The 2024 SMB Ambitions Barometer, conducted by Payoneer in collaboration with Oxford Economics, sheds light on the progress, challenges, and goals of small- and medium-sized businesses (SMBs) worldwide. Surveying 3,779 decision-makers across 15 countries and 16 industries, the report highlights that globalization remains a key factor for SMB growth, with 46% of their customer base now international. However, many SMBs still face obstacles, such as limited information about foreign markets and payment complexities. While international expansion offers benefits such as increased innovation and improved financial performance, a significant portion of SMBs struggle with cross-border payment solutions and remain underprepared for global economic disruptions.
The survey also reveals that SMBs are increasingly diversifying their vendor networks, with the average number of vendors doubling compared to 2023. APAC leads the way in vendor growth, and Turkey has seen a 60% rise in vendor numbers over two years. Nonetheless, SMBs report concerns about inflation, cyber threats, and economic instability, with less than half feeling somewhat prepared to handle these challenges. Gen Z-led SMBs lag behind in cross-border payment capabilities, further complicating their global aspirations. Despite these hurdles, SMBs continue to push for globalization, driven by the potential for revenue growth and enhanced competitiveness.
