What you need to know:
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Verizon Business announced its second annual Latino Small Business Survey, revealing that:
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Compared to non-Latino, Latino small business owners express higher levels of optimism regarding their business’s financial security and the overall economic outlook.
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Latino small business owners prioritize technology investments, including eCommerce and network security, reflecting a clear focus on leveraging digital tools for growth.
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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 – 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 non-Latino SBOs) as well as worries about their ability to pay bills/rent each month (64% of Latino SBOs vs. 49% of non-Latino SBOs). Furthermore, year on year, these Latino businesses expressed greater concerns about maintaining adequate staffing levels (71% vs. 60% in 2023) and avoiding cash flow disruptions (79% vs 69% in 2023).
A desire for digital innovation and the ability to tap into experts to help navigate
Regarding digital innovation, Latino SBOs indexed higher across numerous dimensions, including naming technology as a top investment priority (41% vs. 30% of non-Latino SBOs), as well as eCommerce investment (31% vs. 19% of non-Latino SBOs). They also are more concerned about ensuring the security of company networks and computer systems (77% vs. 59% of non-Latino SBOs). This may be because 30% of Latino SBOs reported a cybersecurity incident in the past year as opposed to 21% of non-Latino SBOs.
With a clear focus on growth, Latino SBOs are looking to leverage external support to fuel this growth. Types of support that Latino SBOs are interested in include resources to transition to digital-first operations (78% vs. 58% of non-Latino SBOs) and support to transition to new systems or ways of working (82% vs. 58% of non-Latino SBOs). The full survey findings can be found here.
Engaging with businesses to offer reliable solutions
As expressed in the study, small businesses of all backgrounds desire to tap into expert advice to drive their businesses forward and Verizon Small Business Days provides this forum to leverage business experts. Running from April 22 through April 28, small businesses are invited to consult with a Verizon Business specialist. Business owners can capitalize on timely offers and solutions designed to drive their business forward. The promotions and services available include the following:
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A free tech check to determine the viability and longevity of their current solutions.
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A free 5G phone for businesses that switch to Verizon with no required trade-in; plus, up to an additional $300 off.1
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Switch to an LTE Business Internet 50 Mbps plan and get Verizon Business Internet Security Plus on us for 12 months, with ransomware, phishing protection, and anti-malware to help protect your business.2
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Up to a $1,000 Visa Prepaid Card when you switch to select Fios Business Internet plans with a 2-year term.3
Providing small businesses with digital-ready resources
Verizon is committed to reaching 1 million small businesses by 2030 with digital skills training. Verizon Small Business Digital Ready, a free online resource, was created with and for small businesses, with a specific focus on helping diverse and under-resourced business owners. The Digital Ready website provides small business owners access to personalized learning through over 40 courses, some of which are available in Spanish, peer networking, 1:1 expert coaching, and incentives such as grant funding.
To view the complete survey findings, visit: https://www.verizon.com/about/2024-latino-small-business-survey.
For more information on Verizon’s Small Business Solutions, visit https://www.verizon.com/business/solutions/small-business/.
1 Qualifying purchase: iPhone 14 128GB, iPhone 15 128GB, Google Pixel 8 128GB, Pixel 8 Pro 128GB, Samsung Galaxy S23 128GB, Galaxy S24 128GB or Galaxy XCover 6 Pro. Taxes & fees apply. New line w/device payment purchase agmt & Business Unlimited Plus or Unlimited Pro plan req’d. 0% APR. , Credit, varying by smartphone purchase, applied to acct. over the term of your agmt (up to 36 mos); promo credit ends when eligibility requirements are no longer met. Credits begin in 2-3 bills & will include appropriate credit amounts from order date. Monthly smartphone fee after credit: $0. Add’l savings available to customers that also transfer an existing number to VZ. $300 (iPhone 14, Google Pixel 8 or Samsung Galaxy S23) or $200 (iPhone 15, Pixel 8 Pro, Galaxy S24 or Galaxy XCover6 Pro) credit applied to acct after 2-3 bills. Cannot be combined with other offers. VZ reserves the right to charge back to your acct all or a portion of the value of the $200 or $300 promo credit you received as part of this offer in the event you no longer meet the eligibility requirements. Any such charge back may be subject to the terms of your VZ agmt. Galaxy XCover6 Pro supports only 5G Ultra Wideband mid-band (C-band), 5G and 4G LTE. Offers available 4.22 through 4.28.2024.
2 New, qualifying LTE Business Internet 50 Mbps service line and new Verizon Business Internet Security Plus plan (VBIS Plus) req’d. New service line & VBIS Plus purchase must be completed in one transaction; not available for prior purchases. Qualifying customers will receive a $10/mo promo bill credit for up to 12 months; applied to account after 1-2 bills. Promo credits end when eligibility requirements are no longer met. Starting in month 13, monthly promo credits will end and customer will pay $10/mo for the VBIS Plus service. May not be combined with all offers. Taxes, fees, and terms & conditions apply. Offer available 4.22 through 4.28.24.
3 Fios Business Internet availability in select areas; not available in all locations. Prepaid Card amount based on speed tier purchased with $1000 reward for the 1 Gig plan. Offer not available in all locations where Fios is sold. Additional terms apply. Available 4.22 through 4.28.24.
