All nations of the world have certain religious and cultural festivals. However, India is an extremely diverse country that celebrates numerous festivals filled with cultural significance and fascinating histories. Harvest festivals are one such category of events that take place during a certain region’s primary harvest. Because of differences in climate and main crops, each of India’s 28 states celebrates its harvest festival at various times of the year. Bihu, Pongal, Makara Sankranti, Ugadi, Gudi Padwa, Lohri – the names and traditions vary, but the meaning is the same: to be thankful for a plentiful harvest. These festivals are not only the carriers of joy and unity in the communities but also a good time for small businesses since they signal demand growth.
Ugadi is one of those harvest festivals that marks the beginning of the new year in the states of Karnataka, Andhra Pradesh and Telangana. This period provides several opportunities for Micro, Small and Medium Enterprises (MSMEs) to grow and prosper. This year Ugadi Festival falls on March 22, 2023. Therefore, MSME entrepreneurs prepare for another festive season sale after the Holi festival. People consider this time auspicious for a fresh start. It can be starting a new business, making big purchases like appliances, furniture, and cars or buying gifts and items needed for the celebration. Industries across the board experience increased demand during this period. For instance, according to the Federation of Automobile Dealers Associations (FADA), the retail sales of vehicles in the country jumped 16% to around 1.8 million units in February. According to projections, the sales could go even higher in March due to multiple festivals, including Holi, Ugadi and Gudi Padwa.
Ugadi or Gudi Padwa is the first day of the Hindu New Year as per the lunisolar Hindu calendar. Ugadi festival is observed on the first day of the Hindu month of Chaitra and falls on different dates each year. It is an auspicious day and is celebrated with much fanfare and enthusiasm. People clean and decorate their homes with mango and neem leaves. For Gudi Padwa, people prepare a Gudi, an erect pole covered with a bright yellow cloth decorated with garlands, neem leaves, and inverted silver or copper vessel on the top. It is believed to bring good luck and prosperity. For both festivals, people dress up in new clothes and exchange good wishes with each other.
Delicious regional dishes are prepared and shared among friends and family. A special dish called 'Ugadi Pachadi' is also prepared, which is a mixture of six different flavours, including sweet, sour, salt, pungent, hot or spicy and bitter. It symbolises different kinds of emotions we experience in life, such as happiness, sadness, anger, disgust, fear and surprise. Ugadi festival is a great opportunity for MSMEs to make the most of sales opportunities and ensure their businesses succeed in the long run. This article discusses the five best strategies for MSMEs to make optimum profit from festive season sales.
MSMEs are important for the growth and development of the Indian economy and the Ugadi festival is the perfect time to start or expand a business venture. Many believe any venture started on this day will be successful and bring prosperity and good luck. Cultural connotation aside, a festive day or period is an excellent occasion to launch a venture or act on growth plans, as it presents an occasion to get noticed by clients and customers. Therefore, MSME owners can use this time to develop a business plan and identify their target market and customer base. They can introduce new products and services to the market and increase their sales, as customers are more likely to be in a buying mood during this time. MSMEs can also use this time to reach new markets and expand their reach.
Connecting with new and existing customers during the Ugadi festival is important for businesses as it helps create a personal connection with customers and helps to build brand loyalty. MSMEs can use this opportunity to reach out to their existing customers with festive wishes and inform them of any new products, services or promotions. Engaging customers on social media is also a great way to reach out to them on special occasions like Ugadi or Gudi Padwa. MSMEs can create campaigns that involve engaging content and visuals to help spark interest in their products and services. They can also use this time to launch special deals that customers can take advantage of, which will help them build stronger relationships. Special deals could include discounts on products and services, gift vouchers, or even freebies. By doing this, MSMEs can attract more customers and boost their sales during the festive season.
Ugadi festival is the perfect time to start afresh and buy new equipment or raw materials for MSMEs. It is the ideal time for MSMEs to invest in new technology, machinery, and materials to help them expand and diversify their operations. They could also buy new raw materials to meet their customers' changing needs or sudden demand increase due to the festive season. The purchase of new equipment and raw materials can allow MSMEs to increase their production capacity, improve their product quality and reduce operational costs. Purchasing updated machinery and raw materials can also help MSMEs stay competitive in the market. This can help them to increase their market share, attract more customers and generate more revenue.
Ugadi or Gudi Padwa is a great time for retailers to stock up on inventory to cater to the high demand likely to come during this festive period. The first step for retailers is identifying what items will likely be in demand during the festival. This could include festive foods, decorations, traditional clothing and gifts. Once the items have been identified, the next step is to source the necessary inventory. This could involve working with existing suppliers or looking for new ones. It is important to ensure that the quality of the products is high and that there is enough inventory to meet the expected demand. Retail MSMEs should also ensure that the store is well-stocked throughout the Ugadi festival period. This means that orders should be placed in advance and sufficient inventory maintained when customers arrive.
