1000+
customers

50+ countries
across the world

Outsourcing leader
since 2008

Technology-driven
services

Stringent
quality processes

Statistics to Drive Small Business Growth [Infographic]

Last updated: 19 Nov, 2021 By | 6 Minutes Read

Small businesses face numerous challenges at the initial stage. And according to the researchers, about two-thirds of small businesses survive the first two years of being in business, half of the small business survive for five years, and one-third of them survive ten years.

What is the reason?
• 82% of businesses face cash flow problems
• 27% of them don’t know how much funding they require
• 43% of businesses are victims of cyber-attacks
• 74% of businesses don’t have an e-commerce website
• 14% of small businesses are not capable to mitigate various risks

And so on. Thus, survival in this active market has become difficult for small businesses especially the funding issues. This issue has been debated for so many years. More so, Wellsfargo and Kauffman Firm surveyed to know the initial capital small businesses require. And the result was quite frightening? Some said $10,000 and some gave the average figure of $80,000 a year. Apart from this, small business accounting and bookkeeping is essentially important to thrive in the competitive market.

Thus, in this infographic, we’ve shared some crucial information that can help you to find the right funding source for your small business along with various tax & legal structure, multiple challenges faced by small businesses and how to over overcome them.

 

Latest Blogs

When Should CPAs Consider Outsourced Accounting Services?
Read More
blog-img

Avoid Bookkeeping Backlogs – Best Practices for Up-to-date Accounting

Read More
blog-img

Contract Management in the New Era – Challenges and Opportunities

Read More
blog-img

Real Estate Accounting Hurdles: Top Challenges and Solutions [Infographic]

Read More
blog-img

How Legal Support Services Can Propel Growth for Law Firms

Read More
blog-img

Insurers’ Priorities to Overcome ‘New-World’ Challenges

Read More
X