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Improve your business productivity and success with a vehicle fleet

Interested in adding one or more vehicles to your small or medium enterprise? Need to make deliveries or get out onto the road and make those all-important sales? You need to carefully consider the options that are out there.

If you decide to go ahead with securing a vehicle or two through your business, look for the vehicle and finance solution that suits you best. It's a costly business, so take the time to thoroughly research and evaluate your options. 

Improve your business productivity and success with a vehicle fleet

You’ll need to think about how the vehicle(s) will be used and if it can be successfully integrated into your small business. If not, then it would be much more effective to keep a vehicle purely for personal use only, so don’t be tempted to splash out and treat yourself when you don’t have the funds in place or suitable needs to transport products or services.

Have a think about:

  • What tasks would the vehicle(s) be used for?
  • How much will it cost the business?
  • How many vehicles?
  • The vehicle type(s)

As daunting as this decision is, the right vehicle can tap unsourced potential for small businesses. They are usually one of the biggest costs for the entire year, but if you’re small business has grown or you’ve seen good cash flow recently, look at the addition of a single vehicle or a fleet as a wise investment.

In order to make the most of your vehicle, you should also consider:

  • Residual risk – vehicle ownership means you take the risk on the future value of a depreciating asset. Can you be sure what the vehicle will be worth in the future? If you have borrowed to fund the purchase, will the sale proceeds be enough to clear any outstanding finance?  
  • Reliability and image – operating used vehicles, or keeping them for a long period of time may seem like the ‘cheapest’ option, but is it? Keeping older vehicles roadworthy can be a costly exercise and does it promote the right image for your business? 
  • Administration – buying and selling, sourcing insurance, arranging servicing/repairs (and paying the subsequent bills!), road fund license and breakdown cover. Arranging all of this takes time and money. Is there another way? 
  • Popular benefit –  offering a company car as part of a package can help Attract staff and give your small business that professional edge.

In addition, an effective vehicle management strategy you can keep track of employees. Monitoring the cars with GPS and internet enabled devices allows you to evaluate the driver in terms of safety, appropriate use, fuel consumption and provides a contingency plan if the vehicle is stolen.