The challenge that many face right now is that their cash reserves are depleted after they were forced to shut down or scale back operations during the Level 4 and 5 lockdowns, for instance, liquor stores or shops that rely on tourists have seen even bigger disruptions to normal trade.
To take advantage of BlackFriday and the festive season, most retail businesses need access to working capital, Without it, they cannot purchase inventory, take advantage of bulk buys at discounted rates, invest in new service, merchandise or promotional displays or even product lines like a coffee shop in a retail store.
The terms and conditions for financing from traditional lenders involve a lot of red tape and the business opportunity can often be lost by the time a loan is eventually approved – if it is even approved at all. There are, however, some innovative ways that retailers can improve their profitability, access cash flow or business financing. Heilbron suggests three of them:Many retailers are looking to boost profits by introducing new products and services.
A recent survey from TransUnion found that 90 percent of small, micro and medium businesses are struggling because of the pandemic and nearly half are not sure they’ll survive. This festive season will be make-or-break for many retailers. Innovative financing solutions can help them take advantage of this vital promotional period to boost sales and profits over the Black Friday weekend and beyond.
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