Let’s help small businesses beat the Covid crisis

THE pandemic has forced many small businesses to think differently about how they operate. This week, the scale of the challenge they face in the current climate is revealed in Facebook’s State of Small Business Report in partnership with the World Bank and OECD. We interviewed 30,000 small businesses across more than 50 countries and what we found was sobering.

More than 40 per cent of UK businesses that were surveyed closed between January and May. Over a quarter of those still running have had to reduce their workforces as a result of the pandemic, pointing to a long-term jobs crisis. Over half of operational businesses said sales this year are lower than last year and more than 40 per cent expect cashflow to be a challenge in the next few months.

Despite the hardship, our survey shows there is still significant optimism and resilience. Femaleled firms have proven particularly optimistic — two thirds expressed optimism in the future. Female-led businesses are also leading the way in embracing online sales.

Recovery is not going to happen overnight and there’s no quick fix. We all have to play our part, which is why I’ve been proud to support Facebook initiatives like Facebook Shops to make it easier for businesses to sell online, and our Business Resource Hub where owners can get training, advice and information. As any owner knows, survival requires grit, adaptability and determination. Our small businesses have this, and I’m hopeful for recovery and better times ahead.

Nicola Mendelsohn,

VP of EMEA, Facebook