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3 New Year’s Resolutions for Small Businesses

As small business owners step into the new year, committing to key resolutions can ensure growth and profitability. Here are our three top resolutions to prioritize:

  1. Optimize Your Cash Flow
    Maintaining healthy cash flow is crucial for any small business. Instead of depleting cash reserves for new equipment, consider asset finance. This allows you to acquire necessary machinery and vehicles without a large upfront payment, keeping more capital available for other day to day expenses. Asset finance can help smooth out cash flow fluctuations while providing your business with the resources it needs to grow. If you already have assets, asset refinance can raise cash against the equipment you already own, or that you’re financing but which has equity available. You receive a lump sum of cash which can be used for any business purpose, enabling you to take on new contracts, employees or to pay down other debts and creditors.
  2. Improve Efficiency
    Upgrading to newer, more efficient assets is a smart move for boosting productivity and reducing operational costs. Older equipment often consumes more energy, requires frequent repairs and produces slower results. Investing in modern, energy-efficient assets can streamline operations, minimize downtime, and enhance your bottom line. As technologies evolve so too do opportunities to enhance efficiency, so make it a priority to keep your business up-to-date. We can provide asset finance to help you acquire new or used equipment to support your business needs. We’ll work with you to understand what you need and why, ensuring we provide the most relevant help. Every need for equipment is unique, so you’ll get a tailored response that matches it. We have experience in funding a wide variety of assets, from cars to cranes, lorries to laser cutters, forestry forwarders to forming machines and much more in between!
  3. Reduce Your Corporation Tax Bill
    Tax savings can be significant if businesses invest wisely. The government allows businesses to deduct the full cost of qualifying new assets and equipment from taxable profits in the year of purchase. With rising national insurance and minimum wage costs, investing in new equipment can be a more tax-efficient option than hiring additional staff. This strategy not only lowers your tax burden but also allows you to scale operations while keeping overheads manageable. With National Insurance and Minimum Wage increases coming into effect in April businesses will find themselves with significantly increased overheads. Additionally, making the assets your business already owns work harder for you is key: asset refinance is a vital cash flow management strategy which can help by reducing monthly repayments as well as providing a cash injection to help pay current bills or raise funds for deposits on new equipment. Funds can be released quickly and, with fixed monthly repayments over a longer term than many unsecured loans, repayments are much more manageable.

We specialize in areas of support that other lenders might not help with, so whatever your business needs, whether your business is in need of a helping hand or looking to grow, contact us today and we’ll find a solution that works for you.