6 day-to-day Money Management Tips for SME’s

/in , , /by

Below are some money management tips for SME’s (Small and Medium sized Enterprises). Whether you are a start-up, or if you are already an established business, these tips will help your business to grow and succeed even further.

  1. Frequently assess your financial forecasts

Clear projections are very important when creating a business’ financial plan. As a business owner, you should make sure they are kept up to date and are always accurate. This will ensure that the business is kept financially stable because poor planning can influence the cash flow to and from your business. This could harm an SME in any stage of growth.

  1. Late payments and account managers

It can be useful for you yourself to take a class or attend a webinar that teaches accounting, so that even if finding or employing an accountant is too expensive or difficult it can alleviate some of the work. However, having someone to manage your accounts may be a better step forward for the business. It’s important as it decreases any chance of the business making late payments. Loan payment and credit card fees can increase rapidly, and so keeping on top of these is vital. Even by setting monthly reminders for all your bills will help lessen some of the stress.

  1. Financial options

Choosing your financial options can be hard when operating as a SME, but it is important to carefully review them all. Different options can be chosen for different types of funding, for example, if you need funding to cover the cost of equipment, leasing and asset financing would be the better option. This can be a better way to finance rather than large all at once payments as this can cause large financial dents early in the business.

  1. Keeping track of costs

Money management tips for SME’s are based around reducing costs, and keeping track of them is therefore vital. It is important to keep track of your costs as issues such as overspending can lead to the misuse of funds. Keeping track of your accounts is important to also keep bills and overdrafts at a minimum.

  1. Cash reserve

A cash reserve is a good backup to have in case of emergency. To start your cash reserve, you must firstly open a business savings account. Make sure to regularly deposit some money into the account, and only use this when necessary. This will help you in the future if needed, and it can ease strain on your accounts.

  1. Budgeting

Having a monthly budget can save a business when calculating expenses. Before making unnecessary purchases, it ensures all important bills are paid first. Timing your purchases can also reduce your business’s tax liability. A budget will help you set clear revenue and expense goals too.

Contact Us

If you would like more information on anything above, please call a member of our team now on 01494 611 456 or email [email protected]

Computer Equipment Leasing – your questions answered!

/in , , , /by

A large number of businesses in the UK are now considering leasing their computer equipment. Several of the benefits include helping your business’ cash flow, planning budgets and being able to afford the latest technology. This is also important for new start-up businesses who are looking to minimise costs and spare their budget. However, even bigger businesses such as schools, hospitals or other workplaces need computer equipment. So what better option is there than to lease!

Here at WestWon, we are experts in providing finance and leasing options within the IT and computer equipment sector. We work together with some key suppliers and manufacturers in the industry. So you know you are being offered the best of the best when we recommend a company to a client! WestWon can also provide the most competitive prices, leading to our view that giving cheap lease rates ensures we do more business together in the future.

Frequently Asked Questions

How quickly can a lease for computers be arranged?

Applications can be accepted within a few hours. This means that once the documents have been signed, your computer equipment is delivered. The agreement is then activated within 2 working days. In this instance, we aim to get this done as soon as possible.

At the end of the lease can I decide to keep the equipment?

In short, yes, you have the option to pay for and own the equipment at the end of the lease. However, you are also given the option to continue leasing from us as well as return the equipment back to us. WestWon provide all these options to keep you, our customers, happy!

Can WestWon recommend a supplier or manufacturer from the sector?

Yes, we work alongside several providers and producers of computer equipment. Therefore, we would be happy to assist. At the same time, we are more than happy to work with a supplier or manufacturer of your choice.

More information

At WestWon, it is imperative that we offer high quality customer service. This is why you can easily lease or finance computer equipment for your business. This includes installation and setup. Nowadays, computer and IT equipment is becoming more and more used, as well as ever-changing. This is why leasing is so important. We can deliver your equipment smoothly and efficiently. There is a high probability that here at WestWon we will be able to provide you with what you are looking for. This can be in terms of our large range of funders and IT equipment finance.

Contact Us

To view other assets we finance then please click here. We have been authorised and are fully licensed by the FCA. Alternatively, to get in touch with a member of our team, please call 01494 611 456 or email us [email protected].

5 simple ways to lower your overheads

/in /by

Throughout this blog I will be listing 5 simple ways for your business to lower your overheads. A fundamental way of keeping healthy cash flow is to ensure the money coming out of your business aligns well with the margin being made. Therefore, it is key to make sure your overheads stay lower than your margin. Lower overhead ratios provide business owners with a competitive advantage. A low overhead rate will allow you to better price your products/services; thus, making you a more appealing option than your competition. Likewise, small overhead costs are more likely to allow you to increase your profit margins!

Frequently evaluate company costs

To begin with, you need to ensure that you are keeping on top of all your existing costs. You can do this by evaluating them each individually and diligently. This allows you then to review where you could be making cuts. Keep an eye out for expenses that are not imperative, too expensive and could be found cheaper elsewhere. Finding better alternative deals for your companies overheads could make all the difference to your outgoing costs.

