The Vast Majority of Small Businesses Earn Revenues Under $1 Million
It is reported by the Small Business Administration that most small businesses in the U.S. generates less than $1 million in annual revenue. Estimates suggest that around 91% of small businesses fall into this category.
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Small Business Revenues Less than $1 Million Annually Afford Fewer Services
- They do not employ Chief Financial Officers (CFO’s), or fractional CFO’s.
- They typically use bookkeeping services to organize finances.
They use core bank services such as
- Checking accounts to manage daily transactions and pay bills.
- Business savings accounts requiring fixed terms to receive higher-yielding interest rate
- Merchant Services enabling credit and debit card payments
- Online banking which provides convenient access to account information
Credit and Lending
- Business credit cards used to manage short-term expenses and earn rewards
- Equipment financing to acquire equipment without upfront investment
Financial Management Tools
- Accounting Software such as QuickBooks or Xero to track income and expenses, and generate financial reports
- Payroll Services used for processing employee paychecks, managing payroll taxes and compliance with labor laws
Insurance
- General liability insurance, property insurance and workers compensation insurance
Key Considerations
- The specific financial services used will vary depending on the small business owners’ preferences, the industry, size, and stage of the business.
In general, small businesses prioritize affordability and accessibility, and business benefits when choosing financial services.
