Key Findings for Small eCommerce Businesses in 2024: Insights to Drive Growth and Success

According to data from the U.S. Bureau of Labor Statistics, approximately 20.4% of new businesses fail within their first year, 49.4% fail within the first five years, and 65.3% fail within ten years. These statistics highlight the critical challenges small businesses, especially in the eCommerce sector, face in today’s competitive market. However, with the right support and guidance, small businesses can overcome these hurdles and build sustainable success. At Fiskal Finance, we understand the specific pain points small eCommerce businesses face, and our team of experts is here to provide tailored solutions that drive long-term growth and stability. Here’s how Fiskal can help:

SYSTEMS AND SOFTWAREECOMMERCE

1. Financial Clarity and Planning

  • Accurate Financial Reporting: Our experts ensure timely and clear financial reports that help you understand your cash flow, profitability, and overall financial position.

  • Budgeting and Forecasting: We assist in financial forecasting, including 13-week cash flow management, helping you anticipate potential challenges and seize opportunities.

  • Scenario Planning: Our team helps you evaluate “what-if” scenarios, enabling you to make informed decisions even during uncertain times.

2. Cash Flow Management

  • Real-Time Insights: We utilize cloud-based tools to provide you with live cash flow insights and actionable strategies to prevent cash shortages.

  • Customized Cash Flow Strategies: Our solutions are tailored to fit the specific needs of startups and growth-stage eCommerce businesses.

3. Industry-Specific Expertise

  • Specialization in Key Niches: With deep expertise in e-commerce, online marketplaces, and subscription services, we offer insights that address common challenges in these industries.

  • Advisory for Compliance and Efficiency: Our team ensures your business remains compliant with tax regulations while optimizing operational efficiency.

4. Financial Automation

  • Integrated Software Solutions: We help you implement tools like Xero, QuickBooks, and Cin7, automating bookkeeping, invoicing, and reconciliation processes.

  • Scalability: Our solutions grow with your business, minimizing disruptions and maximizing return on investment.

5. Business Strategy Support