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Clever tips and tools to help your business thrive

Starting a business and running it successfully is a tough gig. The Business Hub contains valuable knowledge for small business owners, delivered in bite-sized pieces. Perfect for the committed and curious small business owner.

Starting
Running
Growing
Starting

Top tips to start a small business

Learn how to lay solid foundations for a successful new business.

Profit & Loss 101

You may have some money in the bank, but is your business making a profit? A profit and loss statement helps you see how your business is really performing.

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Small Business Finance Glossary

There are a lot of financial phrases for small business owners – here’s a list of terms you might come across when running your business.

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Personal vs. Business Bank Accounts

Are your business accounts a mess come tax time? Find out why you should keep your personal and business bank accounts separate.

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FAQs

Common questions from new small business owners

What do you need to start a business?

There are many things to consider when starting a business. A good place to start is a business plan and structure. You might need to register for licences and permits. Of course, choosing a name is the fun part. A vital part of starting a new business is opening separate business bank accounts so you can manage your money more easily.

What's the difference between a sole trader and a company?

A sole trader is a simple business structure with typically less paperwork and set-up costs. A sole trader is legally responsible for all aspects of their business including debts and losses. A company is a more complex structure with higher costs and ongoing requirements, but it forms its own separate legal entity.

Do sole traders need a business bank account?

Yes. If you're a sole trader, it's a good idea to open your own business bank account. Keeping your business transactions separate from your personal bank accounts makes your business banking easier to manage.

Do you need an ABN to open a business bank account?

Yes. You’ll need an Australian Business Number (ABN) to open a business bank account. You’ll also need to be a registered sole trader or company and provide one form of ID to open a Business+ Account or Business+ Saver. Check full eligibility requirements.

Should you have a separate bank account for small business?

It's a good idea to keep your personal and business bank accounts separate to make it easier to manage and track your business income and expenses.

Can I get a business loan to start a new business?

No. Your business needs to run for a minimum of one year before you can apply for a loan. Opening a Business+ Account and Business+ Saver is a good way to show trading history when it's time to apply for a loan.

Running

Top tips to keep your small business tip top

Learn how to overcome the common challenges you’ll face when running a small business.

Business Overdraft vs. Business Loans

Business loans and overdrafts are great ways to support your cashflow or growth of your small business. This article helps you decide what’s right for you.

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Why Get a Business Savings Account

The right mix of business bank accounts can help give you better visibility of your money. Find out why you need a business savings account.

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Cashflow Forecasting

Cashflow forecasting is crucial for small business to get right. Our cashflow forecast template will help you identify any issues in advance.

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FAQs

Common questions from experienced small business owners

Do I need a business savings account?

Having a business savings account brings many benefits:

  • A savings record helps you get a business loan, overdraft, or credit card
  • It gives you access to money when you need it most
  • It offers a higher interest rate than a business transaction account
  • There are no monthly account fees with a Business+ Saver so your money stays yours - for a
    full list of fees, please refer to the Schedule of Fees
Can I use my personal bank account for business?

It's a good idea to keep your personal and business bank accounts separate to make it easier to manage and track your business income and expenses.

What's the difference between a loan and an overdraft?

A business overdraft is a line of credit with a limit approved by your bank. It lets you to access money as you need it. A business loan is a fixed amount which you receive upfront and is repaid over a set term with regular repayments.

What is a business overdraft for?

A business overdraft is a line of credit with a limit approved by your bank. It lets you to access money as you need it and can be used to help with reducing cashflow pressures or for unexpected business expenses.

Do business bank accounts have fees?

Some banks do charge fees. But you’ll pay no setup costs or monthly account fees on your Business+ Account or Business+ Saver. Plus, you get unlimited free electronic transactions.

Growing

Top tips to grow your small business

Learn how to prepare yourself for sustainable business growth.

How to Get a Business Loan

Whether it’s growing your business or boosting your cashflow, there are a few things to know about business financing. Learn more about business loans.

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Can you Afford to Grow Your Business?

When your business is booming, it can be tempting to dream about business growth. But is your business ready to grow? Find out more.

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When Your Business Starts Making Money

A goal for any business owner is to profit - and it can often be a prolonged journey to get there. So once you start making money, what’s next?

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FAQs

Common questions from ambitious small business owners

How much can I borrow with a business loan?

The most you can borrow with a business loan depends on your business circumstances and financial situation. The Business+ Unsecured Loan has a range between $20,000 and $50,000.

Am I eligible for a business loan?

There are a few things to tick off to be eligible for an unsecured business loan with Great Southern Bank. Firstly, you’ll need to be a registered sole trader or company. You’ll also need to have at least a one-year trading history, be registered for GST and have $75,000 in turnover annually. Find out more.

Can I get a business loan if I'm self-employed?

Yes. You may be able to get a business loan if you’re self-employed. Check out the Business+ Unsecured Loan for details on eligibility.

Why does an unsecured loan have a higher interest rate than a secured loan?

Unsecured business loans typically have higher interest rates than secured business loans because the lender is taking on more risk by lending money without any collateral.

How much deposit do I need for a business loan?

You don’t need a deposit or security for the Business+ Unsecured Loan. However, you do need to meet certain eligibility requirements to apply. Learn more.

What can I use a business loan for?

You can use your business loan to fund a wide range of business purposes including:

  • covering large, unexpected expenses (including ATO debts)
  • working capital to run and expand your business
  • purchasing stock, plant and equipment
  • investing in productivity improvements
  • refinance certain short tem business loans or balloon for an equipment finance loan

BUSINESS APP

Your pocket-sized business partner

For too long, smaller small business owners have had their unique business banking needs overlooked.

Our Business app is built for you.

Whether you’re striving for global domination, or you’re blissfully content as a sole trader, the Business app makes small business banking easy.

Download the app
RESOURCES

Your ‘how to’ guide to the Business app

Practical business banking resources for small business owners using the Business app.

Inviting another user into the Business app
Uploading loan application documents
What’s next after applying for your loan
What’s next after applying for your overdraft
Business loan application checklist

Business accounts and finance

Business bank accounts

Pair an easy-access transaction account with a high-interest savings account for a healthy business banking balance.

Business loans

Easily manage your cashflow and plan big for the future with these clever finance options.

Important information

Great Southern Bank, a business name of Credit Union Australia Ltd ABN 44 087 650 959, AFSL 238317. Conditions, fees and charges apply. Information on Business+ accounts is general information and does not consider your objectives, financial situation or needs. You should consult the Product Disclosure Documents before making a decision to apply for products.

This product is only available for business purposes. Terms, conditions, fees and charges may be applicable.

1 For a full list of fees, please refer to the Schedule of Fees.

>> Rates current as at 17 January 2024 and are subject to change.

Deposits up to $250,000 per account holder are guaranteed by the Federal Government under the Financial Claims Scheme.

2 Lending criteria, limits, conditions and fees apply. Applications are subject to credit approval.

Great Southern Bank Business app
Business+ BSB: 834 472