According to a report from Meta’s most recent Global State of Small Business Report, 25% of SMB owners anticipate making more than half of their yearly sales in the last months of the year, making the holiday season a crucial time for small businesses.
Nevertheless, the study found that as the COVID-19 epidemic recedes, the biggest problem SMBs are currently facing is the state of the economy, supply chain disruption, inflation, recessionary danger, as well as production cost increases.
In Ghana, 16% of SMB owners have cut back on their employment in the last six months due to the status of the economy, compared to 5% of SMB owners in Nigeria who have also made similar changes to their workforce during the same period.
While SMBs struggle to survive in the post-Covid age and navigate the present economic climate, Meta technology has played a crucial role in enabling local businesses to flourish and have their innovative ideas recognized.
In order to capitalize on the success of the campaign that was initially introduced in 2021, Meta has chosen to launch the “Good Ideas Deserve To Be Found” campaign in the run-up to the holiday season.
In addition to encouraging holiday shoppers to support local companies during this festive trading window, the campaign aims to highlight and celebrate small businesses with original gifting ideas.
Oluwasola Obagbemi, Meta’s corporate communications manager for Anglophone West Africa, stated: “At Meta, we are committed to empowering SMBs with free skills and resources to help them build thriving businesses, develop meaningful connections, and unlock economic potentials so they can continue making a positive impact across the world.”
“This festive season, we seek to spotlight and tell the stories of SMBs with unique gifting ideas and provide SMBs with access to tools, support, and solutions needed to grow thriving businesses, while reinforcing our continued support of small businesses to ensure they have a voice and ensure the right customers find their good ideas.”
According to the data, when asked, 49% of SMBs in Ghana said they used digital tools for advertising, and 59% of SMBs in Nigeria said they had made at least 25% of their sales in the previous 30 days through digital channels. Additionally, it was discovered that 46% of active SMBs in Nigeria using the Facebook app claimed to have sold their products or services to clients abroad in the previous five years. This contrasts with the 30% global average.
The availability of digital tools for SMBs to make sure they are found by the relevant clients has made these discoveries possible.
The goal of this effort, according to Meta, is to ensure that more than 200 million companies employing its services are heard and that their good ideas are discovered.
