According to Facebook’s State of Small Business report, 31% of small businesses and 52% of personal businesses have stopped operating as a result of the crisis
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Businesses that have been able to maintain operations still face significant hurdles, namely access to capital and customers. Some 28% of businesses surveyed say their biggest challenge over the next few months will be cash flow, while 20% say it will be lack of demand. “We were already in the process of developing this report before the coronavirus pandemic hit,” Sandberg says. “We expected it to be a pretty rosy tale back then of low unemployment, flourishing entrepreneurship, and jobs growing all over the world. Fast forward to today and we’re in a very different position.”Facebook, an ecommerce product that allows businesses to set up online “storefronts” on Facebook and Instagram.
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