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Equipment Leasing Delivers Definite Benefits For Local Dorset Businesses

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From Dorchester to Bournemouth, businesses across Dorset are increasingly recognising the benefits of local equipment leasing to finance capital investments in equipment and machinery to drive growth and increase productivity.

Dorset has a prosper business community of over 33,500 businesses and is home to international or UK headquarters of many world leading organisations such as AIM Aviation, Dorset Cereals, Sunseeker International, Lush, Farrow & Ball and Merlin Entertainment. The advanced engineering sector employs around 15,400 people and contributes £800m to Dorset’s economy. While, the Food & Drink industry provides 12,500 jobs and is one of Dorset’s most important industrial sectors, with companies such as Ryvita, Organix baby foods and Dorset Cereals.

Local leasing deals not only allow businesses in a variety of sectors to improve performance by acquiring the latest technology without tying up capital or existing lines of credit, but they also protect 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 the seasonal cash flow of a business.

A wide range of equipment, from IT hardware and software to packaging machines and medical technology, can be leased. Other leasing options include general office equipment such as furniture and photocopiers. In fact, almost any type of tangible equipment can be considered for leasing.

Local leasing company WestWon Limited has many years’ experience working with organisations in the private and public sector in the county of Dorset, 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 220 partners and suppliers in the county, which includes over 60 in Poole, 30 in Bournemouth, 28 in Wimborne and 27 in Dorchester and Christchurch.

For more advice on leasing and how to choose a reputable local leasing partner, download your free Essential Guide to Leasing for Business.

Cash Flow Is A Growing Issue For SMEs

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According to new research by the Asset Based Finance Association (ABFA), over the past year small businesses must wait 23 days longer on average for payment compared to larger companies. The figures show that companies with a turnover of less than £1 million have waited an average of 71 days to receive payment, while those with a turnover of more than £500 million were paid in an average of 48 days.

Two in five small firms cite ‘invoice lost or not received’ as the excuse they were given for late payment. And worryingly, one in three is being forced to write off bad debts every year.

This is despite the Government putting pressure on big firms to sign up to the Prompt Payment Code (PPC):  in fact, the current wait of 71 days for small businesses is a week longer than in 2006.

The PPC was set up in 2008 to improve small firm’s stability by helping them recover the billions of pounds owed to them in late payments more quickly. It is a voluntary register of almost 1,700 UK companies that have committed to pay invoices in accordance with contracts. But there are no sanctions for breaching the code.

ABFA Chief Executive Jeff Longhurst said, “These figures highlight that the relationship between some big businesses and smaller companies has become even more unbalanced since the credit crunch. It is alarming to see how much longer small and medium sized firms are waiting to receive payment compared with just a few years ago.”

Phil Orford, Chief Executive of the Forum of Private Business said, “Late payment continues to escalate in size and impact on small businesses. With companies facing sizeable cost increases over auto-enrolment of staff into pensions, we need to make sure cash flow is as good as possible.

WestWon CEO Jeremy Hall commented, “On-going issues with late payments and the knock on effect on cash flow is putting some small businesses in financial difficulties and it certainly makes it more difficult to make the investments they need in the recovery economy.

“At the same time we have seen a growth in the number of small businesses seeing equipment leasing as a vital financial tool in their kitbag. Asset-based finance enables them to spread the cost of essential capital investments over time, rather than having to tie up large sums of capital upfront – and given the current climate, they may well need the flexibility to deploy available funds elsewhere.”

Research from bank transfer service BACs revealed in July 14 that late payment debt is now £40 billion, up from £30 billion last summer. The forthcoming  Small Business enterprise and Employment Bill will legislate for greater transparency of payment practices, with large companies required to publish their practices and how they perform against them. But whether this will be sufficient to tackle what is a huge issue for the recovery and small business investment remains to be seen.

Tailored Local Leasing Agreements Help Cumbrian Companies Thrive

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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.

