As we transition to an endemic phase, the question is: Are businesses ready to transition to the new normal?
“In 2022, we expect to see a more focused approach to digital adoption from small businesses. Some will look to digital tools to expand their customer base and facilitate relationships in the face of an evolving regulatory environment. Others will seek out technology that enhances innovation and supports the development of new products and services.
“As the economy recovers from the impact of Covid-19, businesses are looking to switch gears and optimise their current resources for growth. Cloud technology and tools such as artificial intelligence can play a key role in this, enabling businesses to make informed decisions based on up-to-date data,” said Nandes,
“According to International Data Corporation , at least 20% of small businesses globally will cease operations by 2025 if they don’t digitise fast enough,” said Nandes.“At Xero, we help small businesses with the tools they need to survive and remain resilient in the next phase of their business journey. For instance, InTune Outsourcing used Xero to completely migrate its desktop software and servers to the cloud before the pandemic.
Additionally, having all of one’s financial statements and documents in one place simplifies the process of accessing capital – whether in the form of government grants, bank loans or investments.