Despite ongoing pandemic-related challenges, entrepreneurs reported they expect a bright future — aided by some business redesigns.
For more than half of small business owners surveyed, e-commerce and social media have become even more important due to the pandemic. Over the last year, small business owners said they spent more money on social media advertising , web design and new tech .
As a result, 54 percent of small business owners who said they sell online, sales were reported as being higher compared to sales in 2020.Overall, 84 percent of small business owners said they use social media channels for their business. This was especially true for female small business owners who reported they have ventured into social media and e-commerce at a higher rate than men at 25 percent to just 19 percent, respectively.
The most used social media channels for small business owners were revealed to be Facebook and Instagram . Meanwhile, small business owners are making impactful changes to how they act. For 74 percent of small business owners, that means making it a point to purchase from other small businesses for both personal and business needs, with 71 percent saying they believe small businesses have a responsibility to give back to their community.
Other trends revealed in the survey included 65 percent of small business owners using business credit cards to earn rewards on business expenses to redeem for cash back or travel and 59 percent saying using their business credit card was essential for managing expenses in 2021. According to the data, 72 percent of small business owners use a rewards credit card to pay for all or part of business expenses while 77 percent use a cashback credit card.
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