Guide to thriving in uncertain times

Uncertainty can feel paralysing, especially for small businesses. You’ve poured your heart and soul into building something special, and the thought of economic shifts can be unsettling. But fear not!

In this week’s Dynamic Business - Let’s talk edition experts provided practical strategies designed to help your SME not just survive challenging times, but thrive and find new opportunities amidst the uncertainty.

Fabian Calle, Managing Director, Small and Medium Business, ANZ at SAP Concur has offered some practical ideas for consideration:

“One key approach small and medium enterprises (SMEs) can adopt to maintain financial stability and foster growth in uncertain economic times is to enhance spend visibility and control. While completely freezing business spending can lead to missed opportunities and stagnation, strategic resource allocation based on thorough financial analysis can deliver significant benefits to the business and its bottom line.

“Investing in technology is critical for scalability and integration. Tools that can adapt to changing needs and integrate seamlessly with other systems let business leaders maintain operational continuity and respond to market demands. Automation plays a crucial role by streamlining financial processes, reducing errors, and providing real-time insights for swift and informed decision-making. Solutions that prioritise user experience also ensure that employees can use them effectively, maximising their potential benefits.

“Focusing on these strategies lets SMEs better navigate modern challenges and uncertainties, making them more resilient and better positioned to seize emerging opportunities. Automated travel and expense management solutions in particular, streamline financial transactions and enable individual users, finance teams, and business leaders to track and control spending with precision. This automation saves time and reduces the likelihood of errors, enhancing the overall efficiency of financial operations.”

Read the full Dynamic Business article for more business advice.