Standard Bank helps start-ups and still-young firms get basics sorted.
Standard Bank is extending a strong hand of support to start-up businesses with a brand new package that will help you ensure that you get your business started right with the correct basics in place.
This full-service offering, called BizLaunch, aims to get prospective and still-young start-up businesses started right and significantly reduce the rate of failure.
Related: Start-up checklist
Says Leigh Livanos, Small Enterprise Segment Manager at Standard Bank: “Starting a business is still way too difficult and daunting. People with an idea just want to get cracking and yet they face all sorts of hurdles and bureaucracy, in spite of what everyone says about the importance of supporting small business.
“There is a high degree of failure amongst many start-up businesses.
“If we concentrate on the essentials, what you really need is to register the business, keep track of cash in and cash out, pay suppliers and deposit funds into a business bank account, and some basic advice when you ask for it,” says Livanos.
The BizLaunch product places a strong emphasis on entrepreneurs getting their businesses started the right way in order to avoid the false starts that many businesses experience, she says.
With a 28% share of the business banking market, Standard Bank is best-placed in terms of experience and presence to - help businesses get started , says Livanos.
BizLaunch is a one-stop shop, full-service offering that includes a very affordable business account with no hidden costs; a Pastel accounting package; an affordable insurance offer as well as access to expert advice and other support.
Leigh Livanos says whereas traditional small businesses got all these separately from different places, Standard Bank offers all of them under one roof.
Support for small business owners and sole proprietors
She says Standard Bank has constructed BizLaunch for any new business (including sole proprietors) with no existing business account; any business wanting to switch with an account younger than 12 months and a business currently trading from a personal account.
“This approach is important in that it saves customers time, money and, more importantly, allows people to focus on running and growing their business. It means that Standard Bank’s small business staff can develop a relationship with start-ups based on a better understanding of the challenges and how we can help them grow. It means that by setting the right foundation we can help businesses grow,” says Livanos.
Among the key features of BizLaunch is a R90 (R3 per day) a month business account that includes the majority of transactions required to run a start-up business.
The BizLaunch offering:
BizLaunch offers the critical things you need to get started in one place for the first 12 months:
- My Business Online from Pastel, the market leader in accounting software;
- Businesses have access to a Business Banker to discuss and meet their needs;
- Free packaged content business support and tips, such as how to start and grow a business.
At an additional extremely affordable fee:
- R325 for a merchant device (Point of Sale device) including tele communication fees and insurance per month at a commission rate of 3.25% irrespective of card type;
- Basic business insurance cover at R150 per month;
- Online business registration services and annual returns
- A 20% discounted training voucher on the basics of how to start a business, such as writing a business plan normal course fee of approximately R1 200
“There are no silver bullets when it comes to starting a business.. Every person who successfully starts a business will tell you that it takes hard work and persistence.
“Standard Bank’s interest is to get businesses to succeed and not fail. Through BizLaunch, we are presenting practical solutions that are relevant to the market and that tackle head-on the challenges banks encounter in really connecting with entrepreneurs.”
She says by paying more attention to the foundation and getting the correct basics in place, BizLaunch aims to improve the success rate of SA’s small businesses.
Related: SWOT analysis worksheet
Tougher economic conditions since 2008 have also slowed the number of small businesses being started.
“The positive news, though, is that lessons have been identified and learned. We are very much open for start-ups and still-young small businesses and here to help you get started right,” says Livanos.
For more information speak to a business banker by calling the BizDirect call centre on 0860 012 345 or email [email protected]