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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.

Small business ambition returns after tough times

20 August 2024

Small business growth plans could boost the UK economy by more than £40bn, according to new research.

The latest Enterprise Nation Small Business Barometer has found that a fifth of UK small businesses (20%) say they are expecting to reboot growth plans, up seven percentage points compared to 12 months ago. The survey of businesses also found that, of those with growth plans, 34% expect to grow by around a quarter, which could deliver a boost of more than £40bn to the UK economy.

"It's refreshing to see confidence return after the recessionary pressures of 12 months ago, followed by the unavoidable political turbulence caused by the general election. Entrepreneurs are often at their strongest in the face of adversity, so after putting growth plans on hold during an extremely difficult set of challenges, they can finally see the light at the end of a very long tunnel." Emma Jones, founder and ceo of Enterprise Nation.

The key findings of the Enterprise Nation research show that:

  • 20% of businesses polled say it's "very likely" they will grow in the next 12 months, up from 14% this time last year.
  • 45% of businesses are looking for investment to fuel their growth plans.
  • 44% describe their business as "digital", up by one percentage point on last year.
  • Only 16% currently export but another 26% would like to.

Business challenges remain

Despite the new confidence, business owners face a number of ongoing difficulties. They say that persistent cost pressures on consumer pockets is the biggest challenge moving forward (42%) as well as late payments, with 23% saying they are still often paid late for their goods and services. Half of those polled have found business support online but 34% can't find business support that works for them.

Overall, 44% of businesses describe themselves as digital; however, there is a stark disparity between businesses run by women - with only 37% describing themselves as digital - versus male-founded businesses (52%).

The analysis also finds that 20% of entrepreneurs are still frustrated at the lack of access to commercial space, be that business units, co-working spaces or high street pop-ups. The problem is felt most keenly in Scotland (29%) followed by the North West (25%) and the West Midlands (23%). This figure has remained a persistent problem for two years with no movement, according to the analysis.

Looking ahead to the Autumn Budget, the majority of business owners (60%) say that the current tax burden on small businesses is already too high, suggesting that any future tax hikes could have a negative impact on confidence as well as profits.

Written by Rachel Miller.

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