Starting a new business can be a lengthy and time-consuming process – not to mention a decision minefield – so anything that makes the startup process easier has to be a good thing. In February ANZ announced its collaboration with Honcho by Business Switch, an online platform offering customers the opportunity to set up their small business in one day, along with tools to help their business grow.
Announcing the partnership, ANZ Managing Director Corporate and Commercial Banking Mark Hand said: “Each year in Australia around 300,000 small businesses are set up and one of the biggest frustrations our customers have is it takes weeks to get started and they often don’t know what steps to take next. This tool is a simple, efficient and cost effective solution that guides customers through the process.
“Combined with our $2 billion dollar pledge for new small businesses and discounted banking packages, our Business Ready initiative is another way ANZ is providing ongoing support from the start-up phase through to the growth phase and beyond.”
CANSTAR caught up with Kate Gibson, General Manager of Small Business Banking and ANZ to find out more about why the partnership will be good for businesses.
Q: What are the mutual benefits for both startups such as Honcho and large institutions such as ANZ in partnering together?
A: Our collaboration with Honcho has enabled ANZ to deliver a unique service quickly to our customers and potential customers. Honcho has been able to offer functionality to open business banking services to their customers. We are looking at integrating more products to help support small businesses manage their finances through the Honcho platform. All collaborations or partnerships need to be win/win for all parties, and both ANZ and Honcho benefit. We recognize that as the pace of change continues to speed up we need to look externally, as well as within ANZ, for the best capabilities and talent to deliver for our customers.
Q: What particularly impressed ANZ about Honcho?
A: As an organisation the Honcho team were incredibly responsive in designing a solution for ANZ. We all threw some ideas and problems around and they quickly mobilised a great team of people to respond.
The Honcho service is impressive in itself. It takes something that can be daunting and time consuming – setting up a new business – and makes it beautifully simple. Customers can wake up with an idea at 5am and have a business set up by the end of the day.
Q: ANZ has demonstrated an impressive commitment to the small business community. Any other initiatives on the drawing board?
A: We are committed to fostering Australia’s growing small business community. Over the coming 12 months we’ll continue to build on our existing program of support in response to what we are hearing from our customers. In addition to online offerings, we’re also partnering off line: for instance we recently launched an alliance with the Institute of Certified Bookkeepers to better understand and meet the needs of bookkeepers for both their own and their customers banking.
Business Ready powered by Honcho offers small businesses a range of monthly subscriptions from less than $30 per month. Services include:
- Registrations: One simple form to get an ABN, business and domain name
- Marketing: Start promoting your new business with a webpage and logo creator
- Finance: Set up an ANZ business bank account, create and send out invoices
- Documents: Store important documents safely and securely
For more on Business Ready powered by Honcho visit https://businessready.honcho.com.au/