Sales slumps are part of the reality of running a small business, but they can still be tough to get through. Here’s how hummpro can help you cover costs when sales are down, so you can focus on the bigger picture.
If you experienced a sales dip during the COVID-19 outbreak, you’re not alone. In the first few months of the pandemic, some small businesses in Australia saw revenue plummet by up to 75% and those in New Zealand saw revenue drop by 34%.
And while there have been intermittent periods of growth over the past two years, many small businesses are still experiencing sales dips – whether due to the recent lockdowns, or simply seasonal fluctuations in demand.
When this happens, it can put pressure on your cashflow and make covering your daily operating costs — let alone what you need to rebuild your business — a challenge.
Unsurprisingly, this can take a toll on your mental health. According to the latest MYOB Business Monitor, 52% of small business owners in Australia reported feeling stressed, 45% said they had experienced anxiety, and 26% said they had experienced depression as a result of running their business over the last 12 months.
It’s a similar situation in New Zealand, where 7 out of 10 small business owners reported feeling stressed and anxious, nearly half said they were burnt out, and more than a quarter said they felt depressed.
Finding the right tools to cover your costs through a downturn is critical, so you can focus on the bigger picture.
How hummpro can help you get through a sales dip
As a BNPL app that is built for small businesses, hummpro makes it easy to pay for the things you need to run your business, from stock orders, to software fees, to insurance policies. You can use it anywhere Mastercard is accepted, but unlike a credit card, you don’t pay any interest.
Instead, all your transactions within the month are bundled into a single payment, which you have at least 30 days to repay. You can stay on top of your repayments in the hummpro app, and if you are facing a cashflow crunch, you can always hit Pause or Plan to gain some extra breathing room.
With hummpro, you’ve got a buffer between the business-critical purchases you need to make and the funds leaving your account, so you don’t need to worry about falling into the red before your sales have a chance to recover.
The next step to getting back on the right track is understanding why your sales are down in the first place, whether it’s COVID-19, seasonal fluctuations in demand, new competition, ineffective marketing, or a hiring mistake. This will enable you to take appropriate action to correct the problem.
Every small business goes through ups and downs. Make the downs a little easier with hummpro.