With the economy showing signs of recovering, it should start to filter through to an improved outlook for the legal services sector – particularly if your practice offers conveyancing services and has benefited from the upturn in the housing market.
To take advantage of this growth, you might find your business requires some investment. This might be some new premises, office equipment or splashing out on some new computers. Whatever the benefits, the hit on your cash flow can be hard to take.
There are several reasons why you might want to purchase an asset outright, particularly if it is something that will be useful for a long period of time before becoming obsolete (office furniture, for example). However, many growing law firms simply don’t have the capital available to do so.
This is where the option of renting or leasing can be of great benefit. Not only can it leave more cash to cover core business expenses, a smaller, fixed amount over a set period of time can be a more manageable way to spread the cost. Plus, there are added advantages, such as the chance for a much quicker ROI, fewer worries about maintenance costs, and the opportunity to keep rapidly evolving assets (such as software and IT) more affordably updated.
So, if your company is considering leasing or hire purchasing an asset, what should you look for from a leasing company?
Look for a specialist – Having a knowledge of your industry can be a great help meeting your lease needs and be more flexible to your requirements. For example, if you are looking at investing in IT, you might find that you need to extend the lease mid-term to upgrade your equipment. An IT finance company should understand this and be able to accommodate your needs. However, it could also make a difference to the interest rate as a finance company that understands your sector will have a better understanding of the risk involved.
Check their reputation – Spend a little time researching the company online, keeping an eye out for any less-than-complimentary news articles or message board comments, as well as positive news too. A good business should be happy to provide references or case studies of other satisfied customers.
Do they follow a code of conduct? – Knowing that a leasing company is reputable and complies with the rules of a trade association can offer peace of mind. For example, as an organisation Wesleyan Bank is a member of the Finance & Leasing Association (FLA), and follows a strict business finance code which dictates a level of contract clarity and customer service. You can read the full code here.
We understand that providing finance carries a responsibility. We believe in clarity and transparency. We are happy to answer any questions that you may have regarding our policies or working practices. We would be happy to answer any questions that you have. Contact us to find out more.