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BizReport : Advertising archives : August 29, 2016

Report: US small businesses pushing international

Small business owners in the US are pushing into the international marketplace. That's the takeaway from new USForex data which indicates that half of SMB owners surveyed for their new report have both customers and suppliers who are international.

by Kristina Knight

"In the next 12 months, nearly three quarters (72%) of SMB executives surveyed expect to take on new international customers, with 52% expecting to take on new suppliers and vendors abroad. And fully 41% expect to take on new or added overseas employees," was written in the report. "Regarding growth, 72% of SMBs are expecting to add new international customers, up from the 58% who reported international customers today."

Other interesting takeaways from the USForex report include:

• Just over one-third of global customers are in either Canada or the UK
• 72% of SMBs expect to gain more international customers within the next year
• 52% expect to gain more international suppliers/vendors

As to why SMBs are looking to the global marketplace over half (52%) say they are looking for higher quality suppliers and 41% say they're looking for better talent.

Where are US SMBs looking to expand? About 20% are looking to the UK, China and Canada while about 15% are looking into Mexican expansion, and most (96%) say they 'are confident' in the global marketplace. But, they are leery of certain marketplaces including:

• 37% believe Asia will be the most difficult market in which to expand
• 30% believe the EU will be the most difficult
• 24% say the Latin American marketplace will be the most difficult

Tags: ecommerce, small business trends, SMB tips, SMB trends, USForex

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