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How to create a marketing plan for your small business - build a brand, target customers and set prices that will maximise sales.

The internet has transformed business marketing. No matter what you do, the internet is likely to be at the heart of your marketing strategy.

Social media is firmly established as a marketing tool. Having a presence opens up new lines of communication with existing and potential customers.

Good advertising puts the right marketing message in front of the right people at the right time, raising awareness of your business.

Customer care is at the heart of all successful companies. It can help you develop customer loyalty and improve relationships with your customers.

Sales bring in the money that enables your business to survive and grow. Your sales strategy will be driven by your sales objectives.

Market research exists to guide your business decisions by giving you insight into your market, competitors, products, marketing and your customers.

Exhibitions and events are valuable for businesses because they allow face-to-face communication and offer opportunities for networking.

Lay-offs in small businesses hit an all-time high

27 October 2020

The latest FSB Small Business Index has found that times are tougher than ever for small firms after two difficult years.

The survey of 1,500 UK small firms, conducted by the Federation of Small Businesses (FSB), finds that SME confidence has been in negative territory for nine consecutive quarters - since July 2018. It comes as small business revenue growth hits an all-time low and staff lay-offs hit an all-time high.

The Q3 SBI confidence figure stands at -32.6, down 28 points on last quarter. Only a third (34%) of those surveyed at the end of last month expect their performance to improve over the coming three months. The significant majority (66%) expect performance to worsen.

The findings also show that a record one in four (25%) small firms reduced headcounts last quarter. An even higher proportion (29%) expect to make redundancies over the coming three months; 12% say they expect to let at least a quarter of their staff go.

COVID-related disruption has caused revenue growth to fall to its lowest recorded ebb, with more than half (56%) of those surveyed reporting a drop. A similar share (50%) expect revenues to fall next quarter.

The FSB is warning that any potential economic recovery is stalling ahead of a difficult trading period in the run-up to Christmas and the end of the Brexit transition period. More than half of exporters polled say international sales have fallen over the past three months.

Although the FSB has welcomed the chancellor's improvements to the current business and job support schemes, it is now calling for new measures, including:

  • Support for those that have received no income support to date;
  • A reduction in the cost of hiring new staff;
  • Lessening the burden of business rates;
  • Providing more resources for those looking to start a business for the first time.

"We must not forget that small firms were already under the cosh thanks to political uncertainty, rising costs and creaking infrastructure well before the Spring," said Mike Cherry, FSB national chairman.

"The chancellor made some very welcome adjustments to support measures last week … However, too many are still without the help they need to weather current disruption - not least company directors, the newly self-employed, those without premises and those further down supply chains in the retail, leisure and hospitality sectors. An ambitious rescue package for these groups is urgently needed.

"If we want small business owners to create jobs, we have to bring down the costs of employment, starting with employer national insurance contributions. If we want them to invest, innovate and expand, we have to alleviate the strain of wider government-imposed overheads, including those stemming from an outdated business rates system which continues to stifle too many community businesses all over the country."

Written by Rachel Miller.

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