by Jen Johnson, Revolut Contributor
It’s natural to ask yourself some big questions as we enter a new year. And a little self reflection can go a long way. While January is seen as a great time to start something fresh – whether it’s a running regimen or a language class – it’s also an opportunity to bid farewell to the things that aren’t working out.
As an ambitious SME owner, you’ve inevitably got major goals for the year ahead. But does your current bank truly offer the products and features you need to succeed? If things between you have seemed stagnant for a while, and you’re looking to gain greater control of your business finances, it might just be time to break up with your bank.
⌛ The 10 year itch
According to data from market research group Mintel, 42% of SME owners with a dedicated business current account have been with their provider for more than 10 years. In that time, the entire business banking landscape has changed. More than a third of bank branches in the UK alone have closed in the past five years, with consumers increasingly looking to manage their finances online.
It’s easy to see why SME owners in particular should seek out digital options for their banking needs. You understandably want to devote the bulk of your time and energy to expanding your business. This probably means packing your schedule full of meetings with potential clients, while ensuring sure that you’re hiring the right talent for your team and hitting growth targets.
In short: there’s not a lot of room in your busy working day for making trips to the bank (or even navigating a less-than-slick online banking system). In fact, it would be a lot easier if you could manage your money on-the-go with a simple and intuitive digital solution. That’s where Revolut Business comes in.
Our business account platform is designed to take the stress out of bookkeeping by eliminating unnecessary bureaucracy and paperwork. We let you manage and track all your accounts and transactions in real time, on a single dashboard. Our platform also allows you to set up scheduled or recurring payments so that you never forget to pay – and you’re not losing hours to repetitive admin tasks.
🌍 Carpe orbis
If international expansion is your next move, you’ll quickly find that sending money across borders adds up – but not in the way that you want it to. Hidden fees are an unfortunate reality of international transfers with traditional banks. But with Revolut business, there are no sneaky charges or lousy exchange rates. To top it off, we let you hold, send, and receive funds in up to 28 currencies. World domination might not be such a lofty goal, after all.
This year, it’s time you asked what a business banking solution can do for you. If your current setup merely stashes your cash and sends you monthly statements, you’re missing out on important features and financial insights. This is especially true for the significant chunk of SME owners who aren’t yet using a dedicated business account.
Mintel’s research found that 17% of SMEs use their personal current account to manage their professional finances, while 16% use a regular current account separate to their personal account. While it’s totally possible to run a successful enterprise with a traditional bank account, they simply aren’t geared toward business productivity.
👋 Thank u, next
When Mintel asked 350 SME owners what would actually encourage them to switch providers, 52% said financial incentives would help them make the leap. But it’s important to remember that time savings are also cost savings. In a competitive global market, business owners must make every hour of every day count for something.
In 2020, it’s critical that you don’t waste brainpower crunching numbers and organising your finances – so that you can put all your energy into making your vision come to life. And it’s important that you aren’t being hit with hidden costs as you grow. We get it – and we’re ready to welcome you with open arms.
SMEs: this is your year. It’s time to break up with your bank.Open a business account today