Black-owned small businesses are facing record-low sales, a stark contrast from a year ago. Here's why.
on the global state of small business — which surveyed 5,324 small-business leaders in the US — cited the same disparity in its findings from the previous year, which were released in June. recovering from pandemic-related setbacks, Nicola Mendelsohn, the vice president of Meta's global business group, told Insider.
When broken down further, the report found that 51% of Black-owned businesses were experiencing record-low sales compared to January 2021, versus 36% of all US businesses. Black-owned businesses were also the most likely group to report closing in the past year. "Black-owned businesses have faced additional hardships, such as reducing employment, as a result of the pandemic," Mendelsohn said."They've also cited cash-flow issues and a lack of demand as reasons behind lower sales."
While slower months — January and February in particular — are to be expected in retail, Porter said media coverage and social-media traffic petered out as early as the first quarter of 2021. This year, she saw a drop-off in engagement on Instagram and Facebook as"It's really hard to keep up with the algorithm," Porter said."A post that would have gotten 200 likes last year or the year before is getting a fraction of that now.
Meta has initiatives to funnel education, funding, and business tools to underrepresented founders, including itsIf you're a business owner noticing abnormally low sales or decreased social-media engagement, contact this reporter at
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