2020 marks the 5th year in a row during which Facebook has attempted to make it so that it can create some kind of a analysis that would shed some light on small businesses. This is called Facebook’s State of Small Business report, and while it’s not exactly an official document that can be used to draft any kind of strategy it does manage to use Facebook’s vast collection of data to figure out trends that are emerging which could facilitate a better understanding of the kind of future that small businesses can see, something that is particularly important when you take into account the fact that a second wave of the coronavirus is now firmly underway.
Small businesses barely made it through the last wave that occurred over the summer, with many shutting down permanently due to a lack of business. This has turned out to be a global phenomenon, with only Europe and Latin American managing to reduce the number of business closures during a more recent time period. This might change though, as second waves of the pandemic are hitting both Europe and Latin America a lot harder than the first wave. Europe is starting to move towards strict lockdowns once again, so the number of businesses closing is likely to trend upward.
One positive note is that the Holiday season might provide some much needed support to many shops that are out there. With all of that having been said and out of the way, it is important to note that small businesses profit less from such occasions than large corporations do. Hence, something needs to be done to protect them otherwise they won’t be able to stay viable. Facebook is doing just fine, though, and their report shows just how immune large corporations can be to real world disasters.
Small businesses barely made it through the last wave that occurred over the summer, with many shutting down permanently due to a lack of business. This has turned out to be a global phenomenon, with only Europe and Latin American managing to reduce the number of business closures during a more recent time period. This might change though, as second waves of the pandemic are hitting both Europe and Latin America a lot harder than the first wave. Europe is starting to move towards strict lockdowns once again, so the number of businesses closing is likely to trend upward.
One positive note is that the Holiday season might provide some much needed support to many shops that are out there. With all of that having been said and out of the way, it is important to note that small businesses profit less from such occasions than large corporations do. Hence, something needs to be done to protect them otherwise they won’t be able to stay viable. Facebook is doing just fine, though, and their report shows just how immune large corporations can be to real world disasters.
