# Small Business Global Growth Guide
The seventh edition of Visa’s Global Back to Business Study reveals that small and medium-sized businesses (SMBs) across the globe are prioritizing cross-border sales and looking to expand their growth strategies. This shift is driven by the adoption of new technologies, including digital payment solutions, as entrepreneurs strive to thrive in today’s increasingly digital world.
## International Market Expansion
The study, which examined consumers and small businesses in 10 international markets, including the United States, shows that 79% of business owners are focusing their growth strategies on expanding into new geographies. In addition, 90% of small in-store and online retailers see cross-border sales as an opportunity for growth, indicating a global mindset among SMBs.
## Cashless Transactions
A key aspiration for nearly all small businesses surveyed is the transition to cashless operations. 95% of entrepreneurs plan to be cashless “someday,” with 35% acknowledging that accepting new forms of payment is an opportunity to reach new customers. Additionally, 51% plan to shift to being cashless in the next two years by accepting the use of mobile payment apps, mobile wallets, and contactless cards.
## Marketing and Social Media Presence
To reach new customers and enhance their global presence, small business owners plan to increase their social media presence, offer new products or services, and invest more in marketing in general. This emphasis on digital marketing and social media will be crucial for SMBs seeking to expand their customer base and reach a global audience.
## Consumer Mindset
Understanding the current consumer mindset is crucial for small businesses. With 82% of shoppers already using digital payments for the majority of their purchases, it’s clear that digital payment tools are becoming increasingly essential for businesses. Additionally, sustainability practices have a significant impact on consumer purchasing decisions, with 77% willing to pay more for sustainable products and services.
## Small Business and New Technologies
In addition to adopting digital payment solutions, 91% of small businesses are considering using automation and AI services to elevate their businesses against competitors. However, many business owners express concern about their ability to keep up with changes in technology and consumer preferences, highlighting the need for further education and support in this area.
## Going Global with Small Business
The Small Business Administration (SBA) encourages entrepreneurs to engage in international business, emphasizing that small businesses are “not too small to go global.” Engaging in exporting can lead to increased revenue, business expansion, and higher employment rates for small businesses.
Selling internationally can also protect small businesses from the fluctuations of the U.S. market, providing a valuable opportunity for diversification and growth.
In conclusion, the global expansion of small businesses presents a wealth of opportunities for growth and success. By embracing new technologies, prioritizing cross-border sales, and understanding the evolving consumer mindset, small businesses can thrive in the digital era and expand their presence on a global scale.