 

Equipment Leasing Can Keep Your Finances As Well As Your Clients In Shape

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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.

What fitness and beauty equipment can be leased?

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:

  • Gym equipment leasing (from treadmills to rowing machines)
  • Changing room lockers and benches leasing
  • Beauty equipment leasing (from IPL lasers to microdermabrasion)
  • Steam rooms and saunas leasing
  • Tanning booths and sun beds leasing
  • Massage chairs leasing
  • Commercial hairdryers leasing
  • Audio/Visual equipment leasing
  • Air conditioning systems leasing
  • Laundry equipment leasing
  • IT hardware and software leasing
  • Telephone systems leasing
  • Furniture leasing
  • Complete salon fit out leasing

For more advice on leasing and selecting a reputable leasing partner, download your free Essential Guide to Equipment Leasing for Business.

 

Why Leasing Is A Viable Option For The Public Sector

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Public sector organisations across the UK are striving to improve efficiency, yet are continuously being expected to deliver more with less. With ever increasing pressure on budgets and the ongoing need to reduce levels of expenditure, leasing can provide a vital and flexible solution.

Whether operating within education, healthcare, housing or local government, leasing allows public sector organisations to deliver projects now without the restrictions of annual budgets and by spreading the cost over a period of time.

Leasing can deliver real cost savings as it means organisations do not have to pay full price for an asset that may only be used for a few years. For example, IT equipment can become out of date in just three to four years. With a lease agreement, equipment can be added or upgraded without having to repurchase, so you will always have the most up-to-date hardware and software.

The lease itself can be tailored to suit your specific requirements. 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.

Leasing is also an attractive from a budgeting standpoint as switching from outright purchase to a lease agreement changes how assets are accounted for. A unique feature of leasing is that it allows the cost to be allocated to revenue as opposed to a capital budget with obvious benefits for the public sector.

From IT hardware to refuse vehicles, a wide range of equipment and assets can be leased as well as entire projects. Other lease options include furniture, photocopiers, security systems and even maintenance agreements. Plus, there is the added benefit that any combination of equipment and technology can be chosen from multiple suppliers for a single lease agreement.

Some of the most popular equipment leased by public sector organisations include:

  • IT equipment (e.g. PCs, tablets, servers)
  • IT software and licenses
  • Audio/visual equipment
  • Interactive whiteboards
  • Office furniture
  • Telephone systems
  • Printers and photocopiers
  • Projectors
  • Laundry equipment
  • CCTV and security systems
  • Signage
  • Minibuses and vehicles
  • Waste equipment

For more information on leasing for public sector organisations, download the WestWon Public Sector Solutions Fact Sheet.

Good News For the UK Economy And British Manufacturing

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According to a report by the Office For National Statistics (ONS) in June 2014 the UK now has one of the fastest growing economies in the G7.

Gross Domestic Product (GDP) is widely regarded as the key measure of economic activity and the ONS uses Nominal GDP – which measures the final market value of all goods and services produced in an economy – to compare the relative size of the UK economy to others in a given year.

The UK was the world’s eighth largest economy in 2012 in nominal GDP terms  with the US – the world’s largest economy – producing $16.2 trillion of output in that year – just over seven times that of the UK ($2.3 trillion).

The decade prior to 2012 saw the rapid emergence of the BRIC economies – Brazil, Russia, India and China. Annual GDP growth in China averaged 12.7% per annum over this period, with the economy consequently establishing itself as the second largest in the world, producing $12.3 trillion of output in 2012. Brazil, Russia and India also achieved similar rates of expansion.

The economic recovery in the UK has been the slowest in post-war history and has also been one of the weakest in the G7 . UK real GDP increased by just 1.2% per annum between 2009 and 2013, the third lowest rate in the G7, and remains 0.6% below its pre-downturn peak while all other major economies have surpassed this milestone, with the exception of Italy.

