Adrian Floate 17 December - 4 min read
If 2020 has taught business owners anything, it is the importance of being agile and resilient.
For most businesses, the past year was a whirlwind of adapting and pivoting, such as introducing working from home arrangements and fast tracking eCommerce.
As we move towards 2021, now is an ideal time to reflect on past challenges and set goals to build a thriving business model that is capable of adapting to changing circumstances.
Tips to build a resilient business in 2021 include:
Chasing late invoice payments is a burden for any business, and still, more than half of B2B payments in Australia continue to be processed late, costing businesses, on average, $115 billion every year.
When you’re running a large operation with hundreds of invoices processed each month, the resources required to manage your payments grow quickly, especially when ageing receivables become a problem. While customers may not pay their invoices for various reasons, it happens too often, causing a range of challenges and increased risk.
Digital payments helped businesses get paid safely and efficiently throughout the COVID-19 lockdowns and associated restrictions. But as economies reopen many challenges still face businesses including supply chain disruptions, the ‘great resignation’, rising inputs such as fuel, and the expense of reopening. These business challenges make now an opportune time to build on the processes optimised throughout the pandemic, especially across B2B trade.
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