Why Should You Offer Company Cars as a Start-Up Business?
January 26 2023 - Start-up businesses are the lifeblood of the modern markets, fuelling a cycle of industry disruption and innovation that furthers possibilities and incentivises competition in key UK sectors. Start-ups are the vanguard of a small business revolution, and one that has seen smaller enterprises come to account for over three fifths of all employment in the UK - and over half of the UK’s annual turnover.
Starting one’s own start-up is a difficult endeavour, though, owing to that same level of competition across industries. There are a great many external and internal factors to consider, and not much in the way of spare liquid capital to invest in either. With this in mind, investment in perks like company cars for staff may seem like a costly luxury. But doing so can in fact have numerous positive impacts on your business; why might you consider investing in a fleet of company cars for your staff?
One of the more direct impacts that investing in company cars for your staff can have on your business overall relates to image. This is particularly important where outreach and sales are core parts of your business strategy, as executive staff can travel under their own steam to meetings and events - ensuring timely arrival, and a sleek image in the process.
The latter point is best achieved through proper investment in ‘executive-level’ saloon vehicles synonymous with professional practice. As a start-up, money might be tighter than with a well-established business, but a small fleet of used Mercedes can make all the difference on a budget.
Staking your own claim to a corner or demographic is difficult, but building a business strong enough to weather the long term is even more difficult - requiring as it does a careful and considered approach to hiring talented staff. Indeed, it is harder than ever to retain valuable workers, as they trend towards better understanding their worth.
The 2021 ‘Great Resignation’ that happened on both sides of the Atlantic demonstrated well the power of the workers to vote with their feet, and has forced many businesses to re-focus their offerings in hopes of re-attracting high-value talent. A company car is a powerful perk in this regard, allowing employees to travel with greater ease.
While company cars are a cost to you as a business, there are tax-deductible elements that can lighten the load. Much more important, though, is the lightening of the financial load on your staff. The cost-of-living crisis is biting ever harder, and a company car would alleviate a lot of difficulties for staff on the lower end of the payscale. This enables you to retain staff for much longer, on account of solid perks and a level of trust build between you.