From XU Magazine, 
Issue 32

Maintaining business growth during challenging times

This year has been fraught with challenges for many businesses, as world events, inflation, and rising costs have created countless global issues. With the global financial market facing a potential recession, leaders may wonder how to safeguard their businesses through such times.
This article originated from the Xero blog. The XU Hub is an independent news and media platform - for Xero users, by Xero users. Any content, imagery and associated links below are directly from Xero and not produced by the XU Hub.
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Despite the doom and gloom, there are always opportunities, even in trying circumstances. So, here are a few tips to help you build resilience and maintain your business through challenging times.

1. Expect the unexpected 

As we’ve seen these past two years, world events have a considerable capacity to impact business, which is why you need to get comfortable with the uncomfortable as a business owner. Our new-normal in business is to be constantly prepared for the worst, like wars, climate change or COVID-19, so being ready for anything and keeping your customers calm during uncertain times is essential. 

2. Aim high! Don’t allow world events to dampen your goals

Economic and business confidence has never been lower, with inflation and rising prices crippling the financial market. With all that has happened this year, it’s no surprise many are feeling flat, but from darkness often comes innovation. Don’t let current affairs ruin your goals and business ambitions. While your plans may not unfold as you’d hoped, there might be new ways of achieving them using technology or alternative methods. Maintain your positivity as your customers, staff and business contacts will feed off this energy. 

3. Embrace digitalisation and tech  

Embracing digitalisation is paramount in our new-normal post-pandemic world. Likewise, your customers expect you to have up-to-date tech and online practices, to match the market. It’s a good time of year to do a tech audit of your business after EOFY and see where you could save time and/or money. While it may initially cost you, creating smoother, faster and easier processes will improve your business exponentially in the long run. 

4. Find the right online payments solution

Ensuring you have the suitable systems to take and accept online payments is essential for your business’s success. Given the global shift to digital, moving your payments online will ensure you can track data more efficiently and integrate that information into your business plans and strategies. You may also wish to pass on the cost of processing card payments to your customers. Look for vendors who offer surcharging as a part of their Xero integration. 

Getting paid by your customers, merchants or clients as a small business owner is essential, so setting up suitable online payments systems will give you greater transparency on your business transactions, inventory, cash flow and financial insights.

Why leave it there?

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