# Global Growth Strategies for Small and Medium-Sized Businesses (SMBs)
In the latest edition of Visa’s Global Back to Business Study, small and medium-sized businesses (SMBs) are shown to be looking beyond Main Street and prioritizing cross-border sales in their growth strategies. This global move is being powered in part by the adoption of new technologies by entrepreneurs, including digital payment solutions like cashless transactions. While the Covid-19 pandemic halted the growth plans of many small businesses, the study reveals that many entrepreneurs are back in gear and ready to explore new opportunities.
## The Small Business Mindset
The Global Back to Business Study showcases how SMBs are shifting their mindsets in several key areas:
### Focused on Global Expansion
– 79% of business owners surveyed are focusing their growth strategies on expanding into new geographies.
– Small in-store and online retailers are even more ambitious, with 90% seeing cross-border sales as an opportunity for growth.
### Embracing Cashless Solutions
– 95% of entrepreneurs have plans to transition to being cashless.
– 35% acknowledge that accepting new forms of payment is an opportunity to reach new customers.
### Increased Marketing Efforts
– To reach new customers, business owners plan to increase their social media presence (44%), offer new products or services (41%), and invest more in marketing in general (40%).
## The New Consumer Mindset
Understanding the current consumer mindset is critical for businesses looking to expand their reach and grow their customer base. The latest study reveals several key factors driving customer sales:
– 82% of shoppers have already used digital payments for an average of 58% of their shopping.
– 55% of consumers plan to increase their use of digital payment tools, and 40% plan to go cashless.
– 59% of consumers abandoned a shopping cart once they realized digital payments weren’t available.
## Small Business and New Technologies
In addition to adding digital payment solutions, 91% of small businesses are considering using automation and AI services to elevate their business against competitors in the coming year.
### Addressing Concerns
While adopting new tech solutions, many business owners express concerns about their abilities to keep up with changes in technology and consumer preferences, and about the potential impact of cyberattacks.
## Going Global: A Smart Move for SMBs
The Small Business Administration (SBA) emphasizes that small businesses are not too small to go global. The agency encourages entrepreneurs to engage in international business, stressing that selling internationally is a smart way to diversify customer base and protect businesses from market fluctuations.
In conclusion, it’s clear that small and medium-sized businesses are strategically positioning themselves for growth and expansion in today’s increasingly digital world. Transitioning to cashless solutions, embracing new technologies, and focusing on global expansion are key strategies for SMBs as they navigate the changing business landscape. With the right mindset and approach, SMBs can leverage global opportunities to drive business growth and success.
