WestWon are delighted to announce today our support and partnership with Lisa Bainham and her clients.

Lisa’s wealth of experience began in 1984 when she qualified as a dental nurse. She then moved into Practice Management, Public Speaker and President of ‘Association of Dental Administrators and Managers’ (ADAM). She is now leading consultant for ‘Lisa Bainham – Practice Management Matters.’

Lisa works to help your practice be more effective. She helps your team to be more engaged and confident in their roles. This results in added productivity and will certainly ensure you witness improvements to all aspects of your business. This includes the bottom line.

Lisa comments “Over the last year, now is the time to ensure your practice and team are able to work smarter not harder. They will need to invest wisely and confidently to improve workflows and the patient journey.

I am always happy to recommend WestWon to practices that want to invest improve and grow.”

We have also realised through COVID that it’s about people not paperwork. Here at WestWon you absolutely get a personal approach and support.

For more information on this partnership with Lisa Bainham and how she can can support you and your business, go to https://practicemanagementmatters.co.uk/.

This announcement is the latest in a series of announcements for our Dental Finance division, following our announcement last week of our partnership with Tipton Marketplace as well as Association of Dental Administrators And Managers ADAM.

For more information, please give a member of the Dental Finance division a call on 01494 611 456.

Our Dental Divisional Director Richard Porter explains why leasing might not always be right for you in the current climate.

Leasing – Good or bad for Dentists?

Despite 70% of dentists still going down the leasing route; I wanted to look at why 30% of dentists find it better for them to make use of Bounce Back Loans

Let me put this into context; as a dentist who may be thinking of purchasing new dental equipment, dental chairs or even that new car, you will be faced with many different providers of finance.

However, in the current climate is Leasing or Hire Purchase really the best way to purchase the equipment?

After spending the last 20 years working with dentists, I like to think I have a good understanding of how the sector purchases their equipment from the suppliers, you may also be thinking:

“Why is he in finance and saying this?!”

30% of our clients are choosing a Bounce Back Loan rather than a lease.

The two obvious lending facilities out there, are the Bounce Back Loan and the CBILS loan scheme, two new financial products which the majority of us have become experts on. To those who may not know, back in April, the government announced the launch of a new whizzy, fast-track loan scheme to support our small businesses during the pandemic crisis.

The Bounce Back Loan scheme was one of measures to help support small and local industries with vital cash injections and securing economic growth.

Where I feel there are pros and cons for both CBILS and Bounce Back, I cannot ignore the fact that the Bounce Back Loan is by far one of the best forms of funding available to you.

With nothing to pay for the first 12 months and a rate of only 2.5%, not to mention a term of up to 10 years, and no fees for paying it off early, this is by far the best form of borrowing available to you.

The way forward

The Bounce back is getting negative press for billions of pounds of fraudulent claims, but that aside this type of loan has helped 1000’s of businesses use the funds for the greater good.

The bounce back loan however is still not right for everyone – and in fact as many as 70% of dentists still choose to utilise traditional leasing routes. In many cases Dentists do not fit the criteria required to apply – for example, a business is not able to take out a Bounce Back Loan Scheme facility if they have been approved for a CBILS facility, and vice versa.

In this instance Leasing and HP is a sure-fire way to avoid depreciation, reduce maintenance costs and ensure you stay ahead of your competition by regularly renewing your equipment and facilities. This will always be the case, but in the current climate and while it is still available, bounce back loans are the best way to make purchases while it lasts. Presently, both the Bounce Back Loan and CBILS schemes are  set to close on the 31st March this year.

Whether you sit in the 30% or the 70%  – we here at WestWon are here to guide you on best course.

To see how Richard or another member of our team can help you, please give WestWon a call now on 01494 611 456 or email [email protected].

Listen and watch our very own Richard Porter, Divisional Director of the Professions sector being interviewed by Nicki Rowland from Leadership in Dentistry. During the interview Richard discusses the new Dental Finance App, the WestWon Bounce Back loan along with the new supplier App, Partner Portal and all things dental!

The interview is ready to be viewed in full here: https://vimeo.com/450047530

WestWon continues to support the dental sector, and due to the good work and its unique approach has been recognised by several dental groups. The interview follows our exciting announcement last week of our partnership with The Association of Dental Administrators and Managers (ADAM).

For more information on our Dental Finance offering, please speak to a member of our team on 01494 611 456.