Monthly Archives: September 2020

5 ways to market your small business during COVID-19

Originally written by Mark Dunn on Small Business
Since the COVID-19 pandemic hit at the beginning of this year, the global market has tightened its belts and tried valiantly to stay afloat in an economy hit hard by the global lockdowns. A natural reaction when the bottom line of your sales ledger is in the red is to panic; our in-built fight or flight reaction kicks in and prevents us from thinking clearly – especially when it comes to how to market your small business.
Inevitably, this leads to short-sighted decisions that hinder long-term success when the pandemic is over, if you’re unable to operate as normal right now, there are things you can do to help set yourself up for success in the long run.
>See also: Small business marketing 101, all the latest tips in 2020
#1 – Start selling online
Firstly, if you’re a business with products to sell that don’t require real world interaction think about adapting your business model to an e-commerce platform, either by using something similar to Shopify, a shoppable landing page or a selling site such as Etsy.
If you don’t currently have a website, start by setting up a quick free site (Wix offer templates that are

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Banks ‘will be pushed’ into closing down SMEs unable to repay Covid debt

Originally written by Timothy Adler on Small Business
Banks will be pushed into foreclosing on small businesses unable to repay Covid debt, a City insider has warned.
This is because foreclosing on SMEs unable to repay emergency coronavirus loans will be the only way banks can trigger the government’s guarantee to repay bad Covid debt. Banks would have to prove a loss before they can claim on the guarantee.
The government’s lending schemes have provided nearly £53bn to some 1.2m companies, including £35.5bn worth of bounce back loans — which include a 100 per cent guarantee for small business loans – and £13.7bn through the coronavirus business interruption loan scheme (CBILS).
The Office for Budget Responsibility has warned that in a worst-case scenario, £35bn of the Covid debt will never be repaid. The banks themselves believe that up to half of bounce back loans alone will never be repaid.
A Business Banking Resolution Service survey in May discovered that nearly half of small businesses that have taken out government emergency coronavirus loans do not intend to repay them.
The Treasury has turned a deaf ear to a City of London push for it to set up a bad COVID-19 debt bank, an idea proposed by Lord

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