Perhaps like many businesses, from new start ups and SMEs to larger companies, you have come round to the idea that there must be a better way to secure funding for your business plans than relying on bank lending. Despite recent initiatives, securing finance this way still remains a tricky and long-winded process, whereas equipment leasing can be very quick to arrange and avoids the need for upfront capital outlay.
Leasing enables you to pay for the equipment you need over a fixed period of time – typically two to five years through a series of contractual, tax deductible payments. Put simply, the leasing company (the lessor) buys and owns the asset. The customer (or lessee) then hires use of the asset, paying rental over a fixed period. At the end of the contract, the customer usually has a choice of extending the lease, buying the asset or simply returning it.
Clearly, if you have not undertaken a lease finance agreement previously, you will wish to research the topic thoroughly. That’s where the Financing Your Business Plans: WestWon Guide to Leasing comes in: it has been written to help businesses like your get up to speed with leasing terminology and to provide a concise overview of leasing. It is available to download from the website now.
This essential guide contains the information that you need to know about the benefits of leasing, the process, the options available, the things to consider and questions to ask when choosing a leasing company. After all, selecting the right company to work with is vital. As with entering into any new contract, when opting to lease equipment it is important to choose a reputable leasing partner.
For more tailored information on your business leasing options, please call WestWon on Tel: 01494 611 456
For an outline cost comparison of Leasing versus Buying business equipment. please take a look at our Equipment lease calculator.
Just like moving home, moving office can be a stressful time. There are so many things to remember along with those last minute hitches, not to mention trying to ensure that it is business as usual for your customers.
Here is a checklist of some of the most important things to consider when relocating your business premises:
For more information about leasing for an entire office fit out or furniture, download our free Office Furniture and Fit Out Brochure and the WestWon Guide to Leasing
You can also access free Office Move Project Planner. Or download our free Keyhole Guides to moving office.
Why are businesses increasingly opting to lease a wide range of equipment and technology rather than purchase it outright? Here is a list of eight benefits companies of all sizes can enjoy by arranging a flexible lease agreement with a reputable leasing partner.
As any business grows, its requirements change and keeping up with the latest equipment or software can be an expensive challenge. With leasing, equipment can be added or upgraded at any time during the lease period without having to repurchase, so you will always have the most up-to-date and efficient equipment.
Leasing can help improve your cash flow by keeping your working capital free. This leaves you with funds available to reinvest elsewhere in your business.
Using a leasing scheme, businesses enjoy the obvious volume advantages of ordering equipment in bulk, but without the disadvantage of having to pay for purchase upfront.
For a small initial payment, the asset you require is yours to use straightaway. Leasing enables you to pay for the equipment you need over a fixed period of time, which helps you spread the cost over the life of the equipment and budget effectively.
Agreements can be over an agreed period, for example two years, and repayments can be made monthly, quarterly or annually, by direct debit or invoice, whichever is most convenient. Lease payments can even be tailored to match your seasonal cash flow.
Leasing offers the flexibility to acquire the latest equipment your business requires straight away or quickly respond to an opportunity in the market. It prevents having to delay the implementation of plans until sufficient funds become available, enabling new technology to be adopted immediately.
Lease rental payments can qualify as a business expense that can be set against profit – thereby potentially reducing your tax bill. Outright purchase does not offer the same level of tax benefit.
With leasing you have a fixed interest rate. This protects you against interest rate rises and enables you to plan your budget effectively. And as inflation rises, because your payments are fixed, the cost of the equipment reduces in real terms.
For more information, download WestWon’s free Essential Guide to Leasing for Business.
England’s second largest county, Cumbria, boasts a thriving local economy and a rich variety of businesses, from international corporations to SMEs. Indeed, Carlisle boasts a vibrant mix of industry sectors, from logistics to retail and tourism, while Barrow-in-Furness is home to specialist manufacturers, energy industries and software engineers.
As the economy starts to pick up, more and more companies throughout the county are increasingly investing in capital equipment to drive their businesses forward with the help of leasing solutions provided by local leasing companies.
Equipment leasing is one of the fastest growing and most popular ways for businesses in Cumbria to finance their investment in technology. Leasing allows all sorts of retailers, manufacturers, laboratories, opticians, health clubs, restaurants and construction companies in the county of Cumbria to easily upgrade technology and avoid equipment obsolescence.
From IT equipment or medical technology to an entire office refurbishment, a wide range of specialist equipment can be leased as well as entire projects. Other lease options include furniture, computers, security systems, manufacturing systems and even maintenance agreements. In fact, almost any type of tangible equipment can be considered for leasing. Equipment can also be sourced from multiple suppliers.
