{"id":18448,"date":"2023-10-23T23:57:25","date_gmt":"2023-10-23T23:57:25","guid":{"rendered":"https:\/\/mysourcefunding.com\/startups\/survey-reveals-small-business-growth-strategies-and-theyre-ambitious\/"},"modified":"2023-10-23T23:57:27","modified_gmt":"2023-10-23T23:57:27","slug":"survey-reveals-small-business-growth-strategies-and-theyre-ambitious","status":"publish","type":"post","link":"https:\/\/mysourcefunding.com\/?p=18448","title":{"rendered":"Survey Reveals Small Business Growth Strategies\u2014And They\u2019re Ambitious"},"content":{"rendered":"<div>\n<p><strong><em>By Rieva Lesonsky<\/em><\/strong><\/p>\n<p>Small and micro businesses (SMBs) are looking \u201cbeyond Main Street\u201d and \u201cplan to prioritize cross-border sales,\u201d according to the seventh edition of Visa&#8217;s Global Back to Business Study. And it\u2019s not only American businesses that have global growth in mind. The study examined consumers and small businesses in 10 international markets: Australia, Brazil, Canada, Germany, Hong Kong, Ireland, New Zealand, Singapore, United Arab Emirates (UAE), and the United States.<\/p>\n<p>The global move is powered, in part, by the adoption of new technologies by entrepreneurs, including digital payment solutions like cashless transactions. This is critical because the survey also reveals that 55% of consumers expect to increase their use of digital payments this year.<\/p>\n<p>The Covid-19 pandemic halted the growth plans of many small businesses. But many entrepreneurs are back in gear. Jeni Mundy, Visa\u2019s global head of merchant sales and acquiring, says they\u2019re \u201cseeing the small business mindset shift from survival mode to growth mode, as SMBs harness the power of digital payments to improve efficiencies, reach new audiences and simply thrive in today\u2019s increasingly digital world.\u201d<\/p>\n<p>Mundy adds, \u201cIt used to be that only big businesses could scale to access customers across the country or around the world, but today\u2019s small business owner can be virtually borderless.\u201d<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><strong>The latest small business mindset<\/strong><\/h2>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad><\/p>\n<p>The Global Back to Business Study shows how many SMBs are shifting their mindsets:<\/p>\n<h3 class=\"subhead3-embed color-body bg-base font-accent font-size text-align\"><strong>Ready to explore the world<\/strong><\/h3>\n<p>Seventy-nine percent of the business owners surveyed say they\u2019re focusing their growth strategies on \u201cexpanding into new geographies.\u201d Small in-store and online retailers are even more ambitious, with 90% saying they see cross-border sales as an opportunity for growth.<\/p>\n<p>And the world is ready\u201472% of consumers say they\u2019re already comfortable making global purchases. Some consumers were still hesitant about shopping globally but said card protection (50%), positive reviews (43%), and shipping assurances (34%) would increase their comfort level and encourage them to make global purchases.<\/p>\n<h3 class=\"subhead3-embed color-body bg-base font-accent font-size text-align\"><strong>Plan to go cashless<\/strong><\/h3>\n<p>This is an aspiration for nearly all the small businesses surveyed\u201495% of entrepreneurs say they plan to be cashless \u201csomeday.\u201d But some of the small companies are more motivated\u201435% acknowledge that accepting new forms of payment is an opportunity to reach new customers, and 51% plan to shift to \u201cbeing cashless\u201d in the next two years by accepting the use of mobile payment apps (55%), mobile wallets (50%), and contactless cards (36%).<\/p>\n<h3 class=\"subhead3-embed color-body bg-base font-accent font-size text-align\"><strong>More marketing<\/strong><\/h3>\n<p>To reach new customers, the business owners surveyed plan to increase their social media presence (44%), offer new products or services (41%), and invest more in marketing in general (40%).<\/p>\n<p><strong>More articles from <\/strong><strong data-ga-track=\"ExternalLink:https:\/\/allbusiness.com\/\">AllBusiness.com<\/strong><strong>:<\/strong><\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><strong>The new consumer mindset<\/strong><\/h2>\n<p>No matter who or where your customers are, it\u2019s critical that you understand the current consumer mindset. Eighty-two percent of shoppers say they\u2019ve 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. In addition, 59% of consumers abandoned a shopping cart once they realized digital payments weren\u2019t available.