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:
Many things need to be operating successfully for a profitable business, but the most important factor is cash flow management. Without adequate cash flow, it becomes difficult to pay suppliers, manage stock and cover the everyday expenses of running a business.
As businesses have started using technology more, online payment fraud has become a common problem. Email payment fraud is one of the most common and costly online scams.
Australian small to medium businesses (SMEs) have a cash flow problem and despite government legislation implemented on 1st January 2021, many may not survive if lockdowns and trading restrictions continue.
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