What I Wish I Knew About Small Business – Ep. 1: What I Wish I Knew About Banks and Money With John Arnott (A Media Magnet Special Series)
Media MagnetShow Notes
When Liz Nable opened her first bricks-and-mortar business back in 2012, she borrowed money from her bank against her home. She signed the paperwork. And then she waited for the advice, the guidance, the products, the support she assumed would follow.
It never came.
Sound familiar?
In this first episode of the What I Wish I Knew About Small Business series, powered by AMP Bank GO, Liz sits down with John Arnott, the man leading a brand new digital bank built specifically for small business owners. This is not a bank interview dressed up as a podcast. This is a conversation about why banks have failed small business, what small business owners are still getting wrong with their money, and the exact stats that prove just how brutal the last five years have been on Australia's 2.8 million small operators.
If you have ever felt invisible to your bank, this one is for you.
In this episode Liz and John cover
Why small businesses are the most underserved segment in banking (and what that has cost owners)
The single biggest financial mistake most small business owners are still making
The Tuesday night wedding planning analogy that will change how you think about your money
Why running your business through your personal account is quietly bleeding you dry
The truth about "fee-free" banking and what to actually look for
How to build the muscle of financial literacy without hating every second of it
Why switching banks is nowhere near as hard as you think
The stats that will stop you in your tracks
AMP Bank GO's Small Business Cost Pressure Index revealed just how much harder it has become to keep the doors open since COVID.
Small business costs are up more than 25% in the last five to six years
Insurance up 52%
Fuel up 38%
Borrowing costs up 36%
Electricity up 26%
Rent up 23%
Wages up more than 20%
As John puts it in the episode, these are real costs. They are non-negotiable. But there is still real value on the table for owners who take the time to look.
A line worth writing down
"Look after the cents and the dollars will look after themselves. It is going to the gym to build financial acumen."
About John Arnott
John Arnott is the head of AMP Bank GO, a digital bank purpose-built for Australia's small business owners. Before AMP, John worked across major banking brands globally, but his interest in small business runs deeper than the boardroom. His first job was in a small coffee shop in the north of England at age 15, grating cheese and washing dishes for the two owners who ran the place. He has been thinking about how small businesses survive and thrive ever since.
Grab the AMP Bank GO cashback offer for small business owners
AMP Bank GO is offering a cashback deal for small business owners who open a new business transaction account. It is fee-free, mobile-first, and backed by a real human call centre when you need one.
Check the current offer here: https://www.amp.com.au/campaigns/bank/business-cashback-offer?utm_portfolio=bank_go&utm_product=tran&utm_channel=email&utm_source=smartco&utm_campaign=biz_cashback&utm_objective=acquisition&utm_creative=tradie_solusban
Connect with John Arnott on LinkedIn: https://www.linkedin.com/in/john-andrew-arnott/
Connect with Liz Nable
Instagram: https://www.instagram.com/liz_nable/ LinkedIn: https://www.linkedin.com/in/liznable/ Website: https://www.liznable.com/
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