It is no secret that festival seasons directly translate to surges in business volumes. The public gets into a frenzy over the celebration, purchases, and gifting, which means a lot of fresh work for anyone with a business.
This results in a blanket growth of opportunities for all industries; right from travel and construction to hospitality and finance.
Industry health mirrors consumer excitement, which mirrors festive seasons.
The Financial Challenge
The grouped holidays of Halloween, Christmas and New Year make that three month period a constant hustle for all business owners. However, this hustle comes with a series of financial challenges that are characteristic of the end of the year (EOY).
Seasonal surges in workload temporarily increase the operating costs of businesses. This means that many have to liquidate their assets to maintain their purchasing power required for the day-to-day functioning of the business.
When liquidating isn’t an option, owners rely on small business loans that help keep their operations fit for production. Invoice-based businesses are among the most severely affected. Customary delays in payment are common everywhere, but for these businesses, the delays have a much greater impact during seasonal peaks.
Unpaid invoices are a leading factor for small and medium-sized businesses to opt for an EOY credit and keep things running. The EOY may be the right time for credit solutions because of the reliability of the festive business volumes. It doesn’t make sense to miss out on this exciting time, simply due to lean funding.
That being said, here’s how you can tap into the lucrative EOY opportunities and turn a profit; both monetary, and managerial:
The Construction Industry
Kick-off projects for the New Year on a strong note with EOY small business loan offers. You can use these funds for commencing projects, purchasing new equipment, and hiring new staff.
A decent Line of Credit offer can bolster your financial requirements —necessary for creating an inventory during the downtime, following the seasonal peak. From a managerial point of view, having credit is a secure way to pursue administration tasks and streamline operations for the new year ahead.
The Retail industry
The festive season for retailers means that staffing requirements are through the roof and that warehouses are in complete disarray over the frenzy of product movements.
An EOY loan offer can mean using this opportunity to maintain the necessary stock of products and keep a healthy warehouse to facilitate high consumer demand. Staying liquid helps you hire the necessary manpower (that usually falls trim due to overtime labour costs) and allows for more business to flow through you.
The financial security helps you restock for the new year with clarity over admin tasks after the festive season ends.
The Hospitality Industry
Service and hospitality business booms during the festive season, but only if you are able to meet (or, in some cases, over-deliver) on customer experiences.
Hospitality is all about customer experience, and those in the industry know exactly how expensive that can get. A constant stream of funding fuelled by EOY offers can be used to stay ‘trendy’ and ‘latest’, thereby become the desired ‘go-to’ choice for celebrations.
Businesses associated with the hospitality industry can use this EOY offer to further grow and expand operations to a more globalised level. This depends on the performance of your business during the seasonal peak, which means making the right upgrades to make your festive customers happy.
Using the Opportunity