Elect/hire an official purchaser

An effective way of finding these above-mentioned deals would be to propose the idea to a bold member of your team to be assigned to become an official purchaser. Alternatively, if your business has the funds, you can employ an experienced buyer with existing negotiation skills. Benefits of having your business its very own bargain hunter is that they are far less likely to settle for your local mundane merchant. Even better, they will not be afraid to search around and negotiate for the best deal.

Go paperless!

Another way to cut down on your costs would be to go paperless as a company. Not only does this help the environment and as a bonus to this also build your brand image; but this also eliminates the costs of the paper itself. In addition to this, the storage your company pays to store the plethora of files and documents. These documents could instead be more efficiently stored onto a network drive. This space can now be put to better use or better yet be sublet out for more cash for your business.

Sublet free space

To add to my above point, subleasing is a wise way to raise your funds if you have the facilities for it. Your office may have empty space, such as rooms or potentially even floors! So, if this applies to you and you haven’t already considered this income option, you definitely should!

Invest in energy-efficient lightbulbs

Another environmentally friendly method of lowering your overheads is to change to energy-efficient lightbulbs. Although they are expensive to begin with, it won’t be long until these gems start to pay for themselves. With the payback time being “10 weeks if you use lights for four hours a day” says retired engineer Rodney Birks in the Guardian.

Alternatively, if you are struggling with your overwhelming overheads and could benefit from instant relief, we are here to help with our range of loan and financing options. Please feel free give a member of our team a call on 01494 611 456 or email [email protected], we would be happy to chat with you!

Three cashflow tips to boost your business bank account

/in , /by

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 [email protected]

Business Loan Options at WestWon

/in , , /by

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 [email protected]

The launch of our sister company, Scaffold Finance!

/in , , /by

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 [email protected] to find out more. Feel free to check out the Scaffold Finance website at www.scaffoldfinance.co.uk

Make the most of Furniture and Fit Out Finance

/in , , /by

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 [email protected]

 

Looking to get a cash injection in your business? Have you heard about the Recovery Loan Scheme?

/in , /by

Have you heard about the Recovery Loan Scheme (RLS)?

Does your business need a cash injection? Over the course of the past year, Covid-19 has had a considerable impact on all UK businesses. More than 95% of UK businesses are small-medium sized enterprises with less than 250 employees. This means cash flow has been reduced due to the impacts of the pandemic. However, most businesses have had to pause operating. With the latest relaxation of England Covid-19 restrictions on Monday 19th July, and employees being encouraged to go back to the office, businesses are looking for help to get them back to pre-pandemic levels. Looking for certainty during these times can be challenging, but one feature that WestWon can offer support through is the Recovery Loan Scheme.

So how can the RLS help to grow and stabilise your business?

Launched on the 6th of April 2021, the Recovery Loan Scheme (RLS) essentially provides financial support to UK businesses as they recuperate from being impacted by the pandemic. The funding itself can be used for managing your businesses cashflow, growth and investment. The scheme will run until the 31 December 2021, although this is expected to be extended into 2022.

Has your business has previously borrowed from any of the other Covid Loan Schemes such as the Bounce Back Loan Scheme and the CBIL’s scheme? If so, the RLS is still accessible for your business to use.

It works in that all accredited lenders can be found on the British Business Bank website. However, when looking to borrow, you should first approach your own finance provider. A government-backed guarantee is then given to the lender by the RLS. As the borrower, you are then 100% accountable for the debt. There are also conditions on much a company is borrowing. For example, if you are borrowing £250,000 or less, the lender will not take any form of personal guarantee. However, more than £250,000, and the lender can decide whether to take personal guarantees or not.

Hear what Government officials have to say

Rishi Sunak, the current chancellor of the exchequer has said “as we safely reopen parts of our economy, our new Recovery Loan Scheme will ensure that businesses continue to have access to the finance they need as we move out of this crisis.”

Kwasi Kwarteng, the secretary of state for business, added that “the launch of our new Recovery Loan Scheme will provide businesses with a firm foundation on which to plan ahead”. This will in turn “protect jobs and prepare for a safe reopening as we build back better from the pandemic.”

As restrictions ease and businesses return to normal demand it is vital that this support is held in place. This will keep them running and growing during reopening.

Contact Us

Here at WestWon we work with several approved lenders offering funding via the Recovery Loan Scheme. If your business is looking for a Recovery Loan or asset finance, please call a member of our team now on 01494 611 456 or email [email protected]

Why do companies lease software and what are the benefits?

/in /by

Why do companies like to lease software?

Since the COVID-19 pandemic struck, businesses have been forced to adapt to employees working remotely. As a result, companies are relying on software now more than ever. Software licenses can be expensive, and with the pandemic putting pressure on cash flow like never seen before, more and more businesses are looking at leasing the software, compared to purchasing upfront. We look here at why companies lease software as well as the benefits they receive in doing so.

What are the reasons for leasing software?

  • First of all, there are fewer upfront expenses. Leasing requires you to pay a fraction of the full cost on day 1. Paying monthly or quarterly for the asset creates a bigger opportunity for your business to save money in the long run.
  • Your business will be given the option by the software supplier to keep your software up to date. This also means there will be a lower chance of security breaches occurring in your company. Read more about security breaches here.

