How to maximise your Bounce Back Loan

Many businesses have made use of the government’s Bounce Back Loan Scheme. However, the next challenge is to use it sensibly. It is very easy to spend the money plugging holes in your business or even on things you don’t remember. Instead, what you should be looking to do is to spend the loan on activities or products that will make more money for your business than you borrowed. So, here are some ideas of how to maximise your bounce back loan.

1. Be super connected

Now more than ever, good WiFi and internet connection are so valuable to both your staff and to your business. Check that your office has the best cabling it can with no black spots and ensure your staff are set up to work from home effectively.

Being flexible with work will help your business if we all have to work from home again in the future. It also might help you attract a different type of staff member.

2. Get a good CRM system

If you haven’t already invested in a CRM (Customer Relationship Management) system, now is the time to do so. Automation really is key to optimising your sales and marketing process. Set up properly, it will free up your time, keep you connected and help you track every customer’s sales journey.

There are many CRM solutions on the market so research which ones will suit your product or service. Whichever one you choose, it will be a good investment for your business.

3. Create new products and services

Businesses with online shops or who deliver digital products have been better able to withstand the current climate than the ones who don’t. It is important to remember this crisis is not an isolated incident. There could be a second wave of the virus, we could have another bad winter or localised flooding in areas that prevent staff from getting to work.

You need to think how your business could adapt and overcome situations like these, both now and in the future, and look to invest in developing digital products, such as online training courses or services.

4. Continue marketing

This is really important, especially in difficult times. Now is not the time to be quiet. You need to remind people that you are there and you have to tell them what you do (as it might have changed!).

Google Ads, Facebook and LinkedIn campaigns can all bring in leads on a regular basis and are great ways to spend your loan. Advertising costs themselves have gone down as people are advertising less. Therefore, traditional publishing such as digital and printed business magazines are an effective way to help boost your visibility in your community. You will also get more for your money at this time. 

Don’t forget that a key element of advertising is having an effective nurture and follow-up campaign. This is where your efficient CRM system comes into play as it can deliver content automatically until any leads are warmed up enough to pitch a sale to. 

5. Keep an emergency fund

Lots of businesses are in trouble because they were not financially prepared to withstand a couple of months with less income. This has sadly resulted in redundancies or companies folding completely.

However, by using your loan to help grow your business and increase revenue in the ways suggested above, you will be able to set aside cash into an emergency fund and help your business withstand leaner months in the future. Planning is vital to business continuity and having money set aside for emergencies is key.

6. Outsource

Liberate yourself from menial distractions and tasks and outsource administration to a Virtual Assistant or delegate more efficiently to current staff members.

It might be you need to utilise freelancers for sales, marketing or copywriting, especially if this is not an area you are proficient in.

Either way, outsourcing means you can use your time more effectively in the areas you are better skilled, such as product and business development, project management or client engagement.

7. Get a business coach

Sometimes, there can be so much to do, you don’t know where to start. This can be quite daunting if you have a team who expect you to have all the answers. A business coach could be the solution in this situation as they will help you filter out the noise and give you clarity, keep you focused and hold you accountable.

If you do just one thing with your loan, I highly recommend you do this. It is so easy for your money to disappear but if you invest it in the right areas, you can come out of this thriving. A successful business owner can easily triple what they borrow if they invest it with an effective strategy in place.

This is where I can help.