Use MyWORLD to reach your business goals
Running a successful business – whether it's a side hustle or a small startup – isn't easy. The biggest challenge usually, is money. Many entrepreneurs understandably struggle with the basics of starting a business, such as where to access funding, where to bank, how to manage transactions and finances of the business, and how to grow the business and reach your financial goals.
Is this you? While we don't have the answers to all of these questions, we're committed to helping you to realise your business goals. Here are some of the ways that you can use the African Bank MyWORLD bank account to manage and grow your business.
- Use it in place of a business account
Business accounts are expensive. And while African Bank does not offer them, we do offer a transactional bank account that might be more beneficial than you could imagine. When you start a new business, it's important to have a bank account that can help you to manage money coming in and going out, that will allow your money to grow and cost you as little as possible in monthly account fees. That's MyWORLD – it offers a great way to conduct your business without paying any monthly bank account fees. This day-to-day bank account also enables you to earn interest at SA's best rate on any positive balance in your bank account. While your business grows, this can be the perfect bank account to help you run your business operations while saving you some money too.
- Use pocket accounts for petty cash
One of the most important aspects of starting and running a new business is being able to quickly respond to market opportunities. However, this can’t happen if you’re out of your office or place of work, and one of your staff, or your business partner, needs to make an urgent payment, or secure an opportunity, in your absence. Many bigger businesses might have petty cash in the office, but that isn’t very safe for a smaller operation.
MyWORLD comes with 5 additional Pocket Accounts that are linked to your main bank account. These can be used as the place to keep petty cash, and you can add up to 10 members to each Power Pocket bank card so that they can use it whenever they need to.
If you're worried about accountability and responsible use of finances, you can allocate certain permissions for each person, and set up notifications on your cellphone or African Bank App for money coming in and going out. Each of these Pocket Accounts also earn you monthly interest on any positive balance. Your transactions using these Pocket Accounts won't cost you much either because they offer SA's lowest banking fees.
- Use Savings Pockets for your business goals savings
Do you have an idea of where you would like to see your business in the next few months? Saving money is a good idea to enable you to grow your business. That, however, might prove a little hard if you're transacting and saving from one bank account. With MyWORLD, you can open up to 5 Savings Pockets, which you can use for each of your business goals. Like the Power Pocket Account, the Savings Pocket Account is linked to your main account too, and enables you to earn interest. If you share the business with someone, or even a few people, you can add them as members and give them specific viewing rights to the Savings Pocket Account. Instead of calling endless meetings to share the progress of the business savings, your business partner/s can easily access this information from their African Bank App or internet banking profiles.
- Use MyWORLD to pay your staff
Do you have staff that are paid weekly? Consider encouraging them to open MyWORLD bank accounts too. When you make payments into their bank accounts, this can be done free of charge, and it can be done immediately.
In short, doing business properly, whether as a side hustle or a new business looking for growth, is important. Shop around to find a bank account that best fits your business goals and can help you to reach your full business potential without costing you an arm and a leg.