the end of a finance agreement. This is a way of keeping the fixed installments low throughout the lease period to then compensate for that will one larger payment at the end.

Flat rate

A flat rate means that your cost of interest remains the same throughout your agreement term despite how much you have already paid off.

Management accounts

Management accounts are financial reports made for business owners and directors to evaluate their profit and loss. They are usually produced on a monthly or quarterly basis and are similar to year end accounts.

Sale and Leaseback

AKA equipment refinancing. This is a type of finance agreement where you can raise funds against existing equipment. So, you will give ownership of your equipment to a finance company, they will then reimburse you and you will then spread the cost of the asset over an agreed period to use the asset.

So, for example, a dentist outright purchases a CBCT scanner for their business, they then regret this purchase after noticing cash flow problems. They want to keep the equipment because it adds value to the business but could do with some extra cash in the business. The dentist is then enlightened to the benefits of sale and leaseback where he is reimbursed for his purchase and pays affordable monthly repayments to use the equipment.

Read more about Sale and Leaseback here!

Certificate of Acceptance (COA)

A certificate of acceptance is a document signed by the lessee acknowledging that they have received their asset and therefore can now begin repayments.

Contact Us

99 problems? Make sure cash flow isn’t one. Here at WestWon we can finance just about anything for any business. So why not get in touch? Give us a call on 01494 611 456, or drop an email to [email protected]

Follow us on LinkedIn to stay up to date with all the latest leasing insights and guides!

Welcoming onboard the new additions to our fleet division!

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Over the past few months, we have been working on expanding our fleet division, and with that we have welcomed onboard two new territory account managers!

Meet Doyle

Meet Doyle Winstanley-Jones, Territory Account Manager for our fleet division in the Midlands area. Doyle started off as a Sales Executive back in 2012. Therefore he has been in the motor industry for over 10 years now! Throughout his career he has progressed through the ranks to General Sales Manager and has worked with a number of different brands.

When not spending quality time with his Wife and Son Doyle enjoys playing the occasional round of golf with friends. Not to mention watching his beloved Liverpool FC! Whilst he also likens himself to a bit of a chef.

After having a successful career within the motor trade, Doyle has joined WestWon to focus on growing our Fleet Division for The Midlands. Working with partners, Doyle supports their requests for finance whilst delivering an outstanding service.

If you would like to discuss with Doyle how we can support you please contact him on 07712 357 675, or email him on [email protected]

doyle

Meet Lloyd

Meet Lloyd French. Lloyd has been in the Automotive industry for eight years. He started out as in 2014 as a trainee for a main dealer. Lloyd took to his role quickly and not long after that he was promoted to the role of senior sales executive specialising in all aspects of finance. He then moved on to become a leasing manager for a large independent used car dealership. After enjoying a successful career in sales and leasing, Lloyd decided it was time for a new challenge with us here at WestWon.

Lloyd has a young family at home, welcoming his daughter in 2021. Outside of work, Lloyd enjoys spending time with his friends and family. As well as going to the local boxing club, and writing screenplays.

If you would like to discuss with Lloyd how we can support you please contact him on 07512 304 703 or email him on [email protected].

Lloyd French

Everything asset finance | Q&A with Jeremy Hall

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Maintaining a healthy cash flow can be challenging, especially when focusing on expanding your business. It may feel like all the odds are against you at a time when you are just trying to grow. But many aren’t aware of the relief that asset finance can provide a business as well as support in their growth.

So, whether you could benefit from the funds to employee more staff, invest in the latest technologies, or even to pay for a new project that you have in the pipeline asset finance is a great way to go about achieving these objectives.

Why do companies use asset finance?

Purchasing assets outright can be detrimental to a businesses’ cash flow. However, asset finance allows you to spread the cost of your growth into monthly manageable payments. Not only this but there are also tax advantages to benefit from. For example, by taking out a lease rental agreement, 100% of your rental is deductible against your company’s corporation tax. It also gives people a peace of mind that the VAT is spread across the agreement term too. Therefore, you can avoid paying the lump sum upfront too.

How much can I borrow?

Anywhere from £1000, to multi-millions.

Who can apply for WestWon asset finance?

Any UK based business can apply for our finance. We have a 96% acceptance rate, so if you have been turned away by a mainstream bank, give us a call!

Who makes the payment to the supplier?

We make the payment directly to the supplier of your choice, or multiple suppliers at the same time if this is required.

What repayment terms are available?

