Peak seasons are a thrilling yet challenging time for small and medium-sized enterprises (SMEs). The anticipation of increased sales and revenue is exciting, but it also comes with the daunting task of preparing to meet increased demands.
Take, for example, flower shops gearing up for Mother's Day, Valentine's Day, and All Saints’ Day in the Philippines. While they can expect a rush of customers on these particular days, they also need to increase their stock and probably hire additional florists temporarily. Meanwhile, hotels and resorts brace for the influx of guests during the summer season. To maximize their profits, they need to hire additional staff and develop dynamic pricing strategies for their rooms.
For SME owners, pulling off record sales numbers during these peak seasons requires more than just luck—it demands meticulous planning and thoughtful execution. To ensure your small business thrives during such seasons, consider these essential tips for getting ready for the busiest times of the year:
1. Analyze Your Past Performance and Forecast Upcoming Demand
Before pulling the trigger on ordering additional stocks and hiring temporary workers, you need to plan your move strategically. This involves analyzing past performance and forecasting future demand. For instance, you can analyze last year’s peak sales data. From there, you can assume your next peak season would at least be of the same level if not better. Additionally, consider factors such as cash flow, budget allocation, and operational capacity to ensure that your preparations align with your business goals and resources.
By taking a proactive and strategic approach to preparation, you can maximize the effectiveness of your actions and set your business up for success during peak seasons.
2. Secure Additional Working Capital
Preparing for peak seasons often requires additional working capital to support increased expenses such as inventory purchases, marketing campaigns, and temporary staffing. You can explore various funding options for small businesses such as Maya Flexi Loans. Designed to support small businesses, this business loan product provides a credit line of up to PHP 2 million in 3 months.
To avail yourself of this business banking loan, you need to sign up for Maya Business account and be an active Maya Business solutions user. With these solutions, you can secure funding to fully take advantage of peak seasons’ high demand.
3. Upgrade Your Customer Experience
Before the start of your high season, take the time to upgrade your e-commerce website, physical store, and payment solutions. All of these elements contribute to the image and success of your business, so invest time and resources to improve these parts of your business.
In terms of your e-commerce website, make sure that it can accommodate the influx of shoppers who will visit your online store. Next, consider adopting the Maya Checkout payment gateway to facilitate a smoother checkout experience for your online customers.
For your physical store, you can renovate the interiors and put up better indoor and outdoor signage to attract passersby and to guide shoppers toward the right parts of your store. You can also upgrade your POS by adding Maya Business Terminal devices at the cashier counters. This terminal device accepts all cashless transactions, from traditional debit and credit cards to digital wallets and QR code payments.
4. Optimize Your Inventory
Effective inventory management is critical for small businesses preparing for peak seasons. As such, take stock of your inventory and identify popular items that are likely to sell well during peak periods. For this, you can use historical data to predict the various products that will be in high demand during the peak season.
Bakeshop franchisees, for example, need to look at their past Mother’s Day sales to determine the kind of cakes that sell well. How many chocolate cakes were sold last year versus caramel cakes? Which cakes should you make more, the heart-shaped ones or the regularly shaped ones?
By optimizing your inventory, you can ensure that you have the right products available when customers need them most.
5. Launch Marketing Campaigns Early
Start building anticipation for your business's offerings well in advance of the peak season by launching marketing campaigns early. You can create compelling messaging that highlights the benefits of your products or services and encourage early purchases. For instance, you can hype up new menu items in your restaurant that are specifically created for the summer season. Post about it on your social media profiles to get people excited.
Remember that you can maximize your business's visibility and attract customers simply by generating buzz early on.
Maximize Profits During Peak Season with the Help of Maya Business Solutions
Sign up for Maya Business to get the funds you need to achieve record sales during your business’s peak seasons.
Registering a Maya Business account allows you to open a Maya Business Deposit account and use it as your settlement account. With an industry-leading 2.5% per annum interest rate, you’ll earn PHP 25,000 in interest per year on a PHP 1 million deposit. What’s more, you’ll be able to send money to your partners and suppliers for free via InstaPay and PESONet, which results in more savings down the line.
Best of all, signing up qualifies you for the no-collateral Maya Flexi Loan offer of up to PHP 2 million in just 3 months. This is essential funding to support your peak season needs like additional inventory and staffing. Just use Maya Business as your primary processor for all wallet and card payments. The more you use our solutions, the better the loan offer will be.
Sign up for Maya Business today to boost your business’s growth, especially during peak seasons.
