On 12 November 2020, Facebook released the fifth edition of its Global State of Small Business Report. The report takes a closer look at how the smallest businesses are facing the challenges brought about by the coronavirus pandemic. To get an in-depth analysis, Facebook surveyed over 25,000 small business leaders from 50 different countries, and they partnered up with the Organization for Economic Cooperation and Development.
According to the report, “micro businesses” or businesses run by “solo-preneurs” have been more likely to see a dip in sales or close down compared to small businesses with employees. Facebook also found that 49% of micro-businesses were run by females compared to 26% of businesses that have ten or more employees.
This is what Facebook had to say:
“Overall, SMBs continue to face an environment of reduced demand and limited sales opportunities. 56% of operational SMBs reported lower sales in September compared to the same 30-day period in 2019.”
You can read the full report here.
Implications for Marketers:
By analyzing the report, brands and marketers can analyze and keep informed on what has been happening to SMBs across the globe, and they can plan their next moves with regard to their respective businesses.