Jason talks to Justin Adler, co-founder of NorthOne. It is an online Business Account with built-in features to make business banking fast and easy. Justin helps people with this entire profit for a system, they put people in envelopes or supplements, but nevertheless it's basically splitting up by dollars or percentages and making sure that when the taxman comes calling the money sitting there when payroll comes, it's done which is fantastic.
Episode Highlights
- 0.54: When launching NorthOne Justin Adler's goal was to transform what would be a really burdensome experience of traditional banking into one that's simple, fast and efficient. NorthOne is like Uber for banking and financial management.
- 04.19: When setting up his business Justin visited several places and did in-depth research. He realized that the problems we seen growing up were so widespread and so commonplace and they really resulted from the fact that small business owners are generally really good at what they do. They are great at your craft, but they are so ill prepared and ill set up for the financial management side.
- 06.16: By launching NorthOne, Justin aimed to remove the opportunity cost of doing day-to-day banking from the business owner so that we could turn the really burdensome banking experience for small business owners.
- 07.50: Justin co-designed a feature called the Northland profit first envelope system. This allows the small business center to literally, with one click on drag and drop, an automatic budgeting system so that whenever they deposit money, the correct amount is sequestered for things like rent, payroll, taxes.
- 11.02: As per Justin, one of the biggest threats to the economy today is the failure rate of small businesses.
- 13.13: One of the big features that Justin and his team worked on this year has been really about defining more convenient ways for folks to get paid and make payments.
- 16.09: Justin says that they focused on integrations that really allowed the bank account to do what it does best.
3 Key Points
- Justin shares how he has built a system to basically implement the entire cash flow model.
- Many small business owners use cash basis accounting to make decisions for what they can, what they can afford, what they can buy. A lot of what Justin has also focused on this year has been building integrations so that the business center can get a wider circumference and expand on the view of what's going on in their business through the Northwest Bank account.
- Justin shares how he sees the future of the product and the best way to serve the customer. NorthOne is a platform that really kind of connects that small business center to a variety of different proxy tools and services that they need.
Tweetable Quotes
- "NorthOne is a digital challenger bank specifically made for the needs of small business owners across the country." – Justin
- "We worked with our team to really figure out how to take that functionality ACH and take it as fast as possible." – Justin
- "We have always stood behind the idea that if you make a product service, it's good customers should be happy to pay a fair price for it." - Justin
Resources Mentioned
- Facebook – Jason Pereira's Facebook
- LinkedIn – Jason Pereira's LinkedIn
- Woodgate.com – Sponsor
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