What does inflation and higher interest rates mean for businesses looking to finance?
Inflation is now at a staggering 10.1%, the highest it has been in 40 years. As the Bank of England tries to tackle this and meet their target of 2%, we are seeing an increase in interest rates. We saw interest rates shoot up from 0.1% last December to now 3%! And they are only expected to rise for the foreseeable future.
How to protect your assets in a declining economy
Our current and predicted economy health is a daunting prospect to many businesses across the country. But here are some top tips on how you can preserve and protect the cash in your business.
Consider sale & leaseback
If you could do with an instant cash injection into your business, why not consider equipment refinancing (AKA sale & leaseback)? So, if you have purchased a piece of equipment for your business in the last 6 months you could get that cash reimbursed back into your business. This will instantly improve the health of your cash flow by allowing you to spread the cost of the asset over a period of 1-5 years.
Invest in renewable energy sources
At a time when energy bills are soaring, it’s a good idea to explore renewable energy avenues. At times like this it is important to keep your overheads as low as possible.
Now, we are conscious that the upfront price of renewables isn’t cheap. But we can help make the price of your desired renewable energy source more affordable with our finance options. From wind turbines to commercial electric vehicles, we can arrange a finance agreement tailored to your needs. Explore our renewable energy finance options here.
Not only are they helping to save the planet, but they are also a good investment that will ultimately save you more than just a few pennies.
Lock in the best rates now
As mentioned earlier on in this blog, the interest rates aren’t predicted to fall any time soon. So, should you have any investment plans we recommend that you lock in the best interest rates now. Our fixed rates mean that you won’t have to worry about our rates rising with the national base rate. Therefore, once your agreement is activated your agreed rate will stay the same throughout.
Contact Us
If you are interested in investing in your business with finance, please don’t hesitate to get in touch. Give us a call on 01494 611 456, or send an email to hello@westwon.co.uk and a knowledgeable member of our team can help you explore your options.