Facebook’s Global State of Small Business Report presents a relatively gloomful picture of small business economics. The pandemic started in early 2020, continues to negatively affect the entire globe. I believe civil unrest in Europe is also causing global economic concerns.
We’ll first unpack some of the highlights inside the study, then we’ll offer solutions or options for going forward.
What’s Inside the Facebook Global Survey
The survey gleaned results from 23,840 participants from over 30 countries and took place in January 2022.
Here are some highlights related to US small businesses:
- Compared to July 2021, 22% of small businesses remain closed in 2022, a 6% increase from 2021.
- 36% of business owners reported an increase in sales but this is down from a year ago, wherein 44% said they had an increase in sales.
- 30% of North American small businesses received government support in January 2022.
- 7% reported increased employment which is down 13% since July 2021.
- Digital tools reign, with almost 40% of SMBs indicating that the majority of their sales were made digitally.
- The rate of closure of businesses has increased in January 2022 compared to July 2022.
- The study also compared and shared stats of female-owned vs male-owned businesses.
- The pandemic disproportionately affected minority-owned business owners.
- Black-led SMBS were affected at 41st and Hispanic owned businesses at 21%
What does this mean for your business?
So what do all of these numbers mean and do they really matter?
YES, they matter. It’s good to have an understanding of how your business or situation might compare to others. You can glean insights from their successes (or challenges).
Second, it gives us pause to think of what are the solutions to move forward and work to grow our businesses so we can live the lives we want.
What are some solutions that every business owner can keep in mind?
- Continue to focus on and serve your customers. Really understand who they are, what their needs are and how to find them
- Serve your team. Be sure to ask your team how they’re doing and what you can do to make them a success. If you take care of them, they’ll take care of your customers.
- Understand your “fly wheel”. This is from Jim Collin’s book, “Turning the Flywheel”. Be sure to really understand how your business works!
- Leverage the power of digital marketing tools. Use the many tools available to you, and also understand how to use them and as your business grows HIRE EXPERTS who can help you use them efficiently and maximize them.
Definitely check out our top tips on how to Grow your Solo Business and our library of small business guides
Other Resources from SmartHustle.com
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Entrepreneur Ciara Stockeland on the Challenges and Nuances of Starting a Franchise Business
Grit – Why Passion and Perseverance Are Essential For Entrepreneur Success
Spa and Salon Owner Jessica Walker Lives Prepared and Takes Risks
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Source: Smart Hustle
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