2022: The Year for Growth – and Efficient, Automated Spend Processes

As we set off into a bright new year, it’s good to think about your plans for 2022 and lay down your foundations for business growth. Now, more than ever, is the time to look forward with a positive, proactive attitude.  

But what can you expect from the year ahead?  

What’s the Focus for 2022?  

According to a survey by Simply Business, 36% of SMBs said they felt positive about the future of their business, while 31% were confident about their business’s ability to adapt to new conditions, suggesting that many  are open to the kind of changes needed for growth.  

There’s also a strong indication that there will be a big focus on wellbeing and a positive employee experience this year. If a workforce is expected to return to the office, they will increasingly demand an improved work-life balance and better tools to support them in their day-to-day duties.  

Running a cashless business is high on the agenda too in 2022. But whilst, the Keep Cash campaign from The Telegraph Money emphasised how some of the issues with the demand for purely digital payments could effect some of the most vulnerable customers in society, the HMRC’s own research revealed that many SMBs themselves have a clear preference for digital payments. 
 

For SMBs to stay ahead of their competition, they are likely to need to adopt the models and systems of their larger counterparts. Participating in a recent Forbes interview, Carlos Then, of Mr Then Consulting LLC, suggested that: “small businesses need to set up toll-free numbers, interactive voice response systems and automations, and structure their businesses as if they are much larger than they are. This will be crucial to their success.” 

Indeed, consumers will continue to demand excellent digital experiences. Forrester suggests that eight out of ten consumers will see the world as all digital. Their recent survey discovered that customers accelerated their technology usage over the past two years, with 67% of those surveyed saying that they’d completed a new activity online and 44% having upgraded their home technology. The CEO of Intel, Patrick P. Gelsinger, in a recent interview with TIME magazine, describes the current acceleration of technology as a “digital renaissance” and stresses the need to drive forward innovation to improve people’s lives.  

There will also be an increasing focus on sustainability. With 80% of employees more inclined to work for an organisation with a robust sustainability policy in place, it’s essential to build in more responsible practices – from carbon offsetting to offering a wider variety of travel choices to your team.  

Getting Set for Success  

So, what do these predictions really mean for growing businesses and how can you get your business ready for success? It’s something we explore further in our new eBook, Six Ways to Grow Your Business with Spend Automation, where we highlight practical steps you can take to fuel future growth and explain the positive impact this will have on your business success.  

Our eBook covers many of the predictions raised for 2022 and how you can best achieve growth, whilst taking into account the essentials such as:   

• Improving employee experience 

• Boosting process and employee efficiencies  

• Optimising your digital capabilities 

Alongside maintaining control of cash flow, improving compliance and increasing your visibility of spend data.  

Six Ways to Grow Your Business with Spend Automation

What are the crucial next steps your business must take?

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A good place to start is with an end-to-end unified spend management solution which will ensure that everything that can be automated is automated, from receipt capture to mileage, all the way through to AP processes - providing you with a complete view of your finances. 

As your business grows you need to make sure your employees are on board with any changes you are likely to introduce. Take their needs into consideration when rolling out policies and tools to improve job satisfaction which will reduce the risk of non-compliant and fraudulent occurrences at the same time. By mitigating these risks with clear, guided processes, employees are more likely to respond and engage more favourably with any changes to their routine. And as flexible working is likely to continue for some time, digital, cloud-based tools can empower your team to work anytime, anywhere, with access to real-time information and 24/7 support. 

And finally, when embarking on business growth, if you haven’t already got a sustainability plan in place, now would be a good time to make sure it’s at the forefront of your strategy. Employees are demanding sustainable options, both for business travel and their day-to-day work which could make all the difference when recruiting and retaining the best talent. A good spend management solution embedded in your travel programmes can help you offer sustainable travel options by providing guidance on emissions, ethical supplier choices and sustainable transport alternatives when booking.  

Knowing where to start and what to tackle first can be a challenge but with the right finance automation partner, you’ll have the framework and support to grow your business. SAP Concur solutions automate and integrate your travel, expense and invoice processes into a single, connected experience that can be accessed on any device. They’re easy to implement and scale as you grow.  

For practical guidance on achieving business success this year, download our new eBook, Six Ways to Grow Your Business with Spend Automation.