90 million small businesses use Facebook. Small businesses like EyeSeeMe are the heartbeat of our communities, and they're in real trouble. The new State of Small Business Report by Facebook and the Small Business Roundtable shows just how much. Some 160 million businesses use our apps every month — nearly one business for every 55 people on the planet, all using Facebook, Instagram, Messenger or WhatsApp to reach customers. Facebook stats for business 19. And many businesses that remain in operation face two big challenges: cash and customers. Nearly half of all owners and managers report feeling burned out trying to take care of business and household responsibilities at the same time. Among these, 57% reported a decline in sales of 50% or more. That reflects the pervading uncertainty, but also provides some hope of getting most people back into employment, and the economy back on track, at some stage. To respond to a column, submit a comment to letters@usatoday.com. A third of those currently operating reported that they had reduced their workforces, a worrying sign of what could be a lengthy jobs crisis. From Hobby to Business. This report presents findings from Wave IV of the 2020 Future of Business Survey, an ongoing data collection collaboration between Facebook, the Organisation for Economic Co-operation and Development (OECD), and the World Bank, to survey SMBs across the world that have Facebook Business … Just over half said they were increasing their online interaction with customers, with more than a third now doing all their selling virtually. Now imagine how much you’d miss it if it disappeared. These were planned before the virus struck, and we had anticipated that they would paint a much brighter picture of American businesses. That makes it difficult to get a true sense of the full impacts of the current lockdowns - but this chart gets a little deeper into the actual reality of the situation. Facebook Study Says Global State of Small Business is Bleak. people who reported that they were “self-employed providing goods or services”). These drops often led to workforce reductions: one in three SMBs in operation reported that they had reduced staff as a result of the pandemic. The 2018-2019 State of Small Business Global Report expands on the insights from a global survey by Golfdale Consulting, to better understand how small business operators can take hold of opportunities. That’s why Facebook has made $100 million available in grants to small businesses around the world, with $40 million reserved for those in the United States. Facebook is in the business of small business. The survey shows that tourism and hospitality have felt the brunt of COVID-related restrictions and reduced consumer spending – with around half of businesses in these sectors reporting that they had closed. More than half of those surveyed said they are optimistic or extremely optimistic about the future of their businesses, and a small fraction — just 11% — expect their business to fail if  conditions persist for the next three months. The pandemic isn’t just a public health emergency, it’s also an economic crisis. They’re pushing online sales, selling subscriptions to boxes of books delivered every two weeks, and hosting story time readings with authors on Facebook Live. Get social media news like this in your inbox daily. Instead, the findings bring home the scale of the crisis our economy is facing and can point us to where help is most needed. Since the first shelter-in-place orders, it has been clear that many businesses were going to take a big hit, but now we can hear from the people behind the businesses just how big it is. Apply for your grant today. And even when looking to when things are better, less than half of owners and managers said they would rehire their former employees. And for every one of those 160 million there are people earning livelihoods and customers using products or services. The survey found that between January and May 2020, 26% of SMBs closed — in some countries, more than 50%. Small to medium businesses generally operate at very tight margins as it is, and they don't have the same safety nets that larger corporations are able to fall back on. It is the first in an ongoing series of reports that were planned before the virus struck – when we had anticipated this initial report would have painted a much brighter picture. That’s why we recently launched Facebook Shops to make it easier to sell online and created our Business Resource Hub, where they can get training, advice, and information – including from healthcare experts. The coronavirus (COVID-19) is impacting the global economy and raising fears of a recession. Learn more, including about available controls: Cookies Policy, By Sheryl Sandberg, Chief Operating Officer. Of all the sectors impacted by the COVID-19 pandemic, SMBs look set to be among the hardest hit. Pamela and Jeffrey have used all their creativity to try to make their business work online. We are also creating new ways for customers to support the local businesses they love with gift cards and fundraising tools, and making it easier for companies to find help, training and support through our Business Resource Hub. Facebook is in the business of small business. The data also includes 9,000 operators of “personal” businesses (i.e. What causes a recession and what are the signs? National Car Rental: Extending Loyalty Benefits by a Full Year, How to Find the Path to Success During COVID-19, She Solved Her Hair Challenge Now She's Selling It Online. What are SMBs seeing at the moment, how are they dealing with the impacts of the pandemic, and how do they feel about their situations moving forward? They’re worried about where money is going to come from, and whether there is still demand for their goods and services. More than a quarter said they closed between January and May this year – but that figure rose to more than 50% in some countries. But, if your small business relies on Facebook, be careful: You have to use Facebook intentionally in order to see a return, and that return may not be worth the potential loss of private data. Inspired by their four kids, Pamela and Jeffrey Blair created a place where black children can discover role models and learn about African American history. Facebook is publishing the Global State of Small Business Report, in partnership with the OECD and the World Bank. That's obviously difficult to answer, as we don't know how long it's going to take to 'snap back' to our normal way of life, and the longer the forced closures remain in place, the worse the economic situation gets. But it is interesting to note the scope of the impacts, with all sectors seeing at least some closures. The COVID-19 pandemic isn’t just a public health emergency, it’s also an economic crisis that is hitting small and medium-sized businesses exceptionally hard. Still, business owners and managers are optimistic about their future. That’s why we recently launched Facebook Shops to make it easier to sell online and created our, News, Media and Publishing Facebook Group, New Report Shows COVID-19 Has Had a Greater Impact on Smaller Businesses, Give a Little Back During the Holidays With Our Season of Giving, Raising Funds to Protect Elephants in East Africa. Like Pamela and Jeffrey, many are trying to pivot their operations online. To help personalize content, tailor and measure ads, and provide a safer experience, we use cookies. That may actually end up being the biggest long-term shift we see stemming from the COVID-19 shutdowns. By clicking or navigating the site, you agree to allow our collection of information on and off Facebook through cookies. In fact, the stricter the restrictions are, the more female-led businesses close their doors compared to those run by men.


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