If you want to survive and thrive in a small business during the pandemic, the number one thing you can do is to pivot to a digital-first mindset. That’s the upshot of the VISA Back to Business Study, which looks at how consumers and small businesses—from tiny one-person ventures to job-creating employers—are adapting to the current business environment by embracing digital payments. “Consumers are really demanding it, and small businesses are saying I have to support that going forward,” says Kevin Phalen, VISA’s head of global business solutions. “In many cases you have sole proprietors that have the same needs and desires as the 10-person small business and the 25-person small business.”Some small businesses have responded to these changing preferences quickly—and many are optimistic about the future. 82% of small businesses in the U.S. and 77% in Canada expressed optimism, compared to 75% globally.

Source: Forbes August 09, 2020 19:06 UTC