SME in need of a boost? Inject new life into your business with finance

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SME finance is a great way to breathe new life into your business. Here at WestWon, we have provided finance to thousands of SMEs throughout the years. Our aim is to support businesses in their growth, and we have succeeded in helping thousands across the UK.

We can finance pretty much anything from £1,000 to £10m. So, whatever your business wants, or needs may be, rest assured you will be taken care of in our hands.

Why do so many SMEs use finance?

Cash flow health

The benefits financing has upon a company’s cash flow is the primary reason as to why SMEs use it. Finance allows you to disperse the amount of an asset over the course of usually 1-7 years. Therefore, freeing up cash in the business to be used elsewhere!

Easy budgeting

The payments are fixed throughout the payment term. This means it will make it easy for you to cash flow forecast for each month.

Tax advantages

Did you know that all rental repayments are fully deductible against your company’s corporation tax bill?

Alternative source of credit

No need to use up an existing bank facility! Financing through WestWon means you can keep your existing sources of credit in place for other purposes.

Remain competitive

Another reason why so many SMEs use leasing and asset finance is because it allows them to remain competitive within their sector. This is because leasing makes it more affordable to obtain the most recent technologies.

Technology is also ever evolving, meaning that it is constantly deprecating in value. Therefore, by purchasing it outright, you are only setting yourself up for a loss. But, by using an IT refresh cycle, your business can stay modernised. The term duration for this type of agreement can be from 1-5 years. Although most will take out 3-year agreement for this, due to how fast technology is now evolving.

There is no doubt that the standard of advancing technologies we have now, can improve business productivity by miles. Keeping up with the newest technologies can make all the difference in a competitive market. After all, customers will choose the most effective service.

Contact Us

To find a finance option best suited to your business, please don’t hesitate to get in touch. Give us a call on 01494 611 456. Or send an email to [email protected], and a member of our friendly team will get back to you. You can also see more over on our LinkedIn page.

Computer Leasing for SME’s

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Here at WestWon, we are experts in providing small businesses with leasing options on all IT equipment including computers. Just like any other business, WestWon has experienced first hand what a simple investment can sometimes turn into. A few years ago, we went through the process of upgrading a number of computers. It was a project that we thought was going to be really simple and cheap.

However…

We started off by speaking to a few computer suppliers and working out what computer manufacturer we should go with. Eventually, quotes began to come in and it came to our attention that it was not going to be as cheap as we thought. Our £400 budget per device had doubled to £800. To make matters worse, we were looking to buy new computers for our operations team, which meant we had to update our marketing personnel. What was going to be a simple and cheap solution started to look to be a £10,000 plus investment!

Furthermore, other employees started to mention that their two-year-old Lenovo laptop were slowing down too. The word went around one of our other offices at the time, meaning we were starting to realise it was going to be a complete IT refresh. After all this, we were looking at a £20,000 investment!

SME’s replacing one computer at a time or a complete IT refresh

Our situation is the same as many SME’s in the UK. What starts off as a modest IT replacement program turns out to be a complete refresh. Our key question at the time was, do we replace a couple of computers every month or just do them all at the same time?

Clearly there are benefits to both options. If you have limited internal IT resources, changing a few every month makes sense. Also, if you’re paying cash, it’s easy to cash flow this out of existing finance. However, it’s often cheaper for an IT company to change all their computers and laptops at the same time. It also stops all issues regarding who gets upgraded first!

One of the key challenges a small business has with regards to buying new computers is how to pay for them. This is where leasing should be at the forefront of your mind, and where WestWon can help.

Leasing enables you to own the equipment without any large initial outlay

We can organise a computer lease for your business. It’s a very quick and simple process as seen below…

  1. You choose the computer manufacture and model
  2. You ask your supplier for a quotation giving the capital cost
  3. We will then provide you with a free no obligation leasing quote
  4. Give us a call when you are ready to proceed
  5. We look to obtain a credit acceptance within the first 24 hours
  6. The agreement is then emailed to you. You can sign and return it to us
  7. Your equipment is ordered and then delivered
  8. Only once you have confirmed the delivery will the monthly payments start

Contact Us

If you would like any more information on computer leasing for SME’s, then please don’t hesitate to get in touch with us. Either give us a call on 01494 611 456 or alternatively email us on [email protected]. You can also see more over on our LinkedIn page.

Why WestWon is a paperless office

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WestWon is dedicated to helping the environment, and one way we can prove this includes being a paperless office. In this blog, there will be many ways on how WestWon are striving to be more environmentally friendly. It also includes how you and your company can be more environmentally responsible.

WestWon’s paperless office

One of the ways that WestWon is contributing towards being more eco-friendly is by being a paperless office. Here at WestWon, we have managed to eliminate the usage of all unnecessary paper documents. We have done this by using our state-of-the-art online portal. This has meant WestWon is able to function almost entirely online. Additionally, any paper that we need to throw away is recycled or shredded. This is so that it can be of no extra harm to the environment.

Ways that you could contribute positively to the environment:

  • You too could make your office a paperless one. The benefits of using less paper around the office are huge. Whether it’s printing less and only when its necessary or taking paperless notes. Additionally, saving files to an online storage system is also very impactful. By reducing the amount of paper you use, the obvious advantage is the prevention of trees being cut down. This also eliminates the energy needed to convert these into paper. The process of recycling will also help reduce the amount that lies in landfills. You could even take this one step further by supplying your office with sustainably sourced recycled paper.
  • You can also introduce days in the working week where everyone works together to be more eco-friendly. This includes small changes such as sharing lifts to work to reduce vehicle emissions. Other ways are by having zero waste days. This is where you challenge your employees and colleagues to waste nothing for a day. A way to take part in this would be to bring your own lunch to work. This saves any plastic packaging that you would otherwise use.
  • Another, possibly larger, but therefore more impactful change that you could make in the office is LED bulbs. These are bulbs that are 90% more efficient than incandescent light bulbs. It works by passing an electrical current through a microchip which results in its visible bright light. According to market research, most of them cost less than £10. Due to the energy and time savings they can amass for you, they are well worth investing.

Contact Us

Just by implementing small changes throughout the office, it makes a big difference in the grand scheme of things. This is why here at WestWon we felt it was so important to become a paperless office. In the future, WestWon hopes to introduce more eco-friendly projects that comprise of the same green values we believe in. For more information on any of the information above please give a member of the WestWon team a call on 01494 611 456 or email us on [email protected]. You can also see more over on our LinkedIn page.

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

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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]

SME Finance UK

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SME Finance UK WestWon have been leasing to the SME sector for nearly 30 years. The average value of our leases are £17,000.00. Saying that, we do numerous leases with values from £1,000.00 all the way to many millions. Over 90% of the leases we do are for UK SME companies. Why do SME Companies […]

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SME Companies In The UK

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SME Companies In The UK Providing finance and leasing for SME companies in the UK. Definition of SME Companies in the UK A “small or medium sized enterprise” is defined by the European Commission as a company that employs fewer than 250 people. Furthermore, there is another category called “micro business.” The definitions are broadly […]

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