As per a recent report, women entrepreneurs make about 14% of the 58.5 million entrepreneurs in the country, employing 13.45 million people.
Thanks to many lenders offering a personalized business loan for women, this percentage will increase, easing the means to do business. To make things even better, the festive season is now in full swing, ripe with opportunities. It is the best time to increase your customer base, grow your revenue, and expand to new markets.
However, irrespective of your plans, navigating the festive season can be challenging. With increased demand, businesses often need to account for expanded inventory, workforce, and longer work hours. Financing such undertakings can exert pressure on business reserves and working capital, making cash flow management difficult. The good news is that this seasonal and temporary fluctuation can be remedied by executing a well-thought-out business plan. To help with that, here are seven business finance tips to prepare for the festive season.
Review your past and future finances to forecast your cash flow requirements Go over your account books, looking at your past festive season spends, profits, and operational costs. Study your business’ performance during the peak season to ensure that you correctly estimate your cash flow. Under or overestimating cashflow requirements can stress your finances, cause fund shortages, or result in inadequate working capital management. Setting a realistic forecast, knowing your expenses and income can help you earmark buffer funds you can access during the festive season for any emergency expense.
Check your inventory, ensuring that you eliminate damaged goods and reorder necessary inventory With the festive season already underway, you must have conducted an inventory review to ensure that you are well stocked. There’s no way around this, as most purchases during the festive season are time-sensitive. A shortage can result in missing out on numerous critical customer orders and subsequent losses. Therefore, you need to ensure that you have enough supplies to handle demand goods. Go over the sales of every product in your inventory to identify the best-selling one and stock a surplus if needed.
Start hiring early to ensure that you are not understaffed during the festive season It is no surprise that you require seasonal help every year during the festive rush.
However, it is better to hire these seasonal employees in advance to get the best talent in the market. Also, with early hiring, you can provide comprehensive training, assuring you face no performance problems during the festive season.
Pump money into your marketing strategy to draw attention to your products or services To outshine your competition, you’ll have to increase your marketing efforts during the festive season. This will help your products and services stand out in the already noisy and cluttered festival market. Invest in social media and web marketing through sponsored posts, content marketing, and targeted ad campaigns. Festive season marketing not only boosts your brand’s image but also sheds light on your product and services.
Jump on the e-commerce bandwagon, leveraging its reach to increase your customer base E-commerce websites have been every shopper’s and businesses’ ally during the pandemic. However, even after offline markets are steadily picking up, people still prefer shopping online because of its ease and convenience. These websites allow businesses across the country to sell across the country. You can leverage these e-commerce platforms’ digital tools, gaining insight into products’ performance. Using data provided by these websites, you can predict customer behaviour, spot when they shop
the most, what they prefer, and when your product is in high demand.
Budget for gifting, ensuring that you can reward your loyal customers and vendors You need to earn trust to ensure that you maintain a loyal customer base while reaching out to potential ones. One of the best ways to do so is by appreciating them for their unwavering support. The same courtesy should be extended to your vendors and suppliers. Building relationships is a worthwhile investment, and it pays dividends, so be sure to have it be part of your marketing plans.
Opt for additional financing over dipping into your savings or working capital As and when your business requires heavy financing this festive season, opt for a business loan. This ensures that you have unrestricted access to surplus funds that you can use to finance any expense on the fly. It will help keep your working capital intact without disrupting your cash flow. A Bajaj Finserv Business Loan EMI Calculator can help you find the best terms for such financing tools and ensure that your profits stay unaffected.
Opt for a Bajaj Finserv Business Loan for Women to enjoy the best financing perks and benefit from a favourable partnership. This tool can address all temporary needs for surplus capital. With this loan, you can avail of funding up to Rs. 45 lakh without needing to pledge collateral. It has digital loan provisions, instant approval, and same-day disbursal. These features make it an option you can rely on, even in situations that
require urgent funds.
Bajaj Finserv also allows you to opt for a flexible tenor, which can help you keep costs in check all through the season. To enjoy these benefits on loan for women, and much more, check your pre-approved offer today.