Ugadi festival is also an ideal time for MSMEs to reflect on the financial progress made during the previous year and plan for the coming year. This includes assessing the current assets, liabilities, income and expenses. Reviewing the investments and savings plan and looking at how they are performing is also essential. This is the time to review current financial goals and make adjustments to them. If they need more funding for fulfilling their business goals, they can apply for a Busines Loan to line up things for the new year. It is a great way to ensure that a company is ready to take on the upcoming year's challenges.
MSMEs seek different funding sources to grow their businesses, especially during the festive season. One such option is taking a business loan from non-banking financial companies (NBFCs). Business loans can help businesses purchase tools, equipment, or services that can help them improve their operations. This can help MSMEs increase their efficiency, reduce costs, and ultimately increase their profits. Business loans can also help businesses finance projects or investments, including investing in new technologies, expanding into new markets, or launching new products and services. Business Loans can also help businesses manage their cash flow during times of need. For example, during the festive season, businesses may experience increased expenses due to increased demand. A business loan can help businesses pay for these expenses and ensure that they remain cash-flow positive. Therefore, with the right financing, businesses can take advantage of new opportunities and increase their profits.
Ugadi or Gudi Padwa is a new beginning that brings new opportunities for MSMEs to promote their products and services. It is a great time to invest in their business. This could be in the form of investing in festive season stocks, new equipment, hiring new staff, or even investing in marketing. The main focus of the Ugadi festival is to celebrate the new year and this is a great time for entrepreneurs to launch new products, promote their existing products and services, and reach out to new customers. MSMEs can also provide special offers and discounts and participate in promotional activities. They can also use this time wisely to network, build relationships with other entrepreneurs, and create new partnerships and collaborations. Ugadi festival is also a great time for entrepreneurs to reflect on the past year and plan for the upcoming year. They can review successes and failures, make necessary changes, set goals, and plan strategies for the new year.
MSME Loans or Business loans can be a growth enabler for MSMEs seeking funding during this festive season. It can be a great source of finance for MSMEs who are looking to fund their expansion and growth plans. Business Loans can cover various costs, including purchasing new equipment, investing in new technology, hiring new staff, or launching new products and services. They can also help MSMEs to cover their working capital requirements, such as purchasing inventory and paying vendors. Kinara Capital provides Collateral-free Business Loans, and MSMEs can complete the application and approval process quickly. This is an excellent way for small businesses to access the funds they need easily.
Kinara Capital, a rapidly expanding fintech company in India, is dedicated to helping MSMEs grow their business. Kinara offers Unsecured Business Loans up to INR 30 lakhs, making it easy for MSME owners to access the financing they need. What's more, with their digital-first approach and myKinara App available in vernacular languages, Kinara Capital is making the process of getting a loan easier than ever before. It takes only 1-minute for MSME owners to evaluate their eligibility. If approved, the loan amount will be disbursed to the applicant’s bank account within 24-hours. Kinara also provides multilingual doorstep customer services for those who need assistance. Therefore, by providing equitable access to capital and the right support, Kinara is helping MSME entrepreneurs reach their full potential and creating a more prosperous future for them. Just give a missed call at 080-68264454 to talk to Kinara’s in-house customer support team and learn more about their collateral-free MSME Loans.
Unsecured Business Loans allow businesses to access capital to grow and expand. Unlike secured loans, these funds are not backed by collateral or require guarantees. Instead, lenders assess the business's creditworthiness based on its income, financial documents, and other relevant factors. Unsecured Business Loans offer numerous benefits to businesses, such as purchasing equipment, managing inventory, and expanding operations. With this type of loan, businesses can reach new heights and achieve their goals.
If you're a registered small business looking to avail an MSME Loan online, Kinara Capital makes it easy! Simply take the 1-minute eligibility test on the Kinara Capital website or myKinara App to quickly check if you qualify for a Business Loan. If you do, simply continue with the loan application and submit all the required documents. We'll take care of the rest - our verification process is fast and efficient, and your loan amount will be disbursed to your mentioned bank account within 24-hours!
Kinara Capital offers a fast and efficient service for MSMEs, from the initial application to digital disbursement within 24-hours, with the funds deposited directly into your bank account. But, if you prefer a more personal touch, our doorstep customer service is available, which may take an extra couple of days for the verification process. Whatever option you choose, Kinara Capital will get you the financial support you need quickly and conveniently.
If you need assistance with the loan application process, you don't have to worry about visiting any branches. Just get in touch with us and our field officer will come to your place of business to provide all the necessary information and support you need require. This way, you can save time and effort and receive the necessary assistance quickly and conveniently.
Our customers choose Kinara Capital for three compelling reasons. First, we offer fast loans with disbursement within 24-hours. Second, we do not require any property collateral, and third, our doorstep customer service is provided in vernacular language to ensure that all our customers can understand the process. Our MSME Loan process is quick and easy, and with just a few clicks [click here to get started], you can get your loan approved in no time. Furthermore, Kinara is an RBI Registered Non-Banking Financial Company (NBFC), ensuring a safe and secure process for all its applicants in compliance with RBI regulations.