As a business leader, you may well find there are two commodities you could always do with more of: time and money.
Perhaps due to the ripple effect from the devastating financial crisis some years back, the concept of leasing is lumped in with bank loans, filling some businesses with more than a little bit of trepidation.
The idea of tying yourself or your clients into an agreement with a leasing company can feel like you’re playing with financial fire.
But in most cases, this fear is ungrounded. When you put the preconceptions aside and hone in on the tangible benefits leasing can offer a business, the question of whether to lease or not to lease doesn’t seem like such a tough call.
Here’s are three reasons why leasing helps businesses become stronger and why you should consider it as an option for your business.
1. Get Tomorrow’s Equipment, Today
Leasing makes the most sense for businesses that can see what they need to purchase to move forward, keep up with the competition or hit their goals, but financial restraints are holding them back.
Parting with large sums of cash in one fell swoop isn’t feasible for everyone – particularly not your typical start-up with all those initial costs to bear.
However, there’s an undeniable link between the latest technology and business efficiency and development.
It’s a shame that getting your hands on the latest and greatest technologies causes businesses to balk when they see the price-tag, though perfectly understandable when you consider tech tends to need refreshing every two to three years.
Yet that is another benefit of leasing – businesses can upgrade their purchases within the lease term as equipment or technology becomes dated.
If you’re a vendor, your clients are more likely to turn to you as their existing supplier when the time comes to refresh – particularly if you’ve partnered with a financing company that offers a no-nonsense, straightforward and seamless experience.
So, leasing is a pretty effective strategy for customer retention, too.
2. Buy Now, Pay Later
The ‘buy now, pay later’ nature of leasing works to support business growth by enabling companies to retain working capital within the business itself, investing in other areas while enjoying the benefits of working with top-of-the-range technology or putting those expansion plans into practice.
In theory, businesses can start earning on their new investment before they’ve even paid for it, putting the cash they’ve saved on an upfront purchase to use in other, more immediately beneficial ways.
Purchasing equipment outright means budgets remain limited. Frustrating when you or your clients want to aim for the stars. Spreading the cost means you can actually buy into higher-priced products and services without feeling the financial sting – the right payment plan will keep your cash flow steady.
Look at how we pay for Netflix, apps on the Cloud and even our smartphones. A subscription fee for business investment is the modern way to play it.
3. Think Beyond the Bank
If you’re a business owner with no time for tedious paperwork, long-winded processes and jumping through hoops, may want to turn away from the bank.
The right leasing company empowers you to take your finances into your own hands and find out quickly and easily if you’re eligible for assistance.
In fact, our financing has an 85% eligibility success rate, so it’s highly likely you’ll be accepted, and interest rates are generally much lower than that of banks.
The young and dynamic team at Love Finance place the customer experience at the heart of everything we do.
With flexible financial packages that could help you lease almost anything you might want to buy, from gym machinery and IT software to scaffolding and brewery equipment, we can help both small start-ups and large businesses alike achieve their dreams.