Attracting customers is one of the most important challenges faced by SMEs, a global survey has found.
75% of the respondents surveyed in the Future of Business Survey said it was their biggest challenge, followed by increasing revenue (57%).
The survey is a collaboration between the OECD, World Bank, and Facebook to establish a new source of information on small and medium-sized enterprises (SMEs).
In July, Facebook set out to ask what role digital tools play in enabling international trade by SMEs.
Over 5,000 exporting SMEs globally were asked to consider the online tools that help them sell internationally and to identify the proportion of international sales that depend on those tools.
“The Future of Business Survey provides a window into the global digital and mobile economy, giving Kiwi SMEs who want to go global better business insights to inform decision-making,” says Spencer Bailey, Facebook New Zealand head.
“The Survey shows that online tools play an important role in helping SMEs around the world trade and create connections around the world in order to grow.”
Some of the key things the survey found include:
Other survey findings:
Launched in February 2016, the monthly survey provides a timely pulse on the economic environment in which businesses operate and who those businesses are, to help inform decision-making at all levels and to deliver insights that can help businesses grow.
To date, more than 218,000 Facebook business page owners, from both younger and longer-standing companies across a wide range of sectors, have taken the monthly survey.
The 42 countries represent economies accounting for 40% of the world’s population and 73% of global GDP.