Budget Blues (or Reds)?By joanne | 26th March | Marketing Ideas, Marketing Training
It wasn’t the most exciting budget ever, but we thought we should look at the marketing implications of it and try to read between the lines for your business…
The main points were:
- A cut in business rates, which means smaller businesses may have a little bit more cash available to invest. This could provide opportunities for businesses who could help them reinvest that cash in future business growth.
- £94 billion in business loans from RBS and Lloyds; nearly half of which will be for smaller firms. It’s hoped this might finally give easier access to funding once again, particularly for small businesses. If your target customers have expansion plans, and you can assist in reinvestment for growth in order that they can pay back their loans, this measure could increase you target audience.
- £4bn in business support through ‘Finance for Growth’, which will streamline and improve government help for small businesses. It wouldn’t surprise me if this is linked with public sector cuts, with some levels of ‘middle management’ stripped out. This should hopefully make it easier for companies to know how and where to access advice and funding.
- An extra 15% of central government contracts would be awarded to SMEs (small to medium-sized enterprises). That could mean up to £15bn in new business across the public sector. If your business is interested in this sector, it would be worth ensuring you’re linked into services such as tendering notifications and taking advantage of tendering training available.
It seems that Labour, like the Conservatives, know that the key to economic growth lies in small businesses – the 80% of companies who employ a handful of people, but keep the economy ticking over. The parties all seem keen to offer support but, when that support is combined with the massive public sector cuts predicted, it’s likely to provide both opportunities and threats.
Our suggestion would be to get hold of some good advice to make sure you take advantage of the opportunities available in your industry. They will be there…