Additionally, here at WestWon, the database we use has 958 unique software companies in the UK, so if you’re not sure about a supplier we can help. We’re also happy to work with a supplier of your choice. We also have a full FCA license, so you know you’re dealing with a finance company that treats customers fairly.

What are the benefits of software leasing?

  • Firstly, your cash flow will benefit. You will be able to keep funds in your business that you can invest in other areas of your company (eg recruitment).
  • Alternative funding lines are provided and there will be no need to use up existing bank facilities.
  • VAT is not paid in full upfront which reduces initial capital outlays
  • In the same way you pay employees’ salaries upfront, paying upfront for software is best. Why would you pay 3 years upfront for software?
  • You and your employees will always use the latest technology. This is due to the implementation of a refresh strategy – at the end of the lease period, you will get the latest license on the new agreement.
  • When you use a lease rental agreement, 100% of your rental is deductible against your company’s corporation tax.
  • You lock in the price of the software on a lease – signing up to a 3-year software license protects you from price increases from 3 years, without having to pay 3 years costs upfront.

In addition, there is an option to have ongoing support and maintenance. This will be supplied by the software author/supplier and charged on a separate contract to a leasing contract.

WestWon will work alongside an array of suppliers in order to get you in touch with a software supplier who can meet your needs. Ultimately, it is up to you who you choose as a supplier.

You may be wondering, what is the difference between selling software as a service compared to leasing software?

  • Software as a service (SaaS) is software that is centrally hosted. Users will pay to use the software by connecting via the internet.
  • This model has been around since the 1960s but is being replaced by software leasing and renting from WestWon provides an array of benefits.

Software companies usually prefer the leasing option, mostly due to the benefits stated above. However, we have seen that software suppliers switch to the SaaS model, partly due to competitive pressures. Read more about SaaS here.

Ultimately, leasing software seems like a smarter decision. Your company will benefit from increased cash flow, up-to-date software, and alternative funding lines.

To see a real-life example of a company benefiting from leasing software with WestWon read this case study.

Contact Us

Software leasing is available for licenses from 1 – 5 years, with leases starting from £1,000 + VAT. Call us today on 01494 611 456 to discuss your needs.

Prepare your employees for hybrid working with IT leasing

/in /by

For most of 2020, businesses at home and abroad had to adapt. Resulting in employees being forced to work remotely due to the COVID-19 Pandemic. Consequently, this has created unexpected costs for companies, with a huge demand for laptops and other IT equipment. As office workers return to work, many businesses are introducing hybrid working to bring the workforce back slowly and safely. Therefore, many businesses have been considering leasing their IT equipment in these unprecedented times.

Adopting this hybrid model, however, comes with its own challenges. With staff demanding greater flexibility, this blog explores how preparation is also key when introducing this hybrid model to the workplace.

According to Deloitte, due to an increase in people working from home, cybercriminals have been able to update their tactics. This has made working from home a gateway to new forms of data theft. And this is why cyber-security measures are crucial.

Firstly, what are the most common cyber-security threats?

  • Employees using their personal devices for work puts the company in a vulnerable position for security breaches. This is because personal devices may not have sufficient security tools in order to secure data from hackers.
  • Another threat that companies and employees should look out for is phishing scams. This is where cyber-criminals send valid-looking emails to employees that contain links and attachments that, if clicked on, could pose massive security risks for the company.

So, what are the solutions to these potential threats?

Making sure your employees are fully equipped with the latest and most secure technology is easy. We are happy to recommend some of our trusted suppliers – who we’ve worked with for a number of years.

For new start-ups as well as existing businesses, laptops are essential for a hybrid form of work and support remote working. Leasing laptops with WestWon is a cost-effective way of spreading the cost.

Laptops are portable and certain models are just as powerful as desktop computers. Our strong connections with funders and suppliers mean our customers can lease laptops quickly; decisions are usually made within 24 working hours and we have a 95% acceptance rate. If you’d like to know more, please visit our FAQ section.

Implementing Security ‘Best Practice’

The most common security breaches are human-made, often, insecure passwords coupled with little guidance on IT security are the cause of data breaches. To decrease the chance of your company facing security breaches, it’s important to train your employees. Educate them about phishing scams and make sure they practice good password hygiene.

A few other measures to avoid security threats include the following:
  • Utilising cloud applications to improve collaboration
  • Setting up two-factor authentication
  • Using a virtual private network (VPN)
  • Implementing effective password management – passwordgenerator.net is a great tool to create difficult passwords
  • Regularly updating your software

Another important thing to consider when implementing this hybrid method of working is the mental well-being of your employees. Especially coming out of the pandemic, there should be a greater focus on mental health. Support your employees by:

Here at WestWon, we provide IT leasing through accredited distributors who can provide you with the information you need to protect your business.

Call us today on 01494 611 456 to discuss your IT needs.

GET IN TOUCH

Contact Us

[email protected]

01494 611 456

PORTAL ACCESS

CORPORATE INFORMATION