Striking a Balance Between Strategic Spending and Cost Control

The effects of the pandemic have been felt by organizations of all sizes. Small and medium-sized businesses (SMBs), in particular, find themselves in a precarious situation as they look for ways to shore up their finances, mitigate unnecessary risks and reduce costs to a minimum. Despite this, a recent survey1 by Aberdeen highlighted a lack of standardised finance policies among businesses with the recent rise of remote work environments. Efficient expense management, for example, can contribute significantly to maintaining organisational agility amidst the pandemic – a report2 commissioned by SAP Concur found that companies can save up to USD100,000 annually by reducing 10% of time spent on expense claims alone. What are the options available for SMBs to streamline their finance processes and create a positive impact on their bottom line? How do they strike a balance between making strategic business investments while controlling spending during this period of uncertainty? Jeremy Gray, Principal (Asia), The CFO Centre, and Mark Wilfred, Head of Solutions Consulting, Southeast Asia, SAP Concur, will cover key finance-related challenges facing SMBs today. Be part of this all-important dialogue and gain insights into how SMBs in Asia Pacific can make strategic financial decisions to gain a better footing heading into the new year. Some of the key topics to be covered over the discussion include: • Cost control vs. Strategic investments • Management techniques for spend control • Best ways to restructure businesses when necessary • Best practices for SMBs to manage costs