A company has lots to offer business owners. On the face of it, there are almost no pitfalls to investing in one, not when you get to showcase the success of your brand to the public and employees receive a top of the range perk.
However, you should step on the brakes before committing. As always, if something looks too good to be true, then it is, and a company vehicle is no different. Yes, it can be effective, yet you must tailor it to the business’s requirements. Here are four considerations that will help you do just that.
It’s tempting to get lost in the aesthetics of a car, but the way it looks doesn’t have much of an impact on your business. As long as it’s sleek and sophisticated, people won’t judge. However, your clients and customers will pass judgment if they have to wait while your representative is late. This happens when they have to fill up two or three times a day due to a gas-guzzling engine. Going electric could be the solution for several reasons. Firstly, they can go hundreds of miles on a single charge. Secondly, the juice is cheaper. Thirdly, it proves your brand is eco-friendly, and this is an appealing feature for consumers.
Employees (Part 1)
Don’t forget that your employees have to get on board for a company car to be classed as a perk. If none of them want it, it will sit in the lot collecting dust. Yes, lots of workers will accept the offer based on the concept alone, but you shouldn’t let this stop you from researching the demand in the office. Asking how people feel about driving a corporate vehicle should show you where they stand, which is essential insight if a fleet is for their benefit.
Employees (Part 2)
On the flip side, you can’t give the keys to anybody. Not only does this negate the concept of a perk, but it can result in damage. Some people are terrible drivers and can’t be trusted behind the wheel. Ask any personal injury lawyer and they’ll tell you about horror stories. Therefore, you have to know you can rely on people not to abuse your trust. This means ensuring there are team members who will reflect the company’s policies professionally and with dignity. Otherwise, a car might backfire royally.
Tax & Insurance
Tax and insurance are add-ons that you can’t ignore. Without both, the vehicle isn’t road legal, and no-one can drive it. So, you need to focus on which makes and models are affordable when you factor in tax and insurance. Usually, it’s better to go for a smaller vehicle as they give off fewer emissions and are pretty safe. Of course, it all depends on the business’s budget. One mistake you shouldn’t commit is to pay too much as you won’t see the money again. The expense could put you in financial difficulty.
Is a company car a suitable choice for your business? The only way to tell is to do thorough research.