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By Zohaib Hassan Patoli, Forbes Magazine, Dec 3, 2020
Covid-19 hit the world by surprise and left more than 14 million Americans unemployed with 31% of small and medium-sized businesses having to shut down their doors. Consumer confidence drives the U.S. economy and with uncertainty still on the horizon, business owners should consider the value of their advertising expenditures.
The Current State Of Affairs
According to Facebook’s State of Small Business Report, the hospitality and service industry took the hardest hit across all sectors (43%) and wellness, fitness, and other professional services followed close behind (41%). Surprisingly the retail industry wasn’t nearly as affected with 23% of businesses not operating.
When asked about their cash flows within the past 30 days it was clearly evident that cash outflow is greater than their inflow. This has led many business owners to turn digital in order to interface with their customers, ranging from digital ordering tools to curbside delivery.
Detroit Digital 