If your business has been affected by the recent outbreak, you might find yourself eligible to apply for a business bounce back loan. These are government-backed loans designed to help small businesses get finance and stay in business.
For many businesses, bounce back loan funds are needed right away to help pay for wages or freelancers, or for other essentials like stock or premises. They’re a vital lifeline to help businesses continue trading through such a tough time.
As you can apply for a loan of up to 25% of your turnover, you might find that you don’t need to use all these funds straight away. This means you can hold onto your balance and either set it aside in case you need the funds for business essentials, or look for ways to invest in your business to create immediate or future growth.
If you find yourself with bounce back loan funds that you don’t need to use on critical expenses straight away, here are some ideas on how you can invest this money in the growth of your business.
Tools and software
One of the best ways to save time and money in your business can be to invest in tools and software.
The best purchases I’ve made recently have been in accounting software and graphic design tools, but there’s something out there that’s useful for every business. If you’re thinking about which software or tools could work for you, here are some ideas:
- Graphic design tools like Canva or Adobe Photoshop
- Photo editing software like Adobe Lightroom
- Accounting software like FreeAgent (affiliate link – get 10% off your plan) or Quickbooks
- Project management tools like Dubsado (affiliate link) or Honeybook
- Organisation tools like Trello or Notion
- Social media software like Tailwind or Buffer
You could also look at specialist software that you’ve wanted to invest in for a while but have held off on due to the cost. Another way to create savings is to opt for an annual plan of something you already use, as this often comes at a discounted rate and means you don’t have to worry about the expense for a year.
Website redesign
If your bounce back loan amount allows it, this could be the perfect opportunity to consider revamping your website and digital presence. A strong, well-designed website with conversion-focused copywriting can help your ideal customers find you and persuade them to buy. While this project is likely to set you back around £3,000 or more, it can be a great investment if you can afford it and choose the right suppliers.
For smaller budgets or if your business is a blog, you could look at buying a new theme and customising it yourself. I find Themeforest is great for this, as you can browse by category and see demo versions along with reviews before you buy.
Branding
With some funds available, it might be time to consider that rebrand you’ve always wanted to do. Rebranding can be an expensive business, but if you get it right it can really help you position yourself as the go-to for your ideal audience. Tie this in with a website refresh and you’ll be in a great place to welcome new and returning customers.
When looking for someone to work with on your brand redesign, keep an eye out for brands that you love and admire. Find out who handled their rebrand or worked on their logo design and approach them to start the conversation. Make sure your project covers any elements you’ll want to use, like a logo, website header, business card design and social media graphics.
Digital marketing
While many people are cutting back and making savings to work with what they have, others may be more willing than usual to buy. This means you could stand out from your competitors with a well thought-out digital marketing campaign.
If you have a small amount of money to set aside for digital marketing, try running a few small test campaigns on social media. Put a small budget behind an ad or series of ads on Facebook or Instagram and experiment with different audiences, content and copy. This can be a great way to see what works before you put more budget behind a campaign.
With so many facing more challenging financial circumstances than usual, it’s best to be mindful of this within your marketing. If your usual customers are facing spending pressures, see if you can create and promote a useful freebie or offer that’s relevant. You could also look at identifying a new potential market that is spending more and experimenting with some low-cost paid advertising.
Courses
If you don’t want or need to change the way your brand or website looks, maybe it’s time to make an investment in your learning and personal development.
Courses are one of my favourite ways to learn new personal and business skills, before putting them into practice in a meaningful way. Look for online courses that cover topics you’re interested in, that are relevant to your business and that help you reach a goal. For example, if you’ve always wanted to create a passive income stream for your blog you might consider a course about how to create a digital product.
Technology and equipment
Sometimes you want to invest in something a little more tangible than an online course or digital marketing. If this is you, then buying technology and equipment can be a great way to invest in your business for the future.
Every business is different, so you might be looking at a new computer or researching the best printing press you can buy. It might not even be that you need to buy new equipment, as investing in upgrades can be worthwhile – especially for desktop PCs.
If you’re investing in a course to learn a new skill, you might need to pick up some new equipment to go with it. I’ve been thinking about learning how to create digital illustrations, so if that goes well I’ll consider buying a tablet or digital drawing device to make things easier.
Outsourcing
Finally, one of my favourite ways to invest in my business is through outsourcing. While this is new to me, I’ve already seen the benefits of passing work on to other freelancers. Not only does this create an investment in your business, but you’re also helping other small businesses to stay afloat during these challenging times.
If you find that you’re struggling to focus on strategy and thinking about the future direction of your business, it might help to outsource some smaller tasks. You could outsource your email management, social media management or content writing for your blog.
With almost everything moving online, it’s now easier than ever to find a freelancer or contractor that can take on a project for you. There’s a huge pool of talent that covers every skill, from virtual assistants to accountants and from graphic designers to product description writers.
What are you thinking of spending your bounce back loan on?
I’d love to hear what your thoughts are. Will you be outsourcing work to freelancers or investing in a rebrand? Maybe you’re changing direction completely or switching your in-person workshops to paid online courses? Let me know in the comments!
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