However, throughout 2013 and in the first quarter of 2014, the UK has moved from having one of the slowest growth rates in the G7 to one of the fastest. GDP has risen by 3.1% over the year compared with growth of 2.3% in Germany and 2.0% in the US.

At the same time it has also emerged that manufacturers enjoyed their strongest annual growth for more than three years in April 2014 with manufacturing output rising by 0.4 on the previous month, leaving it up 4.4% on the year, the fastest expansion since early 2011.

That drove a pick-up for the wider industrial sector, which also includes utilities, mining and waste management. Industrial output was up 0.4% on the month and 3% on the year, again marking the strongest growth for more than three years.

For more information about leasing for business growth, call WestWon on Tel: 01494 611 456

 

WestWon Offers Local Leasing Expertise For Businesses In West Midlands

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Leasing is now one of the popular sources of funding when it comes to financing equipment for businesses throughout the UK and this is particularly evident in the West Midlands, where leading local leasing company WestWon has recently arranged over 80 leasing agreements for a variety of organisations.

Recovery in the West Midlands has been firmer than in other regions of the UK, with manufacturing performing strongly and the logistics sector also providing a significant and important component. The structure of West Midlands economy, with large globally ranked producers (such as JLR, Bentley, JCB, Toyota, Rolls Royce and Alsthom) sourcing products from precision-based SME manufacturers and traditional craft industries, ensures it is comparable to the more dynamic regions of the European economy.

Leasing provides many the businesses in the West Midlands with an easily accessible source of funding, which enables banking and other lines of credit 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, local equipment leasing opportunities means companies can pay as they use. After an initial payment, businesses can start using the equipment straight away and spread the cost over its useful life, so an asset can be paid for with the income it generates. Plus, leasing provides the ability to simply upgrade equipment or expand resources as and when the need arises, ensuring companies can always have access to the latest technology.

The lease itself can be tailored to suit local business 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.  Equipment for leasing can be sourced from multiple suppliers, and ‘soft costs’ such as maintenance agreements and project fees, can often be included in the lease agreement,

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 for locally leased equipment include furniture, computers, security systems and retail and restaurant fit outs.

WestWon Limited has many years’ experience working with organisations in the private and public sector in the West Midlands, helping them source manufacturers and equipment as well as arranging flexible lease agreements. As a leasing company with a strong local presence in the West Midlands, WestWon is well placed to provide businesses with a tailored service with over 600 leasing partners and suppliers in the region, which includes over 200 in Birmingham and 90 in Coventry, 50 in Wolverhampton, and nearly 40 in both Walsall and Solihull. 1,200 schools in the West Midlands are also well catered for by WestWon’s local leasing solutions for education.

For more advice on leasing, download your free Essential Guide to Local Leasing for Business.

Leasing In Wiltshire Supports Local Economic Growth

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ONS figures for UK GDP published at the end of April 2014 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 the county of Wiltshire and local towns in the area such as Chippenham, Melksham, Salisbuty, Swindon and Trowbridge,  where confidence amongst local businesses is returning.

On the back of recent amendments to the AIA, businesses in Wiltshire are increasing or bringing forward their capital investments in equipment and machinery to drive growth and increase productivity and throughout the local region are increasingly recognising the benefits of leasing to finance these investments. With a strong presence in Wilts, leading leasing company WestWon  has a wide network of almost 200 local leasing finance partners and has successfully arranged lease agreements for many 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 obsolescence – a major issue for IT and computing equipment. Plus, leasing payments offer considerable tax benefits and can even be tailored to match 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:

  • IT equipment (e.g. computers, tablets, printers)
  • IT Software
  • Engineering equipment
  • Office furniture
  • Scientific and medical technology
  • Catering equipment
  • Industrial machinery
  • Hairdressing and beauty equipment
  • Sports and leisure equipment
  • Processing and packaging machines
  • Retail equipment
  • Manufacturing equipment (e.g. cutting machines, injection moulding systems)
  • CCTV and security systems
  • Scaffolding and construction equipment
  • Waste and recycling equipment

 

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.

