Top tips for your business this new year, use this chance to grow your business, don't repeat mistakes and take...
No matter what sort of business you’re in, it’s likely that you’ll have some sort of business assets which are essential to the work you do. This could be something as simple as office computer equipment all the way through to heavy plant machinery or vehicle fleets. With funds often being tight, especially for businesses with narrow profit margins, there may come a point where you need to acquire new business assets, but don’t have the freedom within your cashflow to buy them, or at least not without risking insolvency by overstretching your finances.
There is, however, help available and we can help with business funding via asset finance.
The Advantages of Asset Finance
If you have a machine which breaks down and needs replacing, you want to double your salesforce and need to expand your car fleet to match, or your old equipment is hampering the efficient operation of your business, it’s clear that having new business assets now will translate into increased productivity, or increased efficiency as soon as you start using them, allowing you a greater margin for profit. So the sooner you have new equipment, the better off your business will be, all you need to do is get over the hurdle of making the purchase.
Buying equipment for a business isn’t like buying, for example, a bigger TV for your house on finance. Business equipment, by its very nature, should directly, or indirectly contribute to the success of your business. If you don’t have it, that lack can stop you from earning, so even if you have to pay a little more to have it now, getting the assets immediately allow them to contribute to your success immediately, which, in the right circumstances can exceed the interest you pay on the finance. In these circumstances, acquiring the assets via a finance arrangement and paying interest on that finance can be cheaper than waiting until you’ve ‘saved up’ for the asset, because you’re also having to wait for the benefit it will bring to you.
Asset finance allows quick access to the funding you need to buy these business essentials and because of the way it’s arranged, paying back the debt created can often be done by using the increased revenue the new business assets have helped to generate.
Done right, asset finance can be a cost neutral approach to asset acquisition which saves you from having to wait for the equipment you need so you don’t lose out on the profit you can’t earn until you have it.
How do I Arrange Asset Finance?
At Lines Henry, we have long established relationships with finance providers, so we’re confident that we can help you arrange asset finance for business essentials of all kinds at competitive rates. We can help you with a fast turnaround, enabling you to purchase the business assets which will help your business thrive sooner rather than later.
Contact us to find out what we can do for you and your business.