Is your business all set to meet the Diwali rush? If not, it’s time to gear up. The festive season offers sales opportunities aplenty, and what is Diwali, if not one of the busiest times for Indian businesses.
With festivity in the air, customers are ready to spend. Leverage this surge in consumer demand with the help of a Diwali MSME loan.Here are the top 5 reasons to get an MSME business financing during Diwali.
Stocking additional inventory is essential for businesses during the Diwali season. You must stack up on surplus inventory to meet the sudden increase in customer sales. Inability to do so can result in missing critical customer orders.
Revisit your sales records from around Diwali of the past few years to understand what services or products were in high demand then. Tap into these demands and stock up accordingly for maximum sales. Here, with an MSME/SME loan, you can comfortably invest in additional inventory. Before applying, go through the business loan eligibility criteria and loan terms of multiple lenders to compare various deals.
Of course, merely stocking up on inventory won’t do the trick. By hiring extra help, you can keep up with the amped-up customer footfall during the festive season. The new staff can be tasked to handle the maintenance of festive inventory, festival marketing, delivery of a more personalised customer experience, etc. You can use an MSME loanto cover the hiring expenses.
Additional Read: Why Is MSME Loan the Perfect Finance for Small Business Owners?
Offer special festival offers and add new items to the stock list
To draw in the crowd, you can extend festive offers, discounts, cashback offers, etc., on in-demand products. Besides, by cutting down your prices temporarily, you can attract a larger customer base.
Make sure to add “limited edition” products to your item list as well. Understand the purchasing patterns around festivals from previous years to understand what will bring in more business. And use an MSME/SME loan to fund these expenses while cultivating a steady cash flow.
Capture customer attention
Increase your marketing efforts around the Diwali season to grab maximum customer attention. Invest in print ads, TV ads, Google ads, Instagram sponsored content, Facebook ads, etc., to increase your business’s reach. By marketing online, you’ll tap into a new audience for your brand. This will not only increase brand visibility but also boost sales.
With MSME finance, you can invest the necessary funds in powering your marketing efforts.
In India, it is customary to show appreciation to customers, employees, investors, and other business contacts by sending gifts, especially during festivals. Show your gratitude to them by sending out gifts.
Also, extend bonuses expenses to employees to build employee loyalty. An MSME loan during Diwali can easily cover these extra expenses.
Additional Read: Top 5 Challenges of MSME Loans
The festival of lights can bring immense prosperity to your business. If you are in the market for a business loan, Tata Capital has your back. With competitive interest rates and flexible repayment tenure, you can easily fuel all your festive season business needs. So, wait no more! Click here to connect with us now.