Prepared for Summer Tourists | SBA
RI Small Businesses Should Be Prepared for Summer Tourists by Mark S. Hayward
0U [OL < : [YH]LS HUK [V\YPZT PUK\Z[Y` NLULYH[LK [YPSSPVU MYVT KVTLZ[PJ HUK PU[LYUH[PVUHS [YH]LS HUK Z\WWVY[LK TPSSPVU QVIZ HJJVYKPUN [V [OL +LWHY[TLU[ VM *VTTLYJL 0U *VTTLYJL WYVQLJ[Z TPSSPVU MVYLPNU [YH]LSLYZ ^PSS ]PZP[ [OL <UP[LK States. With the summer months ahead of us, small businesses in Rhode Island should be prepared to capitalize on the expected increase in travel and tourism. Last month, the Obama Administration announced its National Travel and Tourism Strategy, a set of policies, actions and recommendations proposed by the Task Force on Travel and Competitiveness, to promote domestic and international travel throughout the United :[H[LZ ;OL NVHS PZ [V H[[YHJ[ TPSSPVU PU[LYUH[PVUHS ]PZP[VYZ HUU\HSS` who would spend an estimated $250 billion each year by the end of ;OPZ JV\SK OLSW [OL PUK\Z[Y` HKK HU LZ[PTH[LK TPSSPVU [V TPSSPVU QVIZ ILULĂ&#x201E;[PUN V\Y ZTHSS I\ZPULZZ V^ULYZ HUK OLSWPUN [V JYLH[L an economy built to last. As a member of the Task Force, the U.S. Small Business Administration wants to ensure small businesses in Rhode Island have the tools and resources they need to start planning a successful summer and tourist season today. For example, hire seasonal workers. If your business counts on the summer season or tourist trade, then start planning your seasonal workforce now. If youâ&#x20AC;&#x2122;re new to this process or have questions about hiring and compensating seasonal workers (for example, do you need [V WH` \ULTWSV`TLU[ [H_LZ MVY ZLHZVUHS ^VYRLYZ& `V\ JHU ]PZP[ www.sba.gov for tips on hiring and working with seasonal workers. ;OL :)( JHU OLSW Ă&#x201E;UHUJL `V\Y ZLHZVUHS ^VYRPUN JHWP[HS ULLKZ 0M you need help meeting your short-term and cyclical working capital needs, such as building inventory for the season or paying workers, then you might want to consider a short-term loan or line of credit such as SBAâ&#x20AC;&#x2122;s CAPLines Program, which provides advances against anticipated inventory and accounts receivable to help businesses with ZLHZVUHS ZHSLZ Ă&#x2026;\J[\H[PVUZ ;OL WYVNYHT ^HZ YLJLU[S` Z[YLHTSPULK [V THRL P[ LHZPLY MVY ZTHSS I\ZPULZZ V^ULYZ [V NL[ Ă&#x201E;UHUJPUN L]LU PM JVSSH[LYHS PZ [PNO[ 3HZ[ `LHY [OL :)( HWWYV]LK Q\Z[ \UKLY SVHUZ worth $2.2 billion to travel and tourism-related small businesses. We also recommend that you develop a marketing strategy now to encourage past customers â&#x20AC;&#x201C; travelers and tourists alike â&#x20AC;&#x201C; to come back your business. There are several other things you can do as well: get involved in local events/festivals, plan your own event, take your business to vacationers and day trippers or lineup summer giveaways.
Mark S. Hayward District Director U.S. Small Business Administration
This summer letâ&#x20AC;&#x2122;s make sure you and your fellow small business owners are prepared to support our growing travel and tourism industry. Itâ&#x20AC;&#x2122;s a win-win for small businesses.
www.risbj.com | ]VS\TL VUL PZZ\L Ă&#x201E;]L
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