This Women History Month, Meta sheds light on the struggles and successes of women-led SMBs

In the US, 73% of the groups on Facebook were created by Women for entrepreneurship purposes, since 2021. On Thursday’s release, Meta sheds light to the current situation of the Small and Midsize Businesses (SMBs) led by Women.

As per the company, these small businesses have faced a lot of challenges, and seems like a lot more are about to come in the nearest future as the SMBs have been effectively converting the businesses to online and are depending on digital means of communication. Reportedly, the previous year 57% of women-led businesses over the globe have been communicating to their customers virtually rather than in person whereas just one-half of the businesses led by men used online communication.

One-half of the women-led businesses in the US reported that 25% of their sales were created digitally in comparison to men-led SMBs who made 39% of sales online.

Almost equal percentages of 62% men and 63% women-led businesses were positive that they are capable enough to operate their business for a year at the minimum, considering the current situation of Omicron and its diverse effects.

Despite the drastic loss during the pandemic these women-led SMBs showed resilience and were able to put up with every challenge but in July 2021 the rate of closure of these businesses leaped up to 6%.

In January, when only 18% of businesses led by men were non-operational, 24% of women-led businesses were not yet functioning, and for the operational ones, who used Facebook as a platform to be in touch with their customers, 28% anticipated due to less or no demands and 26% awaited due to challenges relating to the cash flow in the upcoming months. In contrast, the men-led SMBs expected 22% and 24% respectively.

As stated by Meta, globally 24% of female-led businesses were established on Facebook as well as on Instagram since the beginning of the COVID-19 pandemic.

On the Meta Spark AR platform, where Facebook and Instagram effects are being published, over half of the creators are females.

#SheMeansBusiness by Meta aims to provide digital expertise to women, and is looking forward to adding a new track by this month, which will be including a course with important topics like basics of businesses financial with financial health. Internationally this program has supported 1.5 million females.

Furthermore, Meta added announced that by the start of this month, they will be distributing $2million that they donated to Reimagine the main Street back in 2020, to the small or midsized businesses under the possession of Black women.

Sheryl Sandberg, the chief operating officer at Meta said, “In comparison to small businesses led by men, women faced difficult situations and due to COVID-19 they had to confront challenges related to cash flow as they have been hit harder in the recent wave. However, they’ve been strong and faced those challenges with bravery by shifting the SMBs online. As per our records, these women generated at least one-fourth of their sales when compared to men. In this Women History month let’s not forget to honor and encourage all the women who not only survived but flourished against all odds.”

Read next: Researchers Have Found That Facebook's Apps Can Make Us Feel Lonely
Previous Post Next Post