Summer 2024: What to expect and how to prepare your small business

Written By Christian Richard

1 May 2024
Advice
Business Financing
Marketing

Canadian small businesses are currently facing a mixed bag of opportunities and challenges as summer draws near. Despite a strong job market and population growth, consumers are struggling with issues such as high debt and rising mortgage rates, which are limiting their spending power.

However, there is hope on the horizon. The Bank of Canada is expected to start lowering interest rates in June, which could significantly boost consumer spending.

To prepare for the upcoming summer season, there are a few ways small businesses can take advantage of financing options to boost their business once consumer demand picks up again.

1. Replenish your inventory

Before consumer demand grows, now is the perfect time to re-evaluate your inventory. After all, you only have one shot 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. To avoid this scenario, consider getting a Business Line of Credit to cover the initial costs of replenishing your inventory, while still having funds left over to restock whenever you need to.

2. Expand your staff

Your staff are one of the most important elements to running a successful business. When things pick up, 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 continue running your business smoothly. Flex Funds are an ideal option to help you navigate the natural ups and downs of your business and prepare for the summer boom.

3. Upgrade your store and equipment

Businesses need to make sure they are properly equipped to maintain service levels as demand grows. Using 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 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. Revitalize your marketing

Marketing and advertising initiatives are imperative in attracting new customers and retaining your existing base. With customers eager to spend, there is no better time to invest in marketing. Financing could get you the funds you need to fuel your small business growth by:

  • 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. Explore business expansion

As you grow your business, the natural next step to boosting revenue is generally expansion. Depending on the nature of your business, expansion can take many forms:

  • Relocating to a more advantageous location
  • Taking your business online
  • Expanding product and service offerings

No matter the type of expansion, this likely requires a significant investment. That’s where a Business Term Loan can come in handy. A flexible short-term infusion of capital to help you reach that next milestone.

Interested in learning more about our financing options? With one simple application and three credit products to choose from, Journey Capital offers a variety of financing solutions to meet your unique needs. Click here to fill out our risk-free application to find out how much you qualify for. This process is entirely free, with no obligations attached.