According to the new Small Business Report by Westpac and Deloitte, 58% of small- and medium enterprise (SME) owners said they would miss sleep over the festive season due to work, and 63% doubted they would have a chance to relax or wind down.
"In addition to sacrificing their wellbeing, small businesses are spending up to one working day every week chasing invoices. Cash flow is the lifeblood of any business and being able to manage it is extremely important, especially in the lead up to a busy period like Christmas. Westpac is here to help reduce a significant amount of time for businesses so they can have a more productive and relaxing Christmas, with our invoicing solution, Biz Invoice."
Westpac has launched the Biz Invoice, an integrated invoice payment platform that lets customers create and send invoices directly through Westpac online banking at any time.
"We know that many small businesses are doing it tough and making significant sacrifices to keep their business running over Christmas. This is a timely reminder for all of us when we're Christmas shopping to shop local and give back to the small business community because what they do is so vital to our economy," said Ganesh Chandrasekkar, general manager of SME Banking at Westpac.
Businesses need to stay positive and become innovation active in order to improve and remain competitive in the industry. By accepting such innovations, they can focus on important business aspects like improving their operations or offering new goods and services, and considering the big picture rather than the day to day of running a business.
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