VZ - Verizon Business Second Annual Latino Small Business Survey Highlights Optimism and Digitalization | Benzinga
What you need to know:
- Verizon Business announced its second annual Latino Small Business Survey, revealing that:
- Compared to non-Latino, Latino small business owners express higher levels of optimism regarding their business's financial security and the overall economic outlook.
- Latino small business owners prioritize technology investments, including eCommerce and network security, reflecting a clear focus on leveraging digital tools for growth.
- Verizon Small Business Days (April 22-28) offers small business owners the opportunity to consult with specialists and access reliable solutions and special offers to drive their businesses forward.
NEW YORK, April 23, 2024 (GLOBE NEWSWIRE) -- To punctuate Small Business Days, which runs from April 22-28, Verizon Business revealed the results of its second annual Latino Small Business Survey, which solicited responses from 500 Latino small business owners (SBOs), as well as 500 non-Latino SBOs. Conducted by Morning Consult, the survey found that Latino SBOs are optimistic despite economic concerns as compared to general market small business owners and are prioritizing technology investments while balancing cybersecurity concerns.
"Like many small businesses, Latino small businesses have continued to thrive by doubling down on technology and finding new ways of working, and the survey data backs this trend," said Aparna Khurjekar, Chief Revenue Officer, Business Markets and SaaS, at Verizon Business. "Their optimism in terms of both the outlook of their business and the role that technology plays in fueling their growth is inspiring. We are excited to welcome these Latino small business owners and all small businesses in-store during our Small Business Days to provide them with the resources, tools, and counsel to support their growth trajectory."
A growing economic optimism compared to non-Latino SBOs
The survey showed a stark difference in terms of economic outlook between Latino SBOs and the general SBO marketplace. In fact, 74% of Latino SBOs expected the financial security of their business to improve over the next few months, as opposed to 57% of non-Latino SBOs. This optimism is likely related to the fact that 78% of Latino SBOs responded that their business was better off today compared to a year ago, while only 62% of non-Latino SBOs shared the same sentiment. This optimism was felt in the larger local community as 68% said they expect their local economies to improve over the next few months, compared to 48% of non-Latino SBOs who expressed similar sentiments.
However, this optimism was clouded by critical business concerns ranging from their worries about tapping into their personal savings to finance the business (71% of Latino SBOs vs. 53% of ...