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37 focus Finance<br />
Finance can be arranged<br />
from a minimum of £1000<br />
and the range of assets that<br />
can be funded is vast, including<br />
build works, software<br />
and resin floors.<br />
Q: Can you explain the difference<br />
between Hire Purchase<br />
and Leasing?<br />
A: With a Hire Purchase<br />
agreement the VAT is paid<br />
upfront while on a lease VAT<br />
is paid monthly with each<br />
payment. In a lease, ownership<br />
lies with the finance<br />
company. You have the right<br />
to use the equipment and at<br />
the end of the term title goes<br />
back to the finance house<br />
with them giving you the option<br />
to take ownership. With<br />
hire purchase you become<br />
the owner of the asset/equipment<br />
immediately after the<br />
last instalment is paid.<br />
Summing-up, Lee says:<br />
“We have a dedicated team<br />
of highly qualified experts on<br />
hand to guide you through<br />
the process and offer sound<br />
advice so you can confidently<br />
enter into an agreement with<br />
complete trust.”<br />
<strong>The</strong> <strong>Garage</strong> conclusion:<br />
Planning is the key to any<br />
business across its duration.<br />
A successful business<br />
will regularly review its business<br />
plan and make sure<br />
that it continues to meet the<br />
needs of the company. Regular<br />
performance reviews are<br />
required – i.e., monthly, reviewing<br />
with adjustments<br />
where necessary, while<br />
growth areas are identified.<br />
Once this has been achieved<br />
and those areas identified,<br />
then re-look at your plan and<br />
adjust accordingly.<br />
Always make sure that<br />
your financial plan is also up<br />
to date. Potential lenders will<br />
want to see thorough and accurate<br />
statements. Any numbers<br />
that are present must<br />
mean something. Your balance<br />
sheet must balance at<br />
the end of each period and<br />
also must reconcile your<br />
income and cash flow statements.<br />
Remember, no-one is<br />
obliged to lend you money<br />
or invest in your company.<br />
Lenders will always compare<br />
the risk and reward in working<br />
with you.<br />
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