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4 Ways Businesses Can Make Most Out of Ugadi Festival
Ugadi is a Hindu Harvest festival celebrated in the South Indian states. According to a legend, on this day, Lord Bramha started creating the universe and months, weeks, and days to keep track of time. This auspicious occasion also offers a great opportunity for businesses to make the most of the festival. How? Read on to know!
Ugadi is primarily celebrated in the states of Andhra Pradesh, Telangana, Karnataka, and Maharashtra. It is the beginning of the new year, according to the Hindu lunisolar calendar. The festival signifies the start of spring and is celebrated with various rituals, prayers, feasts, and cultural events. On this day, people clean their houses, wear new clothes, decorate their houses with mango leaves, and prepare traditional dishes. The festival is also known as the symbol of renewal, new hope, prosperity and triumph of good over evil.
Businesses, small or big, are an important factor contributing to the Indian Economy. Harvest festivals like Ugadi are the perfect time for expanding businesses. It’s an old belief that expanding your business on this day brings good luck. Expanding your business during the festival season by introducing new products, restocking inventory, etc., increases the chances of getting noticed by customers.
As Ugadi signifies a new beginning, it is a good time to buy equipment and raw materials required for businesses to grow and maximise their profit. Buying raw materials to satisfy the dynamic needs of the customers or increased market demand during the festival season. The new equipment and raw materials can help the businesses to improve product quality, production time and capacity, and may also reduce the operational cost.
Connecting with new and existing customers during this harvest festival is important as it creates brand loyalty. Businesses can use this as an opportunity to hold customer engagement events, social media events, and send wishes, which can bring the business and customers closer. It is the time when businesses can launch their new products in the market and can expect a good response from the customers.
Ugadi is the best time for businesses to stock up the inventory to meet the high demand which is likely to come during the festival season. Businesses should start by identifying the needs and wants of the customers, such as decorative items, food products, traditional clothing and giftings. Once it is all decided, the next step is to source the inventory via existing or new suppliers. Ensure that the products are ordered in advance and well stocked for the festival.
Also Read - What is a Business Loan? Meaning, Types & How to Apply?
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Also Read - When is the Right Time to Take a Business Loan?
Ugadi is the beginning of the new year as well as the new opportunity for expanding the businesses to promote products and maximise profit. Expanding business with the help of a Business Loan from Poonawalla Fincorp could be helpful in various ways. Availing funds with a Business Loan for purchasing new equipment and raw materials, investing in the market, meeting the demand of the customers and more can boost business profitability. So, what’s the wait for? Apply now and make the best use of Business Loan.
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