Anyone use Smarta business builder?

elljay

I am really being pushed by my bank business manager or whatever he's called to register with the above - it costs around 20 a month but after 2 weeks if you don't like it you can get your initial payment back.

It doesn't look initially like anything you can't find via businesslink or other sources but just wondered if anyone else uses it. I don't particularly want to register and put my card details etc in as I don't think the tools are anything special so under normal circumstances wouldn't bother.

However as I want him onside for a development loan soon I feel pushed into it as otherwise he may not support the loan application. I suspect he probably gets commission or something if I join it too. (or have I been on this site too long that I'm always suspicious???)

Does anyone use it and find it helpful? I'm thinking that it's worth it just till the loan is secured but that seems a bit silly and game-playing really!!

Thanks

paddyrg

Do you bank with NatWest/RBS? They seem to have a commercial interest in it.

elljay

Yes they do, NatWest in my case. Do you use it?

jexygirl

I think what paddy was pointing out, was the reason why you are being "encouraged" to join /part with your hard earned - your advisor will likely get commission, a tick in his "monthly targets" and the bank you are banking with gets some of your money back... as they have a commercial interest in it.
I would suggest that if you feel it is of no benefit to you what so ever, or you can use free resources providing the same info, then you politely give your supposed "business" manager a few website links, explain to him that your "business head" sees no reason to pay for information when it is freely available.

Obviously when looking at potential risks if they were lending to you, surely someone who will not be pushed, co erced or bullied into spending money unecessarily is a far better risk than someone who would... If you think you need him on side, and spending 20 quid will help to get a loan, then the loan is based on the wrong criteria and in that scenario I would say get another bank!

paddyrg

Yes, I mean if they won't give up pushing, change bank. It is not your interests he has at heart, and lumbering you with a £20/month cost seems unhelpful, unless the site looks worthwhile to you. For instance, maybe you want to use the templated legal agreements and are in an industry where they apply. I for one would never use a templated agreement if my own real lawyer hadn't read it first though - too much at stake without comeback!

texranger

I bank with Natwest for my business and my bank manager kept pushing me to a point i took it over his head as he would not listen and emailed the banks CEO. still the CEO letter i received bank highlighted the benefits of Smarta and they could arrange that i only pay £15 a month, so i wrote back and stated thank you for your offer i will inform the FSA of your tactics.
this was 6 weeks ago as so far i have heard nothing back from them (my bank), still debating if i should contacted the FSA or not.

bris

Just say no, business managers are no longer what they used to be, in fact they are just relationship managers now, a point of contact between you and upstairs who make all the real decisions.
The hard fact is a loan will be granted because of your assets and nothing else, the manager you see will write it all down, gather all the information on you and then send the loan application upstairs for approval. If you have good enough accounts or suitable assets then your loan will be approved, if not then it won't. Gone are the days when a manager could take a chance on you, this is why it's so difficult out there just now.

elljay

Thank you everyone, really helpful responses.

Carl_Windsor

Yep - got pressured into it by my business bank manager and registered reluctantly. Cancelled after 10 working days but because it was over Christmas they have refused to reimburse my DD. A very mean spirited way of generating revenue in my opinion. Words of warning 'Approach with caution' not a nice company to deal with. Certainly wouldn't recommend based on my experience.....