As summer approaches, the COVID-19 vaccine rollout is sparking optimism for Canadian small businesses. According to Deloitte’s 2021 Economic Outlook Report, “the Canadian economy has proven more resilient than expected” and we can expect to see a surge in consumer spending as public health restrictions taper off over the next few months.
SMBs can look forward to this increase in consumer spending thanks to serious pent-up demand for social activities and an increase in savings for many as a result of the majority of Canadians staying home over the last year. Not to mention, this year has also given consumers renewed enthusiasm to support small businesses. How can your small business prepare? There are a number of ways small businesses can take advantage of financing to boost business right now:
1. Replenish your inventory
As consumer demand grows, now is the perfect time to re-evaluate your inventory. After all, you only have one chance to make the right impression on your first-time customers. If you run out of inventory for high demand products, they may turn to one of your competitors. A small business loan could help you replenish your stock to make sure you don’t miss out on potential sales. Plus, you may be able to take advantage of volume discounts from purchasing inventory in bulk.
2. Increase your staff
Your staff are one of the most important elements to running a successful business. You will need an efficient and productive team to operate and manage your growing operations. Extra funding can help you source wages or take on the extra personnel you need to run your business smoothly as things pick up.
3. Refresh your store and upgrade your equipment
Businesses need to make sure they are properly equipped to maintain service levels as demand grows. Utilizing business financing to upgrade equipment and refresh your store can help you service your new customers without compromising your product or service quality. Depending on your business, you may want to:
- Invest in the latest equipment to improve efficiency or expand your product selection.
- Renovate your store in order to refresh the space and better accommodate your growing staff and customer base.
- Revamp your online store to ensure you can handle increased traffic and improve your customer experience.
4. Revamp your marketing
Marketing and advertising initiatives are imperative in attracting new customers and to retaining your existing base. With customers eager to spend, there is no better time to invest in marketing. A small business loan could get you the funds you need to fuel your small business’ growth by:
- Refreshing your brand
- Investing in marketing tools (for example, software to help you create and execute a new marketing plan)
- Launching a new marketing campaign
- Creating or boosting online and social media ads
- Building or updating your website and social media pages
5. Expand your business
As you grow your business, the natural next steps to boosting revenue is generally expansion. Depending on your business this can mean a variety of things:
- Relocating to a better/bigger location
- Opening a new location
- Taking your business online
- Expanding product or service offerings
No matter the type of expansion, this likely entails a hefty investment. A well calculated and executed business financing plan could help propel your business to the next level.
Looking for additional funds to take advantage of upcoming opportunities? OnDeck Canada offers a variety of financing solutions specifically designed for small businesses. Fill out the risk-free application to find out how much you qualify for.