Why investing in new tech can give your franchise business a competitive edge
Why investing in new tech can give your franchise business a competitive edge
Spenda 20 February - 4 min read
According to Bloomberg’s December 2022 survey of economists, the likelihood of a recession in 2023 stands at 70 per cent. While some companies may choose defensive, cost-cutting measures to weather the downturn, investing in process improvements — or choosing to go on the offensive — can not only realise efficiencies, but it can give franchise businesses a competitive edge too. Further, with many technology companies operating on a SaaS model, there is little upfront investment required to implement new technology. Keep reading to learn why investing in new systems can give your franchise business the right tools to succeed into the future.
For businesses across all industries, improved accounts payable and accounts receivable processes can deliver efficiencies that drive growth. This growth comes from upgrading payment systems and processes to improve productivity and strengthen cash flow.
Digital transactions and evolving financial technologies have dominated digital transformation in recent years. And while these developments are helping businesses to work smarter, cash flow management remains critical. The fundamental principles of monitoring cash inflows and outflows help businesses ensure that their finances are strong so they can meet their ongoing operating expenses and plan investments in growth.