‘Tis the season to be funded and flourishing, not merely scraping by. The holidays can be exciting for businesses, but they can also be a slow season for others. While the restaurant and retail industries are booming, construction and manufacturing may experience a much slower period. And although some industries are benefiting from the holiday season, business owners may find themselves financially strapped due to the slower months leading up to this season.
Rather than having to apply for last-minute financing, plan ahead by digging into the previous year’s expenses and anticipate how seasonal business trends, including inflation, may impact your sales and revenue. Seeking out the right small business financing can help ensure that your company has the capital it needs to take full advantage of the year-end increase in consumer demand or lack thereof. Applying for business financing this holiday season can also help prepare you for the coming months by assisting you with the following;
Payroll and Holiday Bonuses
Busier, longer hours calls for seasonal workers – the precious gems to assist with burnout. Longer hours, late nights, and busy weekend schedules mean more employees. The rapid increase in the headcount can be tough on small businesses as you need to increase staff before you see any profits. Thankfully, the hardship is temporary and can be combated with short-term financing. The funds help to sustain the uptake along with assisting you in giving a little extra to your permanent staff members. After all, ‘tis the season for giving.
Inventory and New Technology
To make a success of this holiday season, you will need enough inventory and working technology that will see you through. With the rising prices, inventory costs have escalated from the previous holiday season and can have you stressing about ways to finance your equipment and inventory. That’s where short-term financing comes into play. Securing funding can help with the additional cost of the holiday season. Don’t wait until you run out of stock to purchase more. Short-term financing can help buy, repair, or upgrade your inventory and technology.
Hiring and Training
Prepare for the holiday season by using the funds to hire new employees, easing seasonal demand. You can also finance education and training costs for existing and new employees to help them improve their skills to ensure smooth services. By empowering your staff, you are improving their working environment and attitude toward your business, providing a higher retention rate, especially crucial during the busy seasons.
Use Small business financing to increase your marketing efforts to attract new customers and nurture old, loyal customers. Advertising can be incredibly costly for small businesses, but getting people through the doors is crucial. Ramping up your marketing activity, online and offline, is essential to increase business over the holiday season. Starting now, it will see you through the rest of the year. You may not possess the skillset to run your own promotions – that’s okay. Another option is hiring a small agency to assist with advertising purchases and running customer loyalty campaigns. Short-term financing will help cover those expenses while you wait for the profits to roll in. Marketing your business in this digital age is crucial; thus, it should not be a second thought to preparing for a successful holiday season.
The holidays can be slow for companies outside the retail, hospitality, and entertainment industries. Business owners may not anticipate making little income through the holiday season; however, it could be the case if operating in an industry that does not excel during these peak holiday seasons. Small business financing helps prepare your business for the slower months, covering day-to-day expenses and more.
Whether your business’s goal is to open a new location, invest in new equipment, bolster your working capital, or manage cash flow over the next few months, you will need a reliable source of funding. Small business funding from an alternative lender like ByzFunder can help support your business by providing capital for your immediate needs and setting you up for success in the future.
Unlike conventional bank loans, these funds are provided quickly, so no delays. The funding can cover a portion of total costs upfront, which can be applied toward any aspect of business’s needs.