# Exploring Global Business Growth Opportunities for Small and Medium-Sized Businesses (SMBs)
Small and medium-sized businesses (SMBs) are increasingly expanding their growth strategies beyond Main Street and prioritizing cross-border sales, as highlighted in the seventh edition of Visa’s Global Back to Business Study. The study examined consumers and small businesses in 10 international markets and revealed a global move that is powered by the adoption of new technologies, including digital payment solutions like cashless transactions.
## The Shifting Small Business Mindset
The Global Back to Business Study highlights a significant shift in the mindset of SMBs, showing that many are ready to explore the world and are prioritizing the following growth strategies:
– **Expanding into New Geographies:** 79% of the business owners surveyed are focusing their growth strategies on expanding into new geographies.
– **Cross-Border Sales:** 90% of small in-store and online retailers see cross-border sales as an opportunity for growth.
– **Embracing Cashless Transactions:** 95% of entrepreneurs aspire to be cashless, with 35% acknowledging that accepting new forms of payment is an opportunity to reach new customers.
## Understanding the New Consumer Mindset
In addition to the shifting small business mindset, it is crucial to understand the current consumer mindset. Key insights from the study include:
– **Digital Payment Preferences:** 55% of consumers plan to increase their use of digital payment tools, and 40% plan to go cashless.
– **Impact of Sustainability Practices:** 68% of consumers say a company’s sustainability practices have at least “somewhat of an impact” on their decision to purchase from them.
– **Local Support and Shopping:** 49% of consumers plan to support their local economies and shop more at local businesses.
## Small Business and New Technologies
While embracing global growth opportunities, SMBs are also looking to adopt new technologies to elevate their businesses and stay competitive, with 91% of small businesses considering using automation and AI services over the next 12 months. However, it is essential to note that many business owners express concerns about their abilities to evolve their businesses and keep up with changes in technology and consumer preferences, as well as potential cyberattacks.
## Encouraging Global Business Expansion
The Small Business Administration (SBA) stresses the importance of small businesses engaging in international business, highlighting the benefits of diversifying customer bases and protecting businesses from market fluctuations.
In conclusion, SMBs are embracing global growth opportunities, leveraging new technologies, and adapting their mindsets to thrive in an increasingly digital world. With a focus on expanding into new geographies, embracing cashless transactions, understanding consumer preferences, and adopting new technologies, small businesses can seize international growth opportunities and truly become “not too small to go global.”
