Meta went public today with its ‘Global State of Small Business Report’. The company’s analysis entailed around 22,000 small-scale firm leaders that arose from more than 30 different nations. And through this, they were able to gauge the reality of entrepreneurs arising from different regions.
In the new report, there was much talk about how the pandemic may well be over but one of the biggest obstacles for such firms is the current economic uncertainty. Inflation has skyrocketed and the economy of most places is in shambles.
About 20% of small firms have indeed shut down and the countries where the most closure took place were North Africa as well as the Middle East. But regions like North America didn’t see many of the adverse effects such as complete shutdowns. Moreover, in the last 6 months, around 15% of SMBs (small to medium-sized businesses) say they were left without any choice but to raise their prices by a staggering 20%.
The challenges and struggles were plenty and small-scale firms are continuing to be more flexible and fight their way through the many roadblocks. A lot of them have resorted to digital tools through which communication with audiences is done. There are more advanced marketing strategies up for grabs where 42% use ads while 36% are using them for sales of their products.
Digital tools are really a great way to drive sales for multiple firms as the report proved. The businesses out there are really diverse and to cater to so many communities using historic strategies was not possible. Moreover, the report saw how about 70% of diversity-led small firms in America had trouble with sales in the past month when compared to their counterparts who were non-minority firms.
Yes, the economy isn’t getting a whole lot better, anytime soon, and it’s affecting the entire business community including small firms. However, the main factor worth consideration has to be linked to how much optimism such companies have in the first place. 59% of small-business are showing signs of strength and fighting back in today’s unprecedented times.
They aren’t quitting, that’s for sure. We feel the survey by Meta was a good eye-opener for entrepreneurs working at a small scale. Seeing how many of them are resorting to digital tools to find better opportunities is very interesting.
Meta has tried to shed light on how they’re also providing a platform for such SMBs to succeed with innovation in the digital world. With the right use of newer and more advanced systems at hand, nearly 200 million firms continually used the firm’s platforms to reach out to their designated target audiences.
The potential for growth has been immense so far and Meta is giving its users an outlook on just that so it’s easier to understand what it’s been up to.
All in all, the figures recorded currently in terms of complete shutdown witnessed a slight drop to that seen in March of this year. And that’s a clear sign that the situation could improve even more soon.
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In the new report, there was much talk about how the pandemic may well be over but one of the biggest obstacles for such firms is the current economic uncertainty. Inflation has skyrocketed and the economy of most places is in shambles.
About 20% of small firms have indeed shut down and the countries where the most closure took place were North Africa as well as the Middle East. But regions like North America didn’t see many of the adverse effects such as complete shutdowns. Moreover, in the last 6 months, around 15% of SMBs (small to medium-sized businesses) say they were left without any choice but to raise their prices by a staggering 20%.
The challenges and struggles were plenty and small-scale firms are continuing to be more flexible and fight their way through the many roadblocks. A lot of them have resorted to digital tools through which communication with audiences is done. There are more advanced marketing strategies up for grabs where 42% use ads while 36% are using them for sales of their products.
Digital tools are really a great way to drive sales for multiple firms as the report proved. The businesses out there are really diverse and to cater to so many communities using historic strategies was not possible. Moreover, the report saw how about 70% of diversity-led small firms in America had trouble with sales in the past month when compared to their counterparts who were non-minority firms.
Yes, the economy isn’t getting a whole lot better, anytime soon, and it’s affecting the entire business community including small firms. However, the main factor worth consideration has to be linked to how much optimism such companies have in the first place. 59% of small-business are showing signs of strength and fighting back in today’s unprecedented times.
They aren’t quitting, that’s for sure. We feel the survey by Meta was a good eye-opener for entrepreneurs working at a small scale. Seeing how many of them are resorting to digital tools to find better opportunities is very interesting.
Meta has tried to shed light on how they’re also providing a platform for such SMBs to succeed with innovation in the digital world. With the right use of newer and more advanced systems at hand, nearly 200 million firms continually used the firm’s platforms to reach out to their designated target audiences.
The potential for growth has been immense so far and Meta is giving its users an outlook on just that so it’s easier to understand what it’s been up to.
All in all, the figures recorded currently in terms of complete shutdown witnessed a slight drop to that seen in March of this year. And that’s a clear sign that the situation could improve even more soon.
