We’re working with lots of clients (some old and some new), helping them to plan for their own bounce back. Getting their brand, marketing strategy and tactics right, and building marketing investment and ROI models to ensure they have the best possible chance of success.
And we’re taking a big dose of our own medicine too – investing in more of our own marketing to help us make the most of the opportunities and new trends that will undoubtedly arise. So, watch this space…
Similarly, I know of plenty of businesses that have also taken the loan to help ease their cashflow – a cheap extension to their overdraft. But are they missing a trick? I think they may be.
Many small and mid-sized companies have previously struggled to grow, because they have found it hard to grapple with personal guarantees, or see marketing as a drain on the cash they need to manage the business. And it’s well known that those companies that continue to invest in a downturn, are more likely to make greater gains in the medium to longer term.
Well, the clue is in the title… it’s not called a “bounce back loan” for nothing.
While taking the pressure off cashflow may be a good thing to do, it’s unlikely that approach will replace customers or business lost as a result of the COVID affair. If companies want to build again then they need to invest. And this loan could be the catalyst to do just that.
From a Really Helpful Marketing perspective, all we need to get started is the money now. We’ve been waiting for 5 days for someone to get back to us from Barclays Bank after they sorted out some initial admin! Luckily, we’re a well-managed business so we can take it from elsewhere, before it comes in.
So we’ll keep you updated. Oh, and if you’re looking to use the loan to grow your business, I’m pretty sure we can really, really help.