Twenty-five per cent of small business owners expect to make more than half of their annual revenue in the final months of the year, according to Meta’s Global State of Small Business Report.
According to the firm, its report revealed that small businesses were faced with the current state of the economy, supply chain disruption, inflation, the threat of recession as well as production cost hikes.
It stated that due to the state of the economy, 16 per cent of SMB owners in Ghana had had to reduce the size of their workforce in the last six months, and five per cent of SMB owners in Nigeria had made similar adjustments to their workforce within the same timeframe.
The firm said it was set to launch its ‘Good Ideas Deserve To Be Found’ campaign during the festivities to help businesses to support local businesses during this festivities.
The Corporate Communications Manager for Anglophone West Africa at Meta, Oluwasola Obagbemi, said, “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.”
The firm further said, “When surveyed, 49 per cent of SMBs in Ghana reported using digital tools for advertising and 59 per cent of SMBs in Nigeria reported generating at least 25 per cent of their sales through digital channels in the past 30 days.
“It was also revealed that 46 per cent of operational SMBs in Nigeria on the Facebook app reported having sold their goods or services to customers in other countries in the past five years. This compares to the global average of 30 per cent. These discoveries have been made possible through the provision of digital tools for SMBs to ensure they are found by the right customers.”