Believe it or not, the 2022 holiday season is just around the corner.
As a small business owner, you may be so busy that you understandably have lost track of time. But it is also a good idea to start thinking about the holiday season sooner rather than later—specifically, now is the time to think about how you can most effectively use small business loans during this busy time of year.
As for how to do this, consider the following suggestions:
1. Bulk Up Your Inventory
One great way to use a small business loan during year-end is to increase your inventory. The last thing you want is to be unable to fulfill orders during the holiday season because you are out of supplies and products. Start by looking at the last couple of years and what sold incredibly well for guidance, and use the cash advance from the loan to bulk up your inventory.
2. Get Your Advertising Materials Ready
Another impactful way to spend your loan dollars is by deciding which advertising materials you want to use and ordering them now. This can include items such as banners, flyers, postcards that go out to new and potential customers, posters and more. If you want to wish your existing customer base a very happy holiday with a colorful postcard that includes a 15 percent off coupon, by all means, place your order. Don’t forget to buy the stamps required to mail them!
3. Hire Seasonal Help
Last year, you and your devoted team of employees put in plenty of long days to meet the amazing holiday rush. To help prevent your valued team from burning out this year, consider using your small business loan to hire seasonal help. You can get the word out with an old-fashioned but effective “Help Wanted” sign in your front window or advertise on social media and on local job boards. With more people on board working for your company, you may be able to handle an increase in orders and sales, which means 2022 will end with a proverbial bang and more profits than ever.
4. Spring for Some Holiday Decorations
A small business festively decorated for the holidays will attract passersbys and entice them to come in and look around. You don’t need to devote a large portion of a small business loan to decorations, but even a few strands of colorful lights in the front window and over the door, a Christmas tree and menorah inside the lobby, and perhaps some painted holiday greetings on the window will add some festive cheer.
5. Purchase New Computers and/or Software
The end of the year is also a great time to reflect upon what went well for your business, and what could be improved next year and beyond. If you routinely get frustrated with your old computers, your ancient inventory tracking software or your vendor payment system, it would make sense to use your small business loan for some upgrades. For instance, Asset Panda offers helpful asset management solutions. Not only will these various tasks be easier to complete, but they will also allow you to finish the year with better equipment, which will make the busy holiday season less stressful.
Secure Your Small Business Loan
Of course, you will need to get approved for small business financing to use a small business loan for these holiday-time projects. If you have not done so already, consider a direct lender such as Zinch, which provides fast, secure, flexible and convenient financing solutions, including loans for businesses with no credit.
Enjoy a Prepared and Profitable Holiday Season
As with many things in the small business ownership world, being proactive is typically a great approach. This is the case with the upcoming holiday season. By getting started on ways to use a small business loan to help your company, the end of 2022 should be a profitable time.