SMEs turning to each other to learn and share ideas, says Facebook study

Many small and medium businesses are learning to embrace mobile technologies to connect with and find new customers, sell products or services online, locate new employees, and activate mobile marketing campaigns.  And as they navigate the growing complexity of technology, they are turning to each other to learn and share ideas.

According to Facebook’s Future of Business report focusing on SMBs, Community and Education, 42% of SMBs say that learning from each other is one of the primary ways they find the information and education to master the new mobile environment, second only to online searches (64%.)

For example, in India, Praneet Sahai, a co-founder of PosterGuy, believes digital marketing helps drive success for the business. Praneet and his co-founders find value in the community and learn about growing their business from mentors and experts in online business groups. The business owners then share those learnings with other SMEs in the community who do not have the resources.

When businesses connect, and learn from each other they are more confident, notes the report. Nearly half (45%) of businesses that are confident about the economy are learning from other businesses, whereas two-thirds (64%) of unconfident businesses are not.

The report also revealed that 61% of SMEs are confident in the future state of their own business, and 41% say they want to add jobs in the next 6 months.

SMEs engaged in international trade are more confident in the future of their businesses and use online tools at a higher rate than non-traders. Less than half (47%) of SMEs that engage in international trade are likely to add jobs in 6 months vs 39% of non-traders.