As a business owner, you will understand the importance of having reliable equipment to support your day-to-day operations. When your business needs new equipment, you may be faced with the decision to lease or buy. Both options have their advantages and disadvantages, but which one is right for you? In this blog post, we will explore the pros and cons of leasing business equipment and where to start if you’re looking to buy new equipment for your business.

1. Lower Upfront Costs

Leasing allows you to avoid the substantial upfront costs associated with purchasing equipment outright. A lease agreement typically requires a lower initial payment, which can help to preserve your cash flow, over a fixed period. This can be particularly beneficial for small businesses that may not have access to large amounts of capital at one moment in time.

2. Tax Benefits

Leasing business equipment can also offer tax benefits. Lease payments are typically considered a business expense and are tax-deductible. Furthermore, leasing can help to reduce your taxable income and lower your tax liability. It’s best to consult with a tax professional to determine exactly how leasing can benefit your specific business, or feel free to contact us to talk more about the tax benefits of leasing.

3. Equipment Obsolescence

One of the biggest concerns with purchasing equipment outright is that it can quickly become outdated. This is especially true with technology, as it continues to advance, therefore your equipment may become obsolete, and you may be forced to invest in new equipment sooner than predicted. When you lease, sometimes you can trade-in your equipment for newer models at the end of the lease term. This can help to ensure that your business always has access to the latest and most advanced equipment.

4. Limited Control

However, when you lease equipment, you have limited control over its use and maintenance. You must adhere to the terms of your lease agreement, which may restrict your ability to modify or upgrade the equipment. Additionally, you will be responsible for maintaining the equipment in good working order, which can be difficult if you’re not familiar with the equipment or don’t have access to the necessary resources. Here at WestWon we are always on hand to offer a helping hand to those looking to lease for the first time.

5. Long-term Costs

While leasing can be a great way to save money upfront, it can also result in long-term costs that may exceed the cost of purchasing equipment outright. When you lease, you’ll be making regular payments over the lifetime of the lease agreement. Over time, these payments can add up, and you may end up paying more than you would have if you had purchased the equipment outright. We offer industry leading rates, so please get in touch if you would like to arrange a lease agreement with us.

If you’re considering leasing versus buying new business equipment, there is no right or wrong answer. It’s essential to weigh the pros and cons of each option and determine what makes the most sense for your business. While leasing can provide a low-cost solution upfront and offer tax benefits, it can also result in limited control and long-term costs. Purchasing equipment outright may require a significant upfront investment, but it can provide greater flexibility and control over your equipment. Ultimately, the decision to lease versus buy should be based on your business’ specific needs and budget. If you’re looking to buy new equipment for your business then contact us at WestWon on 01494 611 456.

The Covid pandemic has resulted in significant changes in the business landscape. One such change that has become increasingly concerning for business owners is the cost-of-living crisis. This affects not only individuals, but also businesses in various ways. It can impact businesses’ ability to attract and retain employees, as well as their overall profitability. In this blog post, we will explore the concept of the cost-of-living crisis and its implications for business owners.

1. Implications for employee attraction and retention

The cost-of-living crisis can make it difficult for businesses to attract and retain employees, especially in low-wage industries. Employees may not be able to afford essentials such as housing and childcare on their salaries, leading them to seek higher-paying jobs elsewhere. This can result in increased turnover rates and recruitment costs for businesses.

To mitigate the impact of the cost-of-living crisis on employee attraction and retention, businesses can consider offering benefits such as flexible scheduling, paid time off, and health insurance. Additionally, businesses can work with local organisations to provide affordable housing options for their employees.

2. Implications for profitability

The cost-of-living crisis can also impact businesses’ profitability. Additionally, businesses may face increased costs due to higher wages needed to attract and retain employees in a competitive labour market.

To address this issue, businesses can consider increasing wages and offering bonuses or profit-sharing plans to incentivise employees to stay with the company long-term. Additionally, businesses can explore alternative staffing strategies such as remote work to reduce overhead costs.

3. Implications for consumer spending

Finally, the cost-of-living crisis can impact consumer spending. When individuals are struggling to afford necessities, they may have less disposable income to support local businesses. This can lead to decreased sales for businesses in affected industries.

To mitigate the impact of the cost-of-living crisis on consumer spending, businesses can consider offering discount programs for low-income customers and partnering with local organisations to provide affordable access to necessities.

4. Pressure on Profit Margins

Finally, a cost-of-living crisis puts stress on many aspects of business operations, including profit margins. Businesses must figure out how to generate sufficient income to cover increasing costs but also retain current customers.

The cost-of-living crisis is a growing concern for business owners in the current economy. By understanding the impact of the cost-of-living crisis on employee attraction and retention, profitability, and consumer spending, businesses can take proactive measures to mitigate its effects. By taking the actions outlined above, businesses can ensure the long-term stability and success of their operations. This will therefore reduce the impact the Cost-of-Living Crisis and its implications for business owners will have. If you have any further question please contact us on 01494 611 456.

At WestWon, we’re proud to offer our employees a dynamic workplace environment where they can develop their skills and grow their careers. Today, we’re excited to share with you the story of one of our team members who embarked on a journey of job development at WestWon. Read on to discover her story and learn what a journey of job development at WestWon looks like.

Hear from Millie

“For me, the journey started with a placement year at WestWon. Excited to explore the world of leasing and finance, I worked in the marketing department. I also learned about the different solutions offered by WestWon. I also developed my communication skills and gained a good understanding of how a business operates. This real-world experience was an excellent complement to my studies.

After completing my placement year, I returned to Nottingham Trent University. Here I finished my final year of a Business Management and Marketing degree. It was here that I learnt modules such as Comparative International Management and Digital Customer Experience. A couple months after graduating I was thrilled to be given the opportunity to return to WestWon as a part of the marketing team for a 6-month period.

Upon returning, I was given a wide variety of tasks, from content creation to SEO optimisation and lead generation. Since being here for only 3 months I have already been able to help monitor new projects. This includes our most recent new sister companies, Corporation Tax Loans and VRW Healthcare Funding.

Now I am almost halfway through my 6 months at WestWon. I feel that my journey of job development at WestWon has been an incredible experience. I have been able to work, yet again, in a dynamic environment with supportive colleagues. However, I have also grown both as a person and as a professional.”

Are you interested?

At WestWon, we believe in cultivating a supportive and nurturing environment. Through the journey of job development experienced by our team member, you can see how we aim to achieve this. We provide our employees with real-life experiences, offering a diverse range of tasks and support them every step of their journey. We strive to create a culture where job development is a continuous journey, and our team members can grow and thrive in this profession.

If you are interested in working for an exciting and supportive company and you want to learn more about the job roles we have going then please get in touch with us. You can either contact us through our careers page, or call us for a confidential chat on 01494 611 456. If you would like to see the roles we currently have available then please take a look at our careers page.