Chinese New Year 2021: Year of the Metal Ox
Chinese New Year or the Lunar New Year is the festival that celebrates the beginning of a new year on the traditional lunisolar Chinese calendar based on Wikipedia. This year, the celebration falls on a Friday (February 12, 2021).
This made us think about how the holiday affects businesses in the Philippines in terms of operations. Let’s find out:
Shortage of stocks
During the holiday period, most businesses experience a shortage in stocks as suppliers sometimes operate in a limited capacity. To accommodate more orders, you have to make sure that you have enough stocks by doing advance orders and shipping.
Delays in delivery
Similar to other businesses, logistics companies tend to operate in a limited capacity during the holiday period as well. To avoid delays in your operations, make sure that your deliverables are scheduled ahead of time.
Payments are suspended
If your suppliers are in China or Hong Kong (or in other countries with major Chinese influence), always keep in mind that payments to these countries during the holiday period are often suspended. To avoid late fees, it’s better to settle any payments before the Chinese New year.
As a business owner in the Philippines, you have to ensure that the effects of the Chinese New Year on your business are minimized. To do this, an open line of communication between you, your suppliers, industry partners and, clients should be in place and open to ensure business continuity.
Another aspect that you have to monitor during this season is your cash flow. To ensure you have enough cash to manage the day-to-day operations of your business, apply for a business loan ahead of time.
At Esquire Financing, we offer non-collateral business loans of up to Php 10,000,000 to help you grow your business. Our 3-step business loan application is fast and easy - allowing you to focus on other important aspects of your business. Start by going to esquirefin.co/loans today.