Technology is a vital aspect of any business that plans on succeeding in such a modern era. For small and medium sized business, it assists with operational efficiency, customer satisfaction and marketing.
While your staff, products, goals and objectives are all building blocks to the success of your SME, real and sustainable growth comes from embracing the ever-changing advancements in technology.
Falling out of step with the digital environment can significantly disadvantage your operational effectiveness and efficiency in a range of different ways. The importance of upgrading your business IT systems, can fall under 4 main aspects: Security of data, flexibility and functionality, professionalism & image and change.
Every single aspect can create a disadvantage in the eco-system of your business if you aren’t periodically upgrading your business technologies as necessary.
However, while every business owner or manager wants the best for their company, it can be difficult to maintain an SME’s cashflow, while attempting to invest back into the business with equipment, specifically technology upgrades. Upgrading your business technology, unsurprisingly, isn’t cheap. Which is why it is an investment. In the long run it will save you time and money, yet you first have to deal with the immediate upfront costs. So, what is a good option if your small or medium sized business is looking to have a tech upgrade, yet you are certain that you won’t have the upfront investment without messing with the businesses cash flow?
One of the best options for small or medium sized businesses in this situation is asset-based finance. Asset-based finance is a broad term for any business finance that uses a business’ assets as collateral for a loan. Depending on the type of asset being used as security, up to 100% of the market value of the asset can be financed, though more often it is up to 90%.
Specifically, if your SME is looking at upgrading business technology it is likely you will need to get a type of finance known as equipment finance.
Equipment finance is often a popular option among SME’s as it allows for upgrades in equipment without the strain of the upfront investment. It is specifically suited for small or medium sized businesses that need to purchase expensive equipment, such as the latest IT equipment. The exact type of equipment finance available to you, will also be specific to the type of equipment and arrangements that you are looking for and that is suitable to your business.
As a small or medium sized business looking for equipment finance, one of your best options is to look for a non-bank lender who can provide you with the finance. Why? Because bank lenders are less likely to accept your loan application, and even if they do the process is long and complicated. However, if you choose to go through a non-bank lender, especially one who works specifically with SME’s, the process will be easier and faster. If you are an SME looking for equipment finance to upgrade your business technologies, then Grow Finance is a great option for you. They can ensure that your finance options are directly suited to your small or medium sized business, and it’s needs. If you’re in the market to upgrade your SME’s business technology, then don’t fret over the upfront investment, instead get in touch with Grow Finance.