What are you doing to prepare for the Diwali rush? You'll find this to be one of the busiest times of the year, whether your business is seasonal or year-round. During the festive season, business owners can experience joy and happiness, but also stress, particularly those who have tight working capital.
Any business relies on working capital to survive
To manage your day-to-day operations and other transactions, you will require working capital. Working capital covers the business's regular expenses such as payroll, rent, inventory, logistics, and everything else.
Take full advantage of the festive season
The holiday season is a significant time of year for businesses, including retail, wholesale, e-commerce, service, and hospitality. India's Dussehra, Puja, and Diwali seasons are when people shop the most, rather than the year-end holidays.
The increased consumer demands in the upcoming weeks require you to increase working capital. In the event, you cannot meet your day-to-day expenses, or if your working capital reserves are insufficient for increased demand, you can consider taking out a small business loan or credit line from a digital lender, such as Indifi, to help you handle the festive season efficiently.
Here are five smart ways to boost your business during the Festive season
1. Hire additional staff or increase your workforce
To meet the demands of the festive season, you need to provide your customers with exceptional customer service. Some businesses may require additional staff during this season to handle various tasks like — maintaining and updating festive inventory, providing customers with one-on-one, personalized customer service, handling festival marketing and promotions, and more. We may hire a permanent or contractual workforce to meet this requirement
2. Pay Bonus and overtime expenses & win employee loyalty
During the festive season, your business will have to work extra hours to meet increased customer demands. This means, your staff might have to work overtime, which might increase the overall pay. Additionally, labor act rules in India state that employees have to be paid extra when they work overtime.
Also, in India, it’s a practice for businesses to provide employees with bonuses during the festive season. This generally includes a whole month’s pay, which means your payroll essentially doubles during this season.
A working capital loan can help you cover the extra pay and bonus expenditures easily, without straining your current cash flow.
3. Purchase more stock to meet your customers demands effortlessly
For businesses to meet the increased customer sales during the holiday season, they must purchase additional inventory. There is no way around this. Investing in inventory before the festive season can prevent you from missing critical customer orders, damaging your reputation and sales.
You may not have enough working capital for additional inventory as a small business. Small business loans or lines of credit can be extremely beneficial in situations like these.
4. Increase your festival marketing Campaigns & enhance brand visibility
In the highly crowded festive marketplace, you need to increase your marketing efforts if you want to stand out. There is a cost associated with every marketing campaign - whether it is traditional print ads, TV ads, or online marketing methods like Google Ads, Facebook ads, or Instagram sponsored posts.
You can increase your sales and brand visibility during the festival season by running marketing campaigns.
5. Achieving customer trust share your appreciation
Businesses in India give their customers, clients, partners, investors, and employees during Diwali as a way of showing gratitude. Gifts are an excellent way to express your appreciation and love for all your business contacts. Getting it done in style requires some extra capital.
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