<\/p>\n<p>Another factor driving customer sales is sustainability\u201468% of consumers say a company\u2019s sustainability practices have at least \u201csomewhat of an impact\u201d on their decision to purchase from them. And 77% say they will pay more for sustainable products and services.<\/p>\n<p>In addition to shopping globally, the consumers surveyed plan to invest their time and money locally. Nearly half (49%) say they will support their local economies and shop more at local businesses in the coming year, and 44% plan to make personal connections in their communities. If you own a brick-and-mortar retail store, consumers expect you to accept contactless cards (57%), mobile payment apps (49%), and mobile wallets (49%).<\/p>\n<p>Also, digital payments encourage local customers to tip more often, with 77% of consumers saying they\u2019ve noticed that more stores accept (and even encourage) using digital payments for tips, and 43% of those consumers felt more pressure to tip.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><strong>Small business and new technologies<\/strong><\/h2>\n<p>In addition to adding digital payment solutions, 91% of the small businesses are \u201cat least somewhat likely\u201d to consider using automation and AI services like ChatGPT over the next 12 months \u201cto help elevate their business against competitors.\u201d<\/p>\n<p>Adopting new tech solutions is a somewhat scary concept for most of the business owners surveyed. Only 33% say they\u2019re \u201ccompletely confident\u201d in their abilities to evolve their businesses and \u201ckeep up with changes in technology and consumer preferences.\u201d Far more (67%) say they\u2019re less confident about tackling those tasks.<\/p>\n<p>Many of the small businesses surveyed are also concerned about cyberattacks\u201467% say they don\u2019t think their companies could fully recover from a fraud incident or cyberattack.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><strong>SMBs are &#8220;not too small to go global&#8221;<\/strong><\/h2>\n<p>The Small Business Administration (SBA) encourages entrepreneurs to do business internationally, stressing that small businesses are \u201cnot too small to go global.\u201d The SBA says small businesses that engage in exporting \u201care more likely to increase their bottom lines, expand their footprints, grow at higher rates, and employ more people.\u201d<\/p>\n<p>The agency adds that selling internationally is a smart way to diversify your customer base while protecting your business from the \u201cebbs and flows\u201d of the U.S. market.<\/p>\n<p><strong>About the Author<\/strong><\/p>\n<p><em>Rieva Lesonsky is CEO of GrowBiz Media and <\/em><em data-ga-track=\"ExternalLink:http:\/\/smallbusinesscurrents.com\/\">SmallBusinessCurrents.com<\/em><em> and has been covering small businesses and entrepreneurship for over 30 years. Get more insights about business trends by signing up for her <\/em><em data-ga-track=\"ExternalLink:https:\/\/smallbusinesscurrents.com\/subscribe\/\">free <\/em>Currents<em data-ga-track=\"ExternalLink:https:\/\/smallbusinesscurrents.com\/subscribe\/\"> newsletter<\/em><em>.<\/em><\/p>\n<p><strong>RELATED: <\/strong><strong data-ga-track=\"ExternalLink:https:\/\/www.allbusiness.com\/digital-transformation-challenges\">5 Digital Transformation Challenges and How Small Businesses Can Overcome Them<\/strong><\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/allbusiness\/2023\/10\/23\/survey-reveals-small-business-growth-strategies-and-theyre-ambitious\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Rieva Lesonsky Small and micro businesses (SMBs) are looking \u201cbeyond Main Street\u201d and \u201cplan to prioritize cross-border sales,\u201d according to the seventh edition of Visa&#8217;s Global Back to Business Study. And it\u2019s not only American businesses that have global growth in mind. The study examined consumers and small businesses in 10 international markets: Australia, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18449,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[77],"tags":[],"class_list":{"0":"post-18448","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-startups"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Survey Reveals Small Business Growth Strategies\u2014And They\u2019re Ambitious | Brandiary<\/title>\n<meta name=\"description\" content=\"By Rieva Lesonsky Small and micro businesses (SMBs) are looking \u201cbeyond Main Street\u201d and \u201cplan to prioritize cross-border sales,\u201d according to the seventh\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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