New Report Shows Georgia Small Businesses Recovering from Pandemic
Tuesday, September 14th, 2021
A new report shows many GA small businesses are recovering from the economic impact of the pandemic, but many still see challenges, including declining demand and cash flow issues. These and other findings are part of Facebook’s latest “Global State of Small Business Report,” released during National Small Business Week this week.
Georgia By the Numbers: Covid issues continue to cast a cloud of uncertainty for businesses.
Thirty-seven percent reported higher sales, +16%since February.
42% reported lower sales for the period.
85% of small businesses are operating or otherwise generating revenue
41% are still expecting cash flow challenges, nine points above the national average,
32% of companies are expecting a lack of demand in the coming months, +16% from February.
59% of Georgia small business owners say they are confident in their ability to stay open for at least 12 months, which is five points lower than the national average.
Digital Sales Jumping - More Georgia businesses are finding success online, with 55% reporting at least a fourth of their sales come from their digital presence, +16 % from February.
Minority Small Business Statistics
Minority SMB’s are 15% more likely to report lower sales than other SMBs
Minority SMB’s are 12% more likely to have reduced employment as a result of COVID than other SMBs
Minority SMBs are 11% more likely to expect cash flow challenges
The report recaps the economic impacts of the COVID-19 pandemic, including information on how businesses in Georgia continue to adjust to uncertain conditions and how entrepreneurs are feeling about the future.
In an effort to help, over the past year Facebook has launched numerous initiatives aimed at supporting small businesses and helping them navigate the uncertainty of reopening, including providing grants to business owners, developing innovative new tools and products, and hosting digital tool training events, such as “Boost with Facebook” events.
Small businesses are a key engine of local markets and the global economy, so it is essential that policymakers and government leaders understand their perspectives, challenges and opportunities. To help, Facebook is continuing data collection and analysis related to small and medium-sized businesses (SMBs) around the world.
The most recent survey examines the health of SMBs, with a focus on minority-led SMBs, women-led SMBs, and the ongoing effects of the COVID-19 pandemic on SMBs in 30 countries and territories.