UNIT 1.0 FLASHCARD Impact of COVID on Business Environment

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Impact of Pre-COVID Business Environment

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Traditional business operations, reliance on physical invoices, and face-to-face transactions.

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Impact of Post-COVID Business Environment

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Rapid digital transformation, increased online transactions, and reliance on automation.

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Challenges in Post-COVID Business Environment

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Supply chain disruptions, changing consumer behavior, increased competition.

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Opportunities in Post-COVID Business Environment

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Growth in online businesses, digital payment integration, improved automation.

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How businesses adapt to changes and e-invoicing

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Adaptation strategies include embracing digital tools, hybrid work models, and diversification.

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E-Invoicing automates the invoicing process.

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Reduces delays and improves cash flow.

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E-Invoicing enhances accuracy.

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Eliminates manual errors.

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E-Invoicing provides real-time financial tracking.

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Enables monitoring of financial activities.

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Understanding Business Life Cycle

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The Business Life Cycle refers to the stages that a business goes through from its inception to its possible decline or renewal. Understanding these stages helps business owners make informed decisions regarding growth strategies, cash flow management, and profitability enhancement.

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Business Life Cycle Diagram

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Diagram illustrating the stages of the Business Life Cycle: Introduction, Growth, Maturity, and Decline.