56 percent note that they remain optimistic about the future of their businesses, with 38 percent reporting that 25 percent or more of sales were made digitally in the last month
Facebook has released the findings of its Global State of Small Business Report, based on their Future of Business Survey, that surveyed small and medium-sized businesses (SMBs) over a six-month period during the COVID-19 pandemic.
The report, in collaboration with the Organization for Economic Co-operation and Development (OECD) and the World Bank, reveals how the virus has impacted businesses, highlighting challenges 150 thousand plus small and medium businesses across the Middle East, North Africa had to overcome.
According to the report, 79 percent of Egyptian businesses were operational or engaging in any number of revenue-generating activities in October, with 61 percent of businesses reporting lower sales achievements compared to last year in the same month.
Even with positive recovery recorded, 45 percent of businesses stated they were “still faced with the burden of reducing their number of employees” in October.
Yet, 56 percent note that they remain optimistic about the future of their businesses, with 38 percent reporting that 25 percent or more of sales were made digitally in the last month.
The proportion of sales made digitally has increased, compared to pre-COVID, say 15 percent of Egyptian businesses, but 28 percent surveyed have also indicated that cash flow will become a challenge in the next few months.
Earlier this month, HSBC released their annual Navigator report for Egypt, nine out of ten surveyed, or 87 percent, of Egyptian businesses are looking to increase investment in their businesses.
