// PREDICTIVE INTELLIGENCE //
SMALL BUSINESS , BIG IMPACT : MASTERING SPEND MANAGEMENT TO ACHIEVE GLOBAL SUCCESS
The UK economy remains in a period of slow growth . So , it is no surprise that many SMEs are looking to grow abroad . However , challenges outside the macroeconomic environment are holding them back . Immy Spence , Head of SME Growth at Airwallex , outlines how progressive businesses have an opportunity to turn these challenges into competitive advantages by focusing on three core areas .
ITH THE UK ECONOMY
W remaining in a period of slow growth , small business confidence has become ‘ very pessimistic ’, so it ’ s no surprise that over half of SMEs are eyeing the shores for growth over the next 12 months . However , challenges outside the macroeconomic environment are holding them back , namely managing and having visibility over global spend .
As 90 % of finance leaders are dissatisfied with their current systems – believing them to be inefficient and unreliable – there is a clear disconnect between spend management and the strategic direction of companies . This frustration comes from a lack of control , visibility and automation – issues often compounded by fragmented systems hindering business growth . The reality is that finance leaders in small businesses face significant hurdles in effectively managing their spending , and these must be addressed before they can truly unlock growth .
The adage ‘ time is money ’ is especially true for small businesses . Managing budgets and transactions across different regions can eat into their time and resources , especially when the processes are increasingly fraught with complexity . However , it ’ s not all doom and gloom – once finance leaders recognise the challenges traditional processes pose towards effective spend management and make a change , they can turn it into a competitive advantage .
Out with the old and in with the new tools
Small businesses in the UK seeking global growth cannot afford to be hamstrung by these inefficiencies in spend management , and 98 % of finance leaders know this
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THE REALITY IS THAT TRADITIONAL METHODS OF SPEND MANAGEMENT CANNOT KEEP UP WITH THE COMPLEXITIES OF CURRENCY FLUCTUATIONS , REGULATIONS AND CROSS- BORDER PAYMENTS .
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