Shoppers across the country British shoppers have been greeted by empty shelves where toilet paper or canned food are usually stocked due to panic and bulking buying.
Shops are now opening earlier to allow elderly to do their shopping and doing their best keep up with the booming demand for certain products like cleaning supplies or toilet paper, but experts say all consumers have a role in making sure basic goods are available for everyone who needs them.
Most economists expect the long term hit to businesses and consumer spending because of COVID-19 will have long-term ramifications for the greater economy and potentially lead to a recession.
The chancellor, Rishi Sunak has unveiled a package of financial measures to shore up the economy against the coronavirus impact.
It includes £330bn in loans, £20bn in other aid, a business rates holiday, and grants for retailers and pubs. Help for airlines is also being considered.
Could upgrading from a truck-mounted excavator to a wheeled excavator make your business more efficient?
Wheeled excavators are easy and affordable to operate and transport from one area to another. They are ideal for use in a variety of fields including forestry, construction, farming, landscaping and demolition. Their mobility also makes them an attractive choice for small contractors.
The core functionality of a wheeled excavator is just the same as a truck-mounted excavator, but instead of being mounted onto a truck they move around independently on their own wheels.
Long-term cost savings – Whilst the initial outlay for a wheeled excavator tends to be a little higher than for a truck-mounted one, they offer more long-term savings as they don’t require additional vehicles or machinery to move them from one site to another. Fuel costs for transporting a wheeled excavator are usually lower than a truck-mounted excavator too.
Increased lift capacity – Wheeled excavators typically have a better lift capacity than truck-mounted excavators, particularly when using a two-piece articulated boom.
Movability – Rather than having to be transported by a large, lumbering truck, wheeled excavators can simply be driven across the site or on the road from one location to the next, usually by the same person who operates them. The small and nimble size of the wheeled excavator also makes it more agile and manoeuvrable when working on-site, allowing it to work efficiently in tight spaces.
Versatility – Wheeled excavators are available with a variety of different attachments, including the mono-boom, two-piece boom, dozer blade, rototilt, cleanout bucket, and outrigger. The huge variety of attachments available for wheeled excavators makes them extremely versatile and reduces the need to invest in multiple machines.If you require help or advice with financing an excavator, speak to our team here at Richmond Asset Finance. We provide a range of flexible vehicle finance and asset finance services to help you to grow your business. To discuss your requirements in more detail, give our team a call on 0113 288 3277.
Are you using your excavator to its full potential, or could you do the same job using a mini excavator?
Mini excavators are practical, affordable and hassle-free pieces of machinery.
Whilst they’re not always suitable for largescale jobs, if you can get away with using a mini excavator over a bigger wheeled, tracked or truck-mounted excavator then there are plenty of benefits to be had.
The mini excavator is the perfect piece of machinery for working in small or tight spaces. It offers the same level of performance as a larger excavator but in a more compact and practical design. The small size of the mini excavator makes it nimble and agile on-site and means transportation is simple and hassle-free.
Easy to operate
Mini excavators tend to be very simple and intuitive to operate, reducing the amount of time required to train an operative to use the machinery and minimising the risk of errors being made.
Mini excavators are more affordable to purchase and operate than their larger counterparts. They also offer higher fuel efficiency and lower fuel costs. Their relative ease of operation means training operatives will cost your business less time and money.
The small size and increased fuel efficiency make mini excavators more environmentally friendly to run than larger excavators. They also produce less noise pollution, making them ideal for use in noise and pollution sensitive areas.
If you require help or advice with financing a mini excavator for your business, speak to our team here at Richmond Asset Finance. We provide a range of flexible vehicle finance and asset finance services to help you to grow your business. To discuss your requirements in more detail, give our team a call on 0113 288 3277.
When taking out a bridging loan you will be required to provide details of your exit strategy, the method by which you will pay back the loan.
Bridging loans are an extremely valuable form of short-term finance that can help businesses to quickly acquire money to cover an expense before credit becomes available to them.
Just some of the reasons that businesses use bridging loans include funding unexpected expenses, paying urgent debts, and investing in time-sensitive business opportunities.
Before rushing in and requesting a bridging loan though it’s very important that you create a plan for paying back the money. This is called your exit strategy.
The price of a poor exit strategy
When you take out a bridging loan you will agree a date by which the debt will be repaid. If you cannot repay the amount by this time you will need to consult with your loan provider about what happens next.
In some instances, it may be possible to extend the loan, but beware that this is not always the case. A late repayment could end up costing you a considerable amount in renewal costs or late payment penalties, as well as having a negative effect on your credit rating, so it’s wise to ensure that you have a reliable exit strategy in place before going ahead.
Typical exit strategies
Your exit strategy will depend entirely on your business’ unique circumstances and the reason that you required the bridging loan.
A few examples of typical exit strategies include:
- Selling a property or land
- Selling debt to a collection agency
- Selling shares or assets
For further information about bridging loans,or help and advice with creating a sound exit strategy, get in touch with our team of experts here at Richmond Asset Finance by calling us on 0113 288 3277.
If there is one thing that sets apart businesses that succeed from those that fail, it’s a business plan, which is why it’s surprising to find that even some medium sized businesses don’t seem to have one.
Even Donald Trump has a plan even if at times it seems that he doesn’t and it is often when we look back on progress that we see how important those plans were in achieving things.
Without going into the old fail to plan, plan to fail mantra a business plan should include goals that everyone within an organisation is will work towards. It will also include steps on how to achieve those goals based on a realistic assessment of what can be achieved with available resources.
Running a company as any business owner will tell you takes a significant amount of time and effort and planning ahead is often seen as a luxury that is sacrificed to short term needs such as production and chasing payments.
A business can soon get stuck in a rut without planning to the point where it stops growing and things simply chug along. This can be a dangerous time. All businesses need a steady flow of new customers to be healthy.
Acquiring those customers can be difficult of course but a plan will allow you to make an accurate assessment of the resources you need to get them. It might also bring you to the question of finance or how existing assets can be used to finance expansion.