The annual festive season is right around the corner. And with the bundles of cheer and joy, the festive season is associated with a budget crisis for many businesses.
Holiday cards and gifts for clients, annual bonuses for employees, tips for service providers, organizing holiday parties — the list of extra spending during this time of year is lengthy. Additionally, if you are in the manufacturing or retail business, during the festive season you have to increase your inventory to meet customer demands.
If you are running low of funds this time of the year, help is on hand. Use this list of money saving tips to tackle the demands of the festive season with ease.
1. Set A Budget For Corporate Gifting — And Stick To It
Unlike what you believe, corporate gifting need not drain your finances, if you do it right. Start by setting a budget — a comfortable amount that you can spare from your operational expenses. Once you decide on a budget, you can avoid overspending.
Look for gifts that fit your budget. You may have to spend some time looking around. And, while choosing corporate gifts look for craft items, homemade items, and other speciality items. This is because by choosing small vendors you are likely to get high-quality, unique items at an affordable price.
2. Begin Festive Shopping For Your Business Early
If you leave your corporate gifting to the last minute, then you are likely to end up spending more and overshooting your budget. Nothing makes you blow your budget like last-minute panic.
To avoid this, draw up your list and start looking for deals early on, preferably a couple of months or at least a few weeks before the festivities begin.
3. Make The Most Use Of Your Reward Points
Do you have plenty of reward points accumulated on your various business credit cards? Then, this is the ideal time to make the most use of it. Try converting your multiple credit points into a single reward program and then redeem these points to pay for your corporate gifting shopping.
Also Read: Working Capital Loan: For Business Success During Festive Season
4. Consider E-cards
Do you send hundreds of cards to clients, partners, potential customers, and others during the festive season? Then, printing these cards and shipping them could easily cost you thousands of rupees. Have you considered switching to e-cards? After all, these aren’t just cheaper but are also eco-friendlier.
5. Look Out For Bulk Discounts
Very often, vendors offer huge discounts for corporate orders. For instance, if you are ordering cakes and sweets to distribute to your employees, some caterers offer extra discounts if you purchase beyond a specific quantity. And, other caterers offer you special discounts on their holiday hampers, if you also book them for your year-end office party catering.
So, shop around and choose the right vendors who offer you bulk discounts and save big on your year-end shopping.
6. Avail A Business Loan For The Big Ticket Items
The biggest expenses businesses face during the festive season are — employee bonuses and stocking up on inventory. Taking funds for these from regular operational expenses is not possible. Instead, of limiting your daily funds, avail a cheap business loan from digital lenders to meet these big-ticket expenses.
Digital lenders like Indifi offer business loans with several benefits like — lower interest rates, quick availability and more. So, check out the best digital lenders and take a small business loan to meet your expenses during this time of the year.
Apply For Working Capital Loan
Plan For The Next Year
Now, that you have finished all your year-end expenses, it’s time to focus on expenses for the next year. If your business sees an increase in sales during the festive season, then plan the best ways to reinvest the profits in your business, and take your company to the next level.