eResearch | This week Facebook (NASDAQ: FB) published a “State of Small Business” Report based on a survey of 86,000 owners, managers and workers in companies across the US with fewer than 500 employees.
The report is a “sobering snapshot” of the struggles that Small Businesses are facing today amid the COVID-19 pandemic crisis.
From the Small Business surveyed, 31% have shut down and, for the smallest businesses, it is even worse as more than half are no longer operating.
CHART 1: Businesses by Industry Not Currently Operating
The Small Businesses biggest challenges include:
- Access to capital – cash flow will become a problem in the next few months
- Customer behavior – another big challenge would be the lack of demand
Although business owners and managers are optimistic about their futures, only 45% said they would rehire their former employees once the current health crisis abated.
To help Small Businesses, Facebook has made $100 million available in grant to Small Businesses, including $40 million earmarked for companies in the US.
Facebook Partners with Shopify to Launching Facebook Shops
In addition, Facebook partnered with Shopify to help businesses by launching Facebook Shops, a new and free tool to helping companies create a customized online storefront in Facebook and Instagram.
Mark Zuckerberg, the Founder and CEO of Facebook said, “Shopify offers tools that entrepreneurs need to start and run their businesses, and they’re helping a lot of companies move online. We’re excited to work with them to help small businesses prepare for the future.”
Facebook Shops is expected to become available for all businesses across Facebook and Instagram in the next few months.
To read the full report, please visit Facebook’s website and download their “State of Small Business Report”.
