Steady your business for the era of reinvention

40% of leaders believe that their business will not be economically viable a decade from now if they continue on their current path². In our ‘Steady your business for the era of reinvention’ we propose how you can thrive and survive in an evolving economy, we outline key principles for business leaders within investing, protecting, and partnering to help safeguard your business in uncertain times.

Thrive and survive in an evolving economy

Between disruption of supply chains, the impact of commodity markets on domestic growth, and runaway inflation, it’s clear that these are turbulent times for us all. In a recent global survey of business leaders, 69% of respondents described the global outlook for the next two years as ‘consistently volatile’.¹ Looking further down the line, 40% of leaders believe that their business will not be economically viable a decade from now if they continue on their current path.² How can you unlock economic opportunities when faced with so many challenges?

Understanding the customer impact

Economic instability affects customers as well as businesses and learning the right consumer insights will be critical in helping you meet their evolving needs. Creating deeper empathy and getting a better idea of their financial concerns has driven businesses to re-evaluate their engagement offerings in order to ease the burden on consumers.⁶

Leading the way through challenging times

To remain steady, it’s important for leaders to take bold action to help their organization adapt to the rapidly evolving business landscape. It means investing in evolving technologies to secure the present and prepare for shifting customer expectations. Steady also means utilizing the proven experience of others who have survived similar challenges and emerged stronger. Leaders need to leverage three key business principles to help make their business recession proof: invest, protect, and partner.

Invest in the moment to take your business forward

Don’t let an uncertain economy fool you: there are plenty of business opportunities at hand. To capitalize on them you need to make investments that maximize growth, profitability, and resilience. According to a Forrester report, those who prioritize these investments “while cutting spending in areas prone to waste and maintaining experiments with emerging technology” will come out on top in 2023.³

Protect your business, your customers, and your future

It is predicted that by 2026, e-commerce will make up close to a quarter (24%) of all global retail sales.⁴ While this rise is good news for retailers, it also signals an opportunity for fraudsters and more reason for businesses to protect themselves and their customers. E-commerce fraud management, according to fraud prevention specialists, is critical to improving customer experience, increasing revenue, expanding into new markets, and achieving an organization’s digital transformation initiative.⁵

Partner with proven experience

Leaders don’t have to forge ahead alone. Working alongside a trusted partner with proven experience can be invaluable to staying steady through turbulent times. Besides offering global scale, local expertise, and proprietary market insights, partners can also share their knowledge of the business’s unique circumstances and customer needs to increase sales and expand their market share.

Going steady for success

Ready to secure your future and stay steady through difficult times? Discover why a modern payments solution is key to overcoming challenges and emerging more confident and resilient than ever.

Download this eBook to take a closer look at how you can invest, protect, and partner to spark growth and thrive both today and tomorrow.