If essential equipment needs replacing urgently, leasing can offer a fast and efficient solution to keep a business going and avoid any loss of revenue. Arranging a lease is usually very straightforward. In fact, arranging a lease agreement can be less complicated than applying for a loan. It can also offer considerable tax benefits.
With years of experience in serving businesses in Cumbria, WestWon possesses valuable local knowledge to help Cumbrian companies find the right leasing solution for their particular business and has a comprehensive list of local suppliers. In fact, WestWon has over 65 partner manufacturers and suppliers throughout Cumbria, including 14 in Carlisle, 8 in Kendal, 8 in Penrith and 5 in Windmere. WestWon Education also offers specialist education lease funding for the 332 schools in the region.
For more advice on leasing, download your free Essential Guide to Leasing for Business.
Keeping up with the latest fitness or beauty equipment can be an expensive challenge for established gyms, spas, hair salons and health clubs. For new leisure businesses starting out, the initial out lay on equipment and fitting out the venue, not to mention advertising and staff costs, can be almost overwhelming. However, leasing gym and beauty salon equipment provides the perfect solution for new and established businesses of all sizes.
More and more businesses in the health and beauty industries are turning to leasing as an alternative to buying, and with very good reason. By leasing assets you can improve your cash flow by keeping your working capital free. This leaves you with funds available for more pressing requirements such as staff salaries, promotional materials or new business opportunities.
No one wants to work out in a gym with outdated equipment or visit a beauty salon that doesn’t offer the latest treatments. With leasing, equipment can be added or upgraded at any time during the lease period without having to repurchase, so you will always have the most up-to-date equipment to ensure your business stays ahead of the game. This means you will never be left with obsolete equipment in a way that would not be possible with an outright purchase.
Choosing a leasing scheme also gives you a greater degree of flexibility as lease agreements can be tailored to your exact needs. Agreements can be over an agreed period, for example two years, and repayments can be made monthly, quarterly or annually, by direct debit or invoice, whichever is most convenient. Lease payments can also be set against profit, thereby potentially reducing your tax bill.
From a treadmill to the latest laser hair removal system, there is almost no limit to what you can lease. What is more, you can choose any combination of equipment and technology from multiple suppliers for your lease agreement.
Some of the most popular types of equipment leased are:
For more advice on leasing and selecting a reputable leasing partner, download your free Essential Guide to Equipment Leasing for Business.
Despite the challenging economic climate, the county of Cornwall has one of the highest increases in SMEs in the UK and an increase in GDP of more than three percentage points. What is more, businesses across the county, particularly in the tourism and farming sectors, are increasingly able to finance their growth plans and invest in capital equipment with the help of flexible equipment and machinery leasing solutions.
With a strong presence in Cornwall, leading finance company WestWon, for example, has successfully arranged lease agreements for businesses in a variety of sectors in the county and has a network of over 85 partners. This includes 7 partners in Redruth, 7 in Falmouth, 6 in Newquay and 10 in Truro and Launceston.
Leasing not only allows businesses to improve performance by acquiring the latest technology without tying up capital or existing lines of credit, but it also protects against future obsolescence – a major issue for IT and computing equipment. Plus, leasing payments offer considerable tax benefits and can even be tailored to match a businesses seasonal cash flow, which is a benefit for many businesses in Cornwall.
Unlike buying, leasing means businesses can pay for an asset as they use it. After an initial payment, a business can start benefiting from the equipment straight away and spread the cost over its useful life.
Some of the most popular types of equipment leased are:
WestWon is well placed to provide Cornish businesses with a tailored local leasing service and client services managers who can visit a client’s premises to discuss their requirements in person. The company has many years’ experience working with organisations in the private and public sector in Cornwall, helping them source manufacturers and equipment or provide information and quotes on various options. WestWon also provides specialist lease-based funding suitable for the 300 schools in Cornwall.
For more advice on leasing and selecting a reputable leasing partner, download your free Essential Guide to Leasing for Business.
Paying upfront for equipment or an asset can be a significant drain on the working capital for most businesses. Leasing is fast becoming one of the most popular ways to finance equipment across the UK and this is particularly evident in Cheshire, where leading local leasing company WestWon has recently arranged 40 lease agreements for a variety of businesses.
One of the UK’s most significant growth locations, Cheshire hosts an exceptional private sector research and industrial base, including world-class businesses. A high proportion of companies are engaged in knowledge and technology activity. In fact, the area is in the top 10 in England for the percentage of employment in high and medium technology production and the knowledge economy.
Leasing provides these and many other businesses with an alternative funding, which enables banking and overdraft lines to be kept free for any future cash flow issues or unexpected problems. And lease payments can often be set against profit, thereby potentially reducing tax bills.