The company has many years’ experience working with organisations in the private and public sector in Wiltshire, including a large number of the near on 400 schools in the county, 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.

 

Making A Noise About Acoustics at Clerkenwell Design Week

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There is nowhere better to spot the latest trends in the Office Furniture and Fit Out market than Clerkenwell Design Week with its comprehensive collection of the latest designs by leading brands from the UK and around the world.

One main trend that was in evidence in many of the showrooms at Clerkenwell 2014 was a new focus on acoustics. Given the cost of moving offices and the extra overheads associated with larger premises, it is no surprise that many businesses try to maximise the use of space in existing smaller offices for as long as possible. And one way of creating a more effective working environment in compact surroundings is to minimise the echoes and ambient noises that often distract staff as they work.

Acoustics can solve this problem in a very cost efficient way. WestWon itself has recently invested in an acoustic solution that dramatically reduces noise and echoes in our busy sales office. Previously, if there were two or three people in the room on the phone, no one could hear themselves or the people on the other end of the phone speak, So we looked into the latest generation of acoustics and installed them in our office. Walking into our office now you wouldn’t know they were there and for reducing stress levels and increasing productivity, they are absolutely worth their weight in gold.

Many manufacturers are now producing innovative designs that look more like works of art than functional devices to control noise levels.  Acoustics can be hung from the ceiling, mounted like pictures or be used free-standing and suppliers can now use top of the range technology to determine exactly how many panels are required to obtain the ideal result.

The use of the acoustics is also spreading into the soft furnishings arena too. Combining soft furnishings and acoustics gives two great benefits in one purchase. Some of the main manufactures offering the panels of are: Assmann, Frem, Verco and even Herman Miller has released its own range of acoustic panels.

For more information about acoustic suppliers and how to lease soft furnishings and acoustics as part of your office furniture and fit out solution, contact WestWon on Tel: 01494 611456. DOWNLOAD the Office Furniture Leasing Brochure.

Leasing Assmann, Frem, Verco and Herman Miller accoustics

Where Can I Find A Comprehensive List Of Local Office Furniture Suppliers?

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No one knows exactly how many office furniture suppliers there are in the UK and the true list can potentially be doubled by the numerous office supplies companies that also advertise a range of “normally budget” office furniture via a catalogue.  There are various lists in circulation from organisations like the British Furniture Manufactures Association (www.bfm.org.uk) but even they will not have a comprehensive list.

Why is this the case? One reason is that many office furniture suppliers experienced a very tough time during the recession and, unfortunately, some of these went out of business. Secondly, any list of furniture companies can be confused by the presence of companies that have an interest in the residential market, furniture manufacturers, design and build companies, and more specialist flooring, office partionning and mechanical engineering companies.

Hence, for the typical business user wishing to acquire office furniture, the process can be anything but straightforward.

At the beginning of 2014, the WestWon office furniture leasing division undertook extensive research into suppliers of office furniture in the UK.

As a result we established that there are 1,660 companies selling furniture in the UK.  20% of these – 345 office furniture suppliers – are based in London, while just under 4% are based in Buckinghamshire. High Wycombe – a town that is renowned for its furniture production – has 23 furniture companies, which is more than most counties.

Counties such as Bedfordshire, West Midlands, Derbyshire, Essex and Nottinghamshire are all home to in the region of 30 office furniture suppliers. The furniture supplier ‘capital’ of the north is Lanarkshire, with the Scottish county boasting more than 46 suppliers, putting it on a par with Kent with 45. Counties with most manufacturers are Cambridgeshire with 57, Staffordshire with 60 and topping the furniture supplier research, Hampshire with 73.

For more information about UK office furniture suppliers contact the WestWon Office Furniture team on Tel: 01494 611 456

 

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