Statistics show that over 80% of business failures are due to cash flow problems, with 20% of small businesses failing within a year and a half within five years. This high failure rate highlights the critical need for education in not only financial management but also payments and banking. Through my work, I noticed a recurring issue: businesses often neglect payment and banking planning, leading to miscalculated risks and under-budgeted costs.
Prioritizing education about banking and payments is an investment in a business’s future. It prepares businesses to handle technological innovations, comply with regulatory changes, and implement effective strategies. This knowledge not only helps prevent failures but also opens up opportunities for growth and competitive advantage, ensuring long-term success in a rapidly changing world.
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