Let Mozo help you navigate the business banking maze. Need a loan for a brand new business? Or hunting for the best business bank account or credit card? Whatever your needs, we help you find the best banking options for your business.
Small business survival over the past year has hinged on resilience, with many owners and entrepreneurs embracing digital solutions to navigate the fallout from COVID-19 restrictions. Shirley Yuan, who runs a Sydney-based jewellery store Shirley and Owen, was one such business owner who had to close up shop for three months during the 2020 lockdowns.But she said that those tough times gave her an opportunity to pick up new skills. “I bought a small light room to take photos of my jewellery for my customers. I also learnt a bit of marketing from my daughter. It amazed me that there are so many ways to do advertisements through social media,” she said. Yuan is not alone. According to new data from women’s community group Business Chicks, 65% of women business owners have been investing more in online marketing since the pandemic. More specifically, around 24% of women business owners are spending more on social media ads. Meanwhile 20% have increased their spend on IT/tech support, 19% on creative/design software, 15% on email marketing, and 7% on their Customer Relationship Management (CRM) platforms. Virtual chat/video streaming as well as learning and development have also risen in priority, with 25% and 29% respectively spending more on these areas. Out of the survey’s 586 Aussie women participants, nearly a third are now their own bosses. About 13% have started their own business while still working for someone else. “Record numbers are now running their own show and looking at ways to expand their business,” Business Chicks’ content and marketing manager, Brion Hunt said. “We are seeing a lot of SMEs re-examine their core offering, how they deliver it and how they reach and talk to their clients,” Business Australia’s general manager of content and acquisition, Genevieve Brock added.“That has prompted [businesses to] re-examine their marketing strategies as well,” she said.
American Express is well known for its range of credit cards for the average Aussie or business owner. However, the credit card giant has now decided to move beyond plastic and enter the business loans market - a first for Amex outside of the United States. The decision to take on a new credit product like business loans came as a response to the rising number of small to medium enterprises (SMEs) planning to take out more than $130 billion of additional capital this year. “Many businesses are still feeling the full impact of the Covid-19 crisis, while others have rebounded with their sights firmly set on growth. We have taken a transformational step to evolve our business beyond our existing card offering to help support businesses on their journey forward,” said vice president of Global Services for American Express, Martin Seward. In order to make these loans a reality, American Express partnered with global organisations platform, ODX. “Given the dramatic shift in customer needs and preferences during the pandemic, it’s more important than ever to provide them with a digital and frictionless experience to tap into financing,” said president of ODX, Brian Geary. Jumping into the details, the American Express Business Loan will feature:
If savings is on your agenda for 2021 or you simply want to manage your money more effectively as a small business owner, it pays to shop around to find the best banking deals out there.With so much on your plate running your small business, the less you need to worry about your banking the better. But the question begs, are you making the most of your money?With factors like hidden fees, employee wages, cash-flow and much more to consider, shopping around will benefit the way you operate in the long run.“By not shopping around you could be throwing thousands of dollars down the drain,” said Peter Marshall, Mozo Experts Choice Awards judge. “With savings rates at such low levels, it’s more important than ever to proactively manage your accounts and get the best deals you can. In these awards, we compared and found that there was a vast difference between the lowest and highest interest rates of business accounts.”And the crown goes to…
Small Business Ombudsman Kate Carnell has renewed calls for the federal government to provide HECS-style loans to businesses to help them stay afloat once JobKeeper ends in March.These ultra-low or zero-interest business loans would be government-funded and help boost cashflow, and similarly to the student HECS-HELP loan, would only be repaid once the business hits a certain agreed level of revenue.Carnell says that “somewhere between 25-30% of businesses are still really struggling.”“[That may be] because of the industry that they’re in, border closures, shutdowns, COVID requirements - a whole range of reasons why they’re not recovering at the same sort of rate as other businesses,” she says. “There are some [businesses] that are tracking in the right direction and they will be alright, but there needs to be an option for those that aren’t.”
Mozo is everything business banking should be - fast and easy. If you are self employed, starting a new business or simply looking to get a better banking deal for your small business, Mozo helps you to compare business credit cards, business loans, savings, business bank accounts and more. Our database has all the major banks and challenger brands, fees, interest rates, terms and conditions in the one place making it easy to shop around for a better deal for small businesses. With our nifty comparison tool you can compare banking products side by side or add them to a shortlist - all in a few simple clicks. No queuing in bank branches or wasting hours with complicated spreadsheets.
We know that many business need a line of credit to invest in developments or to purchase stock, so have plenty of information about short term business loans in Australia. We also have a business loan repayment calculator so you can easily work out how much funds you need to allocate to service your loan and when you can expect to have it paid off.