Unlike buying, leasing means companies can pay as they use. After an initial payment, you can start using the equipment straight away and spread the cost over its useful life, so you can be paying for the asset with the income it generates. Plus, you have the ability to simply upgrade or expand equipment as and when the need arises, so you can always have the latest technology.
The lease itself can be tailored to suit the business. Agreements can be over an agreed period, for example two years, and repayments can be made monthly, quarterly or annually, by direct debit or invoice, whichever is most convenient. You can also source equipment from multiple suppliers.
From IT equipment or manufacturing systems to an entire office refurbishment, a wide range of specialist equipment can be leased as well as entire projects. Other lease options include furniture, computers, security systems and even maintenance agreements.
WestWon Limited has many years’ experience working with organisations in the private and public sector in Cheshire, helping them source manufacturers and equipment as well as arranging flexible lease agreements. The company is well placed to provide businesses with a tailored local service with over 400 partners and suppliers in the county, which includes over 55 in Chester and Altrincham, 85 in Stockport, 65 in Warrington and 27 in Crewe.
For more advice on leasing, download your free Essential Guide to Local Leasing for Business.
The ONS figures for UK GDP published at the end of April show the UK economy growing at 0.8% over quarter one, some 3.1% higher than this time last year. This is being reflected in the local economy in areas such as Bristol, where confidence amongst local businesses is returning.
Businesses in Bristol and across the Avon area are increasing or bringing forward their capital investments in equipment and machinery to drive growth and increase productivity.
From Bristol to Bath and Weston-Super-Mare, businesses across the Avon region are increasingly recognising the benefits of leasing to finance these investments. With a strong presence in Avon, leading leasing company WestWon, for example, has a network of over 250 partners and has successfully arranged lease agreements for over 40 businesses in the county.
Leasing not only allows businesses to improve performance by acquiring the latest technology without tying up capital or existing lines of credit, but it also protects against future obsolesce – a major issue for IT and computing equipment. Plus, leasing payments offer considerable tax benefits and can even be tailored to match a businesses seasonal cash flow.
Working in partnership with businesses, WestWon Limited can arrange a highly competitive lease agreement for a wide range of equipment from IT hardware and software or office furniture to catering equipment as well as essential insurance cover.
Unlike buying, leasing means you can pay as you use. After an initial payment, you can start benefiting from the equipment straight away and spread the cost over its useful life, so you can be paying for the asset with the income it generates.
Some of the most popular types of equipment leased are:
In fact, almost any type of tangible equipment can be considered for leasing. This can even include hardware, software and maintenance agreements. You can also source equipment from multiple suppliers.
With a regional presence based in Bristol and 200 partners and suppliers in the town, WestWon is well placed to provide businesses with a tailored service and client services managers who can visit a client’s premises to discuss their requirements in person. The company has many years’ experience working with organisations in the private and public sector in the Avon region, including almost 500 schools in Bathm Bristol, Clevedon, Radstock and Weston-Super-Mare, helping them source manufacturers and equipment or provide information and quotes on various options.
For more advice on leasing and selecting a reputable leasing partner, download your free Essential Guide to Leasing for Business.
When taking the decision to lease equipment or other assets your business requires, selecting the right leasing company to work with is vital. As with entering into any new contract, when opting to lease equipment it is important to choose a reputable leasing partner and to diligently check the credentials of any company you may wish to deal with.
Now more than ever, it is essential that those taking leasing decisions on behalf of a company are fully aware of how the market operates and are fully equipped to verify the credentials of their chosen supplier and to ensure that they achieve the most cost effective solution for their particular needs.
Here are some tips to help you find the right leasing partner:
Always choose a leasing company who is a member of industry bodies such as the FLA (www.fla.org.uk) and NACFB (www.nacfb.org), which ensure best practice. Members of the NACFB operate under an Office of Fair Trading registered Code of Practice.
Scrutinise your potential leasing partner. Find out how long they have been trading and ask for reference sites.
Find out what type of lease agreements a potential partner offers. There are several types of lease agreement, which will allow your company to acquire the assets you need to run your businesses without upfront capital outlay. These include capital leases (or finance leases) and operating leases. It is important to choose the right lease agreement to meet you business needs.
Find out if your potential leasing company has experience of leasing in your industry sector or the type of equipment you wish to lease. How long have they been in business? What companies have they worked with? If you are a start-up company, do they have experience in leasing to new businesses? Some companies only deal with established companies, while others have expertise in arranging lease agreements for new businesses.
For more advice on leasing and selecting a reputable leasing partner, download your free Essential Guide to Leasing for Business.
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