Read the latest news about alternative business finance.
As a business owner, it’s important to have a plan in place to fund your cash flow and to make sure your business runs smoothly throughout the summer months. Summer can see certain industries boom as a result of people making plans to relax in the sun. That is if we are lucky enough to get it!
The restaurant and bar industry has the potential to thrive throughout the summer season, with the warmer temperature encouraging locals to socialise and to make the most of the weather. If you work within the hospitality industry you can take advantage of this influx in trade with some simple planning to make sure you’re prepared.
Hotels in the UK can also expect an increase in custom during the holiday season, especially in tourist hotspots. However, although this can have a positive impact on your hotel business, it’s even more important to plan your finances effectively during this time. If you own a bar or restaurant situated near to a busy hotel, introducing special offers and hosting events over the summer months can set you apart from your competition.
The summer season can have the opposite effect on some small businesses, who may experience a dip in custom due to school holidays and people jetting off on their annual holidays. It has been reported that SMEs are more likely to seek extra cash flow funding during the month of July. Invoices may take longer to be paid and you’ll need to pay more attention to your cash flow during this period to ensure your business runs smoothly.
It is essential to know your company’s business cycle throughout different seasons. This can be done by simply analysing your previous years’ sales, and by doing this you will be prepared for the highs and lows your business will inevitably experience.
If you think your business may benefit from cash flow funding to help you purchase additional stock, hire extra staff and boost your cash flow over the summer months, you can request a quote or get in touch with one of our friendly advisors on 0800 3777 402.