“I often get asked questions like: ‘How do I grow my business? where do I get more customers?’” said CommBank’s Executive General Manager of Small Business Banking Clare Morgan at the 2022 SmallBiz Week in Melbourne. 

While in the past the answers to this might not have been easy, Clare pointed to the work CommBank has been doing to give businesses personalised and actionable insights using the power of data.

Having that data can help you identify opportunities for growth and better serve new and existing customers. Solutions such as Daily IQ1 – available for free in CommBiz and NetBank – can provide tailored business insights directly to you to help optimise your cash flow, enhance your performance and grow your customer base.

Improving access to new sources of funding

Once you know what you want to do, the next step is to figure out what you need to execute on the vision – and know how you’re going to fund it.

What we’ve heard from businesses is that it can be hard to get finance. “We’re helping to solve for this with our new Stream Working Capital2 option,” said Clare, “which can make it simple for businesses to manage the ups and downs of their cash flows.” Stream Working Capital is a solution that lets you use unpaid invoices as loan security (instead of more traditional security like property) to access the funds you need for your next job while waiting to get paid for the last one.

Being a business owner means you don’t just want to get the piece of equipment you need  – you also want to know if you’re being smart with your spending. That’s why we offer a range of financial pathways to connect you with the tools and equipment you need – making it fast and simple – while providing flexible options to suit your particular requirements. This can include pricing discounts when you choose to finance3 energy efficient cars and equipment such as agri machinery, construction and earth-moving equipment, batteries and charging equipment, saving you even more money. 

CommBank is proud to partner with businesses at every stage of their journey, from starting, running or growing your business. CommBank provides insights, tools and services on a range of business needs, meaning you don’t have to go it alone. 

Learn more about CommBank’s SmallBiz Week

Looking for more resources to help your business?

Things you should know

  • 1 Daily IQ is available to business customers with a CommBank Business Transaction Account. The Industry Sales Comparison, Busiest Times, Total Card Sales, Loyalty, Demographics and Location tools are only available to clients who have a CommBank merchant facility settling into a CommBank settlement account. Contact the NetBank Help Desk on 13 2221, or the CommBiz Help Desk on 13 2339 to find out if you are eligible.

    2 Credit provided by the Commonwealth Bank of Australia. This product is only available to approved business customers and for business purposes only. Applications for finance are subject to the Bank’s eligibility and suitability criteria and normal credit approval processes. The minimum value of nominated invoices is $15,000 per month. A minimum facility limit of $50,000 or more applies to Stream Working Capital. We will require your consent to access your accounting software to assess your application and manage your account going forward. Full terms and conditions, interest rate, establishment fee and line fee are included in the Loan Offer, you should consider these before making any decisions about these products. Bank fees and charges may apply. 

    To use Stream Working Capital you'll need to open or switch to a Stream Working Capital Transaction Account if your application is approved. Fees and charges for this account are in addition to those associated with any existing business transaction product. For the Stream Working Capital Transaction Account view our CommBank Business Savings and Transaction Accounts Terms and Conditions, Financial Services Guide (PDF), the Electronic Banking Terms and Conditions (PDF) and the Target Market Determination, you should consider these before making any decisions about these products. Bank fees and charges may apply. View our current interest rates.

    3 Credit is provided by Commonwealth Bank of Australia. These products are available to approved business customers and for business purposes only. Applications are subject to the Bank’s normal credit approval and suitability of the asset. Fees, charges and conditions apply. You should view our current Terms and Conditions for Asset Finance (PDF) and consider them before making a decision about these products.  Full terms and conditions will be provided with any agreement upon credit approval. Discounts may vary and may be subject to change. Discounts can apply only for qualifying energy efficient vehicles and equipment, and applies to the rate you would normally have paid for the type of equipment you wish to finance. 

    The target market for these products will be found within the product’s Target Market Determination, available here.

    This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. You should consider seeking independent financial advice before making any decision based on this information. The information in this article and any opinions, conclusions or recommendations are reasonably held or made, based on the information available at the time of its publication but no representation or warranty, either expressed or implied, is made or provided as to the accuracy, reliability or completeness of any statement made in this article.

    Commonwealth Bank of Australia ABN 48 123 123 124. AFSL and Australian Credit Licence 234945.