Mastercard: Empowering Small Businesses Across Europe To Thrive
Small businesses are the backbone of their communities, serving local needs, employing local people, and generating wealth in their local economies.The Mastercard Center for Inclusive GrowthNORTHAMPTON, MA / ACCESSWIRE / December 7, 2023 / Across …
Small businesses are the backbone of their communities, serving local needs, employing local people, and generating wealth in their local economies.
NORTHAMPTON, MA / ACCESSWIRE / December 7, 2023 / Across Europe, small businesses are a powerhouse of entrepreneurial spirit and resilience, weathering the many challenges of recent years. Despite difficult economic and political conditions with inflation and rising interest rates, and the outsized impact of the COVID-19 pandemic on small businesses, many remain optimistic about their role in our growing digital economy.
While a Mastercard survey of small businesses across Europe in summer 2023 saw 55% of small businesses expecting growth in the year ahead, they were also clear about the obstacles that stand in their way, including an increased reliance on digital technology and AI, a greater focus on sustainability, and the challenges of building a happy, productive workforce. To reach their goals, small businesses must be given the help and support they need - and with the backing of Mastercard Strive EU, we hope they'll have every chance to grow and thrive.
Embracing a digital future
Digitization has transformed businesses in recent years, whatever their size, but there are significant inequalities[1] between large and small companies when it comes to digital adoption. Despite a gap between big players and smaller firms, many small businesses do feel ready to participate in a digital economy - altogether, 82 percent of those surveyed are either very or somewhat prepared, compared to only 2 percent who feel completely unready.
Technology and digital tools are viewed as a key driver for growth. We've found that 40% of businesses view using technology and modernizing their organization as a way to improve and expand their business.
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Many of those surveyed have already begun a journey of modernization and technological adoption, with the COVID-19 pandemic as a key driver for making these changes. Use of finance and invoicing software, cloud-based services and project managing tools have all increased in recent years as businesses adapted to changing work environments and customer demands. Small businesses have also changed their approach to payments to keep up with changing attitudes, embracing a variety of options including cards, digital, and cash. Digital payments are now the preferred payment option for 25% of small businesses.