How Seasonal Businesses Can Begin Ramping Up For Summer
Businesses than can expect an increase in sales during the summer should begin preparing for the seasonal rush today. Read more to find out how.
While it may feel like consumer spending is finally slowing down after the rush of the holiday season, summer is right around the corner. For many businesses, especially those in peak tourist destinations, this means an increase in sales from locals and visitors alike.
Even though winter holidays are the undisputed spending mega-days, the National Retail Federation found that consumers plan to spend more on back to school and college shopping and summer holidays combined.
For restaurants, retail stores and seasonal shops that can expect more sales during the summer months, now is the time to begin preparing for the consumer rush.
Invest in new equipment
As business is beginning to ramp up, dedicate some time to take inventory of your assets and evaluate essential equipment that may need to be upgraded. If you're expecting a drastic increase in cash flow and sales, making sure your business equipment is operating properly before the influx can help keep your day-to-day functions running efficiently.
This may also be the time to consider upgrading your systems and appliances to meet customer demand. If you're hesitant to purchase new appliances outright, equipment leasing may be an appealing option. Either way, don't let a mechanical error or lack of inventory stop your business from making sales during peak season.
Manage vacation days
Restaurants and retailers may already be in the process of hiring more personnel to handle the summer rush, but they should also begin thinking about how they will manage vacation time. Be upfront with new hires about your expectations for the summer, and make sure to ask them about any planned vacations that may conflict with your busiest days (like Independence Day).
Seasonal businesses like ice cream shops can begin preparing to the summer rush today.
Make a plan for your cash receivables
As you prepare for an influx of revenue, you want to ensure you stay organized and on top of cash receivables. Forbes recommended having a plan in place for how to interact with customers consistently making late payments. While you may be more lenient with bigger clients, ensure you have boundaries and rules in place to help you cash flow in the long-run.
While you're thinking ahead, applying for a business line of credit can be a viable option for helping seasonal businesses handle their cash flow throughout the year. Utilize the credit now to purchase the equipment you need for the summer rush and pay it off with a low interest rate as your revenues increase.
Improve your retail space
The months leading up to summer are the perfect time to organize your retail space. If you make most of your sales online, consider optimizing and updating your website. For retail stores, change displays and layouts to appeal to a summer crowd. The same goes for the back-of-house. Organize your offices, kitchen and common spaces for a fresh start.
As your business prepares for summer, start rolling out creative marketing campaigns that match the seasonal vibe. From social media posts about the next summer sale to local advertisements about different offerings, begin drawing interest to your brand today.
To learn more about how your business can financially prepare for the summer months, contact your local Vectra Bank representative today.