What is the scarcest resource business owners have?
No, it’s not money, staff or raw materials. In fact, it’s none of the conventional ingredients that come to mind to make up a business.
According to the ‘Westpac Ready for Business’ report, which surveyed 1000 small to medium sized enterprises (SMEs), 43% listed time as the scarcest resource they have trumping money (33%). There’s a simple reason to this according to successful entrepreneur, author and motivational speaker Jim Rohn.
“Time is more valuable than money. You can get more money, but you cannot get more time.”
The survey also showed that over half said their most time consuming activities weekly are administration and managing their accounts. The major issues facing SMEs were getting more customers, getting paid and finding more time.
In terms of starting a business, the two biggest challenges were getting set up (28%) and knowing where to start (22%), indicating the need for additional support.
Open for Business toolkit
In line with this, MYOB has teamed up with Westpac in a joint initiative called ‘Open for Business’. We’re providing a toolkit together with Westpac to simplify your needs in starting and growing your business.
The ‘Open for Business’ digital toolkit works around 4 business needs: attracting customers, managing your earnings, getting paid faster and planning ahead.
1. Attract customers with a website
MYOB Atlas is a website builder that makes it easy for businesses to get online and start attracting customers anywhere, anytime. It includes social media integration, online search optimisation, and we’re providing it free for the first three months
2. Manage your earnings with a business bank account
Westpac is offering SMEs a Business One Low Account with no monthly plan fees for twelve months. MYOB Atlas also offers the ability for SMEs to easily get paid through a website transaction facility
3. Get paid faster and sort your accounts with a cloud accounting software
MYOB Essentials is an easy online accounting solution that includes key features such as easy invoicing and secure bank feeds. We’re also giving it to you free for the first three months with the toolkit.
4. Plan ahead with training and support
Westpac’s Davidson Institute provides online tutorials to create a comprehensive business plan to outline your purpose, identify your core proposition and manage key performance metrics to help your business prosper and grow. In addition, business operators can book a complimentary 1 hour consultation with a MYOB Certified Consultant for an introduction to MYOB Atlas and/or MYOB LiveAccounts.
We’ve designed the toolkit with Westpac to get your business off the ground, whether you’ve started one or thinking of starting one. In addition, Westpac has committed to getting 100,000 Australian small businesses online.
So, get started today with MYOB and Westpac