Mastercard: Empowering Small Businesses Across Europe To Thrive - Seite 2

The uptake of AI and machine learning is another key development and a huge opportunity for small businesses. However, taking full advantage of tools like AI requires support, mentoring and education so that these businesses can recognise the benefits.

Pushing towards sustainability

Another change that small businesses must wrestle with is a drive to become sustainable. While facing challenges affecting their bottom lines, from increasing competition to stabilizing their supply chains, more than one in ten (14 percent) still cite becoming more sustainable as the biggest challenge their business in facing.

The pressure is driven by consumers, who increasingly look for more sustainable options in what they buy, and who they buy it from. More than half of consumers in a Mastercard survey[2] said they would prioritize spending with brands who reveal their carbon footprints, showing the value of transparency and prioritizing business practices that put the planet first.

Investing in people

While technology and sustainability both pose challenges - and opportunities - for small businesses, the single largest issue highlighted by respondents to the survey is the difficulty in finding and retaining good employees. Altogether, 29 percent of small businesses flagged it as their greatest challenge, showing the importance of finding and developing good people, and focussing on their wellbeing.

The pressures of small businesses, where multiple responsibilities can fall to just a few people, means that creating a healthy working environment can be difficult. One of the potential solutions to addressing both the search for talent, and improving employee wellbeing, is training and education for staff. 42 percent of businesses surveyed said they saw this as a useful avenue to help them improve their workforce, and grow their offering.

Striving to help

With these challenges, SMEs need greater access to funding, mentorship, and guidance.

This is where Mastercard Strive can make a difference. Since 2021, Mastercard Strive, a portfolio of philanthropic programs supported by The Mastercard Center for Inclusive Growth, has developed partnerships and delivered grants that help small businesses thrive in the digital economy, whether through accessing capital, growing their networks, or building their skills and knowledge.

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