Running a small business

Tips for running your small business

From setting business goals to doing your business tax return, getting a business loan, understanding business insurance, social media for business and more, our business banking experts share their tips to support you running your business.

When you are operating as a sole trader business, you‘re not only responsible for ensuring it is successful, but you’re also in charge of making sure you are well looked after in retirement.

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Developing good cash flow management habits is crucial to the success of any business – whether it’s a start-up, established small business or big business.

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From a pandemic to bushfires and floods, COVID-19 restrictions and lockdowns, it goes without saying that the past 12-18 months have been challenging for many Australian small business owners.

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It goes without saying that running a small business can be challenging – even at the best of times. And as the impact of events such as the COVID-19 pandemic, Australian bushfires and recent floods have demonstrated, it pays to be prepared.

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At BOQ, our people know small business – it’s who we work with every day. We also know that finding the right balance at work and home isn’t always easy, which is why we’ve gathered the best business-to-business support tips for small business owners just like you.

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It’s no secret that setting up a small business and overcoming the hurdles it takes to turn an idea into reality comes with challenges. Knowing how to identify potential obstacles before you come across them, and even better, knowing the best way to overcome them when you do is important to the success of your business.

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Whether you are a start-up business or a flourishing SME business, it’s important to remember that every successful business makes a point of setting business goals.

Set business goals

Struggling to know which business expenses you can claim as a tax deduction for your small business? When it comes to doing your business tax return, it can be tricky to understand which deductions you can claim for.

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One of the biggest challenges that small business owners face is hiring, managing and retaining staff. On top of finding the right people to help run your business, you also need to have strategies in place to build and maintain employee morale, retain staff and ensure productivity remains high.

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According to business accounting software platform, Xero, poor financial management is the downfall of many small businesses in Australia.

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Scheduling an out of office email and hanging up a “closed” sign won’t cut it. By communicating with stakeholders and reinforcing capital decisions, you can go into the New Year full steam ahead.

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Whether you need to hire seasonal workers or prepare for increased demand, you should expect the unexpected for holiday seasons. By planning out your finances and making a roadmap for your team, you will be much better prepared for whatever comes your way.

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From starting a new business to growing your existing one, we’re here to help with expert tips and tools at every stage of your journey.

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A full suite of business banking solutions for managing small businesses

Small business bank accounts

Unlimited withdrawals & deposits

Our low fee business bank account

Everyday Business Account

Manage your transactions with ease - all for a low monthly fee.

Free branch, ATM and cheque deposits
Free Direct Debits and Direct Credits
Easy account access through ATM/EFTPOS, Internet and Mobile Banking

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You can earn

4.00 ^{% P.A.^{^^}}

Including 3.10% additional interest rate + 0.90% standard variable rate ¹⁴

ADDITIONAL INTEREST FOR 4 MONTHS ON BALANCES OVER $10,000

Business WebSavings Account

Make the most of your business savings with the flexibility of accessing your money anytime.

Earn additional interest for 4 months as an introductory offer
No monthly account maintenance fees
Unlimited transfers

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Maximise your import and export potential

International and Domestic Trade

From traditional trade products to tailored finance solutions, BOQ offers a range of trade finance solutions for your import and export business.

Manage payment and foreign exchange risk
Finance imports and exports
Establish a foreign currency account

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Small business loans and finance to update your business

Tailored business financing, designed to expand your service

Business Term Loan

At BOQ, we make it our business to understand yours. If you’re looking to expand your business, we’re the kind of bank to make it happen.

Loan-to-Value Ratio up to 90%^*
Loan terms up to 30 years^*
Redraw facility available on variable interest rate loans

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Finance your equipment without tying up your cashflow

Equipment and Vehicle Finance

Whether you want to lease your equipment, salary package your vehicle or you're looking for a short-term finance solution to grow your business, we can help with a full suite of funding options.

Spread your repayments over the life of the equipment
No capital outlay
Structure repayments to suit your cash flow

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Flexible cash flow options to help you succeed

Manage your cashflow and cover expenses

Business Overdraft

You can't always predict when an unexpected expense will arise, or when you need to cover shortages in your cash flow. Our Business Overdraft gives you access to a minimum of $10,000, up to an approved limit.

Attach to your BOQ Business Transaction Account for access when you need it
Interest only charged on funds utilised
Access your overdraft via EFTPOS, online banking, direct debit, in branch or via cheque

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Guarantee payment without having to supply an upfront deposit or bond

Bank Guarantee

Bank Guarantees enable you to grow your business by providing your suppliers, landlord, or government authorities with the security of guaranteed payment.

Flexible security options
Faster turnaround (5-8 business days) with our Express Bank Guarantee Facility (up to $100,000 customer limit and 100% cash security)
Earn interest on cash security at standard Term Deposit rates

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