Protecting cash flow has been the priority for most businesses amid the coronavirus pandemic. Around 80% of small and medium-sized businesses in the UK have seen revenues decline as a direct impact of the COVID-19 crisis, McKinsey research shows.
This has led to a number of capital-related concerns. One in four firms are worried about defaulting on loans, while a similar number (28%) doubt their ability to sustain their supply chains. Nearly four out of ten (36%) businesses expect to have to postpone growth projects as they look to minimise cash outflow.
In all, the bleak expectations for the overall UK economy and the negative trends in SME revenue paint a worrisome picture. But as we’ve seen at Shire Leasing throughout the pandemic, it is possible to keep generating new business (the appetite for telecoms equipment remains strong), you’ve just got to provide easy-to-use finance solutions for your customers to acquire the new equipment they want and need.
How Shire Leasing makes deals happen
Shire Leasing’s objective throughout the pandemic has remained the same: to support manufacturers, distributors and equipment resellers in enabling their customers to access the latest technology, while spreading the cost over an affordable period of hire. Their key focus has been on British SMEs, the lifeblood of the UK economy.
Shire’s commitment to providing a market-leading innovative service has enabled us to move quickly in these unprecedented times. Our award-winning development team is always creating solutions to differentiate our offering, so that we too can continually add value to the resellers that work with us.
Shire’s position as a hybrid funder, with an Own Book that exceeds £130 million plus facilities with more than 20 other funders, gives us the flexibility to embrace change and the ability to deploy finance solutions seamlessly into your sales process. Shire can put schemes in place to offer solutions for businesses of all sizes, from start-ups to blue-chips.
We are committed to providing services and support which match the evolving – and in the case of the recent months, unpredictable – market.
What does innovative supplier finance look like?
In short, it’s the combination of market-leading FinTech solutions and a personalised service.
Shire’s offering acknowledges that not only has technology evolved, working environments have too, so we equip approved resellers and VARs with a portfolio of leading-edge tools to ensure we can provide the best solution.
The Shire Online proposal management system allows sales teams to quote, propose and complete the sale with e-signatory documents in minutes and manage deals on the go. Our automated credit decisions can take as little as six seconds from input.
This remote solution has enabled manufacturers, distributors and equipment resellers we support to keep doing deals throughout the pandemic. E-signatory means there is no need to visit the customer or rely on the postal system to complete the transaction.
The Supplier Support Portal can be used as an online management tool where you can check all aspects of a deal (general status / renewal dates / etc.), meaning you need never miss a sales opportunity. A single point of contact at Shire for all elements of the deal will ensure it is as frictionless as possible.
With the pandemic having put business connectivity and continuity firmly in the spotlight, now is the perfect time to open the dialogue on leasing with your customers. Tell them it’s not just the hardware and software areas of telephony that can be financed, but also wider areas such as data cabling and cloud telecoms projects, too.
Shire Leasing offers one complete managed solution – to find out more, contact us today.