When you start your first small business, you may not have much experience as an entrepreneur. You’ll face a steep learning curve, just like every other entrepreneur before you. You’ll need to master market research, product development and testing, efficient, cost-effective production processes, how to attract and keep customers, and many other skills.

One of the most important areas to pay attention to is finding the right banking solutions for your small business. Let’s look at how Nedbank Small Business Services can provide your startup with the financial toolkit you’ll need when you’re starting out.
 

1. First step: A business banking account

Setting up a business banking account is your first step towards sound financial management. This account will become the core of all your business transactions, whether you’re accepting payments or settling bills with suppliers. If your annual turnover is less than R3 million, consider a Startup Bundle Account. This will give you access to a dedicated relationship banker, among other benefits, and you will not be charged an account fee for the first 6 months.

2. Creating a financial safety net: A business savings account

A financial buffer is important to maintain your business cash flow in tough times. Business savings and investment accounts also help you build up capital, to help you expand your business when the time is right. Each rand saved is an investment towards the growth of your business empire.

3. The power of plastic: Business credit cards

A business overdraft and/or a business credit card can help you manage your expenses more efficiently. A credit card, managed responsibly, can also help you build a solid credit history for your business. This will be important when you want to apply for financing to grow your business. Being able to earn Greenbacks on business credit card spending is the cherry on top, turning everyday business buying into a source of cost-saving rewards.

 

4. Welcome the digital age: Access merchant services

In this digital era, providing multiple payment options is no longer a luxury, but a necessity. We offer a range of merchant services,from point-of-sale devices, e-commerce solutions and integrated payments across multiple till points, to mobile payment requests or payments via QR codes using Nedbank Masterpass. You can also access solutions like PocketPOS and Tap on phone to receive card payments. You can even partner with Avo SuperShop, so that customers can buy your products on this Nedbank super app.

5. Accessing added capital: Business loans and lines of credit

Once you’ve established your business as a going concern with a decent credit history, you might be ready to expand. This could require vehicle and equipment finance, building finance or term loans and specialist finance. Your dedicated relationship banker will be on hand to give professional advice on the type of loan best suited to your needs and to help you apply online. 

6. Embracing global transactions: International banking services

The digital era also means that you might be selling products or sourcing suppliers all over the world. Our business transaction solutions make this a lot easier, giving you access to international banking services, including foreign exchange services and international transfers. Banking with Small Business Services helps to ensure smooth business operations.

If you want to know more about our small-business banking options call us on 0800 116 400 (within South Africa) or on +27 031 820 5915 (calls outside South Africa).

You can also download the Nedbank Essential Guide to Business Banking.

We understand the entrepreneur’s journey. We have small-business solutions for startups and the right financial tools for successful business management.