Ensuring a Lucrative Summer for Your Seasonal Business
The warm weather is here and summer is starting. If you are operating a seasonal business, that means you are gearing up to maximize your revenue and increase foot traffic from customers. But before you open the doors to the oncoming rush, there are a few preparations you should make.
Keeping Your Seasonal Business Stocked
In order to serve as many customers as possible, your seasonal business should have a fully stocked inventory. The last thing a seasonal business needs is a drop in revenue because a particular item was out of stock. Seasonal business owners should also have plans and relationships with suppliers in case they need to order more items in a hurry. Keeping an accurate inventory during the summer rush is essential to maintaining high sales.
Increase Your Visibility
Seasonal businesses thrive on making the most sales during a short period of time. To help increase your customer traffic, invest a little time and money in marketing. Signage, well-placed ads, even a simple website can let people know where you are, what you offer, and your hours of operation. By increasing your visibility, your seasonal business will have better sales than those who expect to be found by people passing by.
Working Capital for Seasonal Businesses
Many seasonal businesses take out loans ahead of the summer rush. The downside of loans is that they impact credit ratings, place debt on the books, and seasonal business owners will spend the off-months repaying the balance. Traditional loans can take a big chunk out of your revenue even when the season is over and there are no more sales to be made. However, to get both funding and flexibility without placing debt on the books, seasonal business owners use merchant cash advances. A merchant cash advance is an infusion of working capital that doesn’t place debt on the balance sheet or impact credit ratings. Instead of scheduled monthly payments, a cash advance is repaid from a percentage of credit card sales. This gives seasonal businesses much more flexibility and doesn’t take a big chunk out of revenue each month. Merchant cash advances can be used for everything from inventory to advertising, and even hiring seasonal staff.
At Growth Lending Group, we provide working capital solutions to businesses of all types. If you run a seasonal business and want to maximize your revenue this summer, contact the experts at Growth Lending Group and talk to us about our merchant cash advance program.