Intelligent SME.tech Issue 20 - Page 7

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Airwallex launches initiative to support SMEs
Airwallex has announced a HK $ 2.25 million initiative to support SMEs in Hong Kong . Over the next three months , Airwallex , with a number of its local partners , will provide a series of exclusive offers to help businesses recover and reopen from the pandemic while managing costs .
SMEs continue to combat the coronavirus related economic disruptions and are experiencing numerous hurdles as they try to recover and rebuild in the wake of the pandemic .
With over 340,000 SMEs operating in Hong Kong today , these businesses serve as vital economic engines for the city , making up 98 % of the city ’ s business establishments and employing about 45 % of the private sector workforce .
“ SMEs are the backbone of Hong Kong ’ s economy and many of these businesses will continue to face challenges in managing their financials and cash flows ,” said Arnold Chan , Head of SME , Hong Kong & Singapore at Airwallex .
The Hanover reveals results of its 2022 Small Business Risk Report
With the small business risk landscape continuing to evolve , The Hanover Insurance Group , a leading property and casualty insurance company , has released its 2022 Small Business Risk Report , which looked at the key business risks , purchasing decisions and communication and insurance management preferences for small business owners .
The 2022 Small Business Risk Report found employee issues are top of mind , with over two-thirds of small businesses rating employee dishonesty as a major risk area .
And while employee dishonesty takes the top spot among small business owner concerns , surprisingly , only 54 % are extremely confident that they are well protected from these sorts of risks . Business owners recognise proper protection is critical to their success , creating opportunities for independent agents to discuss emerging risks identified in the report .
SMBs value social media over other digital marketing channels
Visual Objects surveyed 1,003 small business owners and managers to learn about their approach to digital marketing and learned that two-thirds utilise social media .
The survey found that SMBs ( 25 %) consider social media their most successful digital marketing tool in 2022 .
Though it remains as the top choice , this is a notable decrease from 2021 ’ s findings where 73 % of the participants found social media to be their most fruitful channel .
Visual Objects ’ research takes a look at the range of small business digital channels and strategies and compares it with last year ’ s results . This report uncovers the preferred marketing tools of the small businesses , how they allot their focus , and their perception of specific tools .
Finding the study reported that small businesses found that social media ( 25 %), their company website ( 20 %) and online advertising ( 18 %) were their top three most successful digital marketing tools .
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