Anywhere from 1-5 years, although up to 7 years for the right asset. These flexible payment options allow companies to have better control over their cash flow.

How do I apply?

To find out whether your business is creditworthy, please do get in touch. Give us a call on 01494 611 456 or send an email to [email protected]. A member of our friendly team will then look to get you credit cleared within just 24 hours!

What is the leasing process?

See our quick and simple leasing process through our infographic below:

Leasing hub
Contact Us

If you would like to learn more about asset finance and how it might benefit your business, feel free to get in touch. Give us a call on 01494 611 456, or send an email to [email protected]

 

WestWon | Net Zero Buckinghamshire Business of the Year

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Last Wednesday we were privileged enough to attend the Buckinghamshire Business Awards Ceremony as finalists for TWO awards! The ceremony was held at the dazzling Aylesbury Waterside Theatre, where we were fed, watered (does champagne count?), caricatured, and most importantly bestowed the coveted Net Zero Buckinghamshire Business of the Year Award.

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Bucks Business awards
net zero award

The Buckinghamshire Business Awards is designed to recognise and reward the hard work and triumphs of businesses across the county. There were twelve awards up for grabs for a whole variety of different business accomplishments. So, it was brilliant to celebrate a multitude of different victories from a range of local industries.

We felt lucky enough to be nominated as finalists for the Apprentice and Young Person Employer and Net Zero Buckinghamshire Business of the Year, but to actually win a category, we feel even more honoured. It meant the world to us to be recognised for all our efforts towards prioritising the planet as a company.

As of the start of this year we began pushing our green agenda more than ever. We did this by implementing the WestWon Woodland. For those who aren’t familiar with our green initiative already, the WestWon Woodland is whereby we have a tree planted for every month of a finance agreement made through us.

Our climate focused journey

Our current climate crisis has been at the forefront of many of our minds for the last couple of years now. Therefore, we thought it best to start taking restorative climate action ourselves. We started off by becoming a climate positive workforce last October.

What does it mean to be a climate positive workforce?

Being a climate positive workforce means that all our employee emissions are offset through climate positive projects and tree planting all around the world. This can range from the preservation of rainforests to the generation of renewable energy.

You can view all our climate positive projects on our virtual WestWon Woodland map below. Just look out for the markers colour coded blue!

Take me to the WestWon Woodland Map

The WestWon Woodland

We then expanded upon this idea, to launch an environmentally focused project that included our customers too. And from this, the WestWon Woodland was born. Additionally, we make sure to thank our customers each month for making this possible. Therefore, we send each customer a certificate of plantation (made from 100% recycled paper of course!), this outlines the number of trees as well as the carbon that their finance agreement will eventually offset once the trees are full grown.

Not to mention all the small choices and actions that we have made as a company over the past years that all align with our end goal:

  • Installation of LED lighting throughout our offices
  • Paperless office where possible, and all paper that is used is sourced from 100% recycled materials
  • The thickest of carpet and ceiling tiles to reduce our energy consumption
  • Introduction of electric company vehicles
  • Using an outsourced datacentre to house our IT systems in Helsinki powered by solar panels.
  • Recycling bins on all floors of the office
  • No gas use in office building

Our path to Net Zero

Net Zero is a hard target to achieve, but that doesn’t stop us from trying our best to reach it- despite how long it may take. The goal of Net Zero may seem overwhelming to many businesses as it means adding no more carbon emissions to the atmosphere than the amount they are taking out. However, what is important is that a Net Zero strategy is in place. Nearly a third of the UK’s largest businesses pledge to eliminate their contribution to carbon emissions by 2050. But that doesn’t mean that the smaller sized UK businesses can’t get involved too. The pressure is now on for everyone to ‘do their bit’.

As our business and team continues to grow, we will continue to work towards Net Zero. On to a more nearby goal, we are currently on target to achieving our 5-year objective to planting 100,000 trees in the WestWon Woodland and consequently removing 7,500 tonnes of carbon from the atmosphere. At time of writing, we have 15, 428 flourishing in the WestWon Woodland, these trees will ultimately remove 521.66 tonnes of carbon from the atmosphere once fully grown!

Congratulations fellow contestants!

We would also like to say a huge congratulations to the other winners as well as the finalists! It was wonderful to meet with both new and familiar faces and celebrate each other’s triumphs!

Contact Us

Should you wish to learn more about our green agenda, please don’t hesitate to get in touch. Give us a call on 01494 611 456, or send an email to [email protected].

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01494 611 456

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