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Homework for Business

While you are staying home and staying safe, we invite you to take the opportunity to do some homework for your business.

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Staying home and staying safe...

As a result of COVID-19, many of us have now been working from home and in some cases doing lots of home work with our children. 

If you are a business owner, now may be the perfect time for you to do some additional homework, specifically for your business, and learn how our Leasing product could help you manage your fleet.

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...but continuing to think ahead.

We are now operating in an increasingly volatile business and economic environment, where priorities for businesses may have changed in the immediate term.

Here we discuss some of these key areas to be navigated by businesses as a result of the COVID-19 event and offer some potential solutions that can help organisations reduce captial investment requirements and increase operational efficiencies.

The Immediate Focus: Preserving Cash Flow in your Business

Supply chain impacts as a result of the COVID-19 event have led to a scenario where cash flow has become disrupted for many organisations. Business with low cash reserves may be particularly vunerable in the current climate, however even businesses that appear to be in a strong financial position are not immune and  the need to be prudent is evident, as it still unclear how long the current conditions will last for, and how long it will take for supply chains to return to a normal state.

In the section below you will find some ideas and actions, advised by Deloitte, that businesses can take to ensure cash-flows are preserved, along with some suggestions about how Volkswagen Financial Services Ireland can assist.

Deloitte Report: "In these circumstances, don’t assume the financing options you previously had available to you will continue to be available. Undertake scenario planning to better understand how much cash you’ll need and for how long. Use this opportunity to actively engage with your financing partners to ensure your available lines of credit remain available, and to explore new or additional options should you require them."

Volkswagen Financial Services Ireland remains open for business. We can offer our Leasing, HP and PCP product as the a solution to help assist with cash-flow management when it come to your business vehicles - whether you have a fleet of 1 or 100 vehicles we can help.

Deloitte Report: "With cash flow forecasts in mind, consider what’s really necessary for the near term. What capital investments can be postponed until the situation improves? What capital investments should be reconsidered? What capital investments are required to position for the rebound and for creating competitive advantage?"

With our financial products, you don't need any capital investment up-front to acquire new vehicles to support your business. Pay the equivalent of one monthly payment upfront and you good to go, allowing you to keep your capital in your business.

Deloitte Report: "Companies tend to get lax about receivables when the economy is booming, interest rates are relatively low, and cash flow is not a concern. But, as supply chains are affected and managing cash flow becomes more important, it’s worth taking a hard look at how your receivables are being managed. In the point above, we mention the strategy of delaying payments to your suppliers; don’t be surprised if your customers are thinking about doing the same thing to you. That’s why it’s important to improve the rigour of your collection processes. Focus on customer-specific payment performance and identify companies that may be changing their payment practices. Also, get the basics right, such as timely and accurate invoicing. Any errors in your billing process can lead to costly delays in receiving payment."

Deloitte Report: "One way to preserve working capital is to take longer to pay your suppliers. Some companies may unilaterally decide to delay their payments and force the extension on their suppliers, especially when stuck with inventory they can’t deliver into impacted margins. Of course, such an approach is likely to damage your supply relationships. Even worse, it might deprive supply chain partners of the cash they need to maintain their operations, which could lead to late deliveries and quality problems, never mind the added strain to supply relationships. We recommend working with suppliers to establish an agreement that both of you can live with. There might even be situations where you need to accelerate payables for a critical supplier that is on the brink of failure in order to preserve the integrity of your supply chain and prevent a critical disruption."

When we say we are here to support you business we mean it. We have already done so for many of our existing customers by installing payment holidays to protect cash-flows during this crisis.  If you need a flexible solution to help you manage your fleet, we can offer that. And if you want to enter into a Leasing contract with an initial payment break we can facilitate this for you aswell.

Deloitte Report: Revisit your variable costs. Reducing your variable costs is often a quicker way to immediately reduce your cash outflows than focusing on your fixed costs.

With our product and services you are able to ensure that running your fleet and managing additional requirements such as service and maintenance is based on a fixed monthly cost for your business, allowing you to avoid any surprises.

Learn more about how our products can benefit your business

As the key finance and leasing provider for the Volkswagen Group, our products can make some of the best vehicles available in market accessible for your business fleet.

Whether you have a fleet of 1 or 100 vehicles we can provide you with a solution that can be tailored for your business.

The UniQue Benefits of Leasing?
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Low cost HP Finance?

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