It’s no secret that Winter can be quiet for construction businesses and workers. As construction finance specialists, it’s something we hear from our customers every year.
That said, it doesn’t have to be a bad thing. Every business needs downtime to work on other areas outside of the day-to-day requirements.
Here’s 6 ways you can make the most of the downtime if you work in construction…
Upgrade equipment with Construction Finance
The last thing you want when the seasons change, and business picks up is to find broken or inadequate equipment letting you down. Machinery can start to breakdown when it’s unused for too long, the cold weather can have an impact or things may be broken that you are unaware of or have forgotten.
Now is a good time to give everything a good check. Any machinery or equipment that is vital to your operations should be audited to check for any repairs or replacements needed in time for Spring.
If there’s anything you need to purchase, Asset Finance can provide solid funding solutions for construction purchases.
Check your permits and licence renewals
The construction industry can come with an array of required permits and licences. If anything needs renewing for your business or staff, you want to ensure this is all in order ahead of time so you can hit the ground running in the Spring.
We can even help to buy fund the cost of a licence renewal. Whether it’s a large expense or not, you may not want to start dipping into the cash flow pot so early in the year and instead opt for construction finance.
A business loan can be a great way to boost cash and ensure a solid start to the season.
Invest in leading technology with Construction Finance
New technology like AR devices and drones are taking the construction industry up a level. If you can embrace these advances, it will certainly help you to stand out amongst the competition.
If any of your back-office technology like computers, phones, software etc. are letting you down, now is a good time to upgrade these too. You’ll have time to iron out any teething problems before the real work begins.
Equipment Finance can offer a solid solution to funding any upgrades, without undue pressure on working capital.
Invest in your staff
Your workforce are a key part of standing out amongst the competition, too. Happy workers often translates to happy customers. Use the time to invest in your people and develop their skills, training and opportunities.
Talk to us about cash flow boosting solutions to fund staff development.
Acquire land or property with Construction Finance
If you need some land for building, the downtime offers an opportunity to go to viewings and see what’s available. Purchasing land now means it will be ready to go when things pick up and the weather dries out.
We can help with Commercial Mortgages, Bridging and Development Loans to bring your plans to life.
Save on your investments
It was announced in the Autumn Statement that the governments ‘Full Expensing’ scheme has been made permanent.
This means that you can deduct 100% of the value of any new construction or plant equipment purchases, saving on your tax bill. Everything from compactors, forklifts, pallet trucks, excavators and business vehicles qualify.
Find out more in our recent LinkedIn post
However you choose to use the Winter downtime, Moorgate Finance are here to support any funding solutions you may need. Established in 2014, we are used to working with the construction industry and providing tailored finance to suit each business.
Call us on 01908 92 62 62 or hit Apply Now to get started.