31% of Small Businesses Main Financial Issue in 2020 Was Declining Revenue
Small businesses often face financial challenges, but last year was especially difficult. Small businesses faced declining revenue as well as unforeseen expenses, a lack of financial tools and expertise, and limited access to additional financial capital.
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WASHINGTON, April 30, 2021 /PRNewswire/ Almost one-third of small businesses (31%) said their main financial challenge in 2020 was declining revenue, according to new report from Clutch, the leading B2B research and reviews firm.
The data reveals that the most common financial challenge for small businesses last year was declining revenue, but that unforeseen business expenses (11%), lack of accounting tools (10%), and the challenges of receiving federal business aid (8%) were also common issues.