Business and finances

A great business idea, a company founded on its basis, rapid development, horizons of new markets and constantly growing profits - an idyllic picture of a successful business. Too good to be true? A successful idea and growth are truly inspiring factors, financial experts agree. However, they remind us of an important point - in the idyll of business growth, quite simple fundamentals such as financial flow management are sometimes forgotten.

Three of the threats uppermost in the minds of business leaders in the mid-market were inflation, cyber attack, and economic slowdown.

Many economies around the world are preparing for a rather unusual recession. One that is characterised by conditions usually associated with a boom, such as low levels of unemployment (instead of increasing levels) and central banks raising interest rates (instead of cutting them). These unusual characteristics combined with what many commentators expect to be a shallow and short recession, could mean the ‘usual’ response to a recession may not be the right course of action for businesses.

New research from Grant Thornton reveals how mid-market businesses globally are failing to take adequate steps to protect their business against the threat of inflation. The research coincides with the release of Grant Thornton’s “Essential action plan for managing in inflationary times” and highlights that around three-quarters of businesses globally have not taken the actions we are recommending.

The law transposes the EU directive into Lithuania, Latvia and Estonia law and entails an obligation for organizations to create internal and external reporting channels for reporting internal misconduct. The infringements that whistleblowers can report are very different – breaches of procurement procedures, internal fraud, breaches of environmental requirements, and so on.

"Blockchain is not the solution to everything," warns Wayne Pisani, head of financial services at Grant Thornton Malta. "Rather, it is typically part of a solution to a situation you might already have and are using multiple processes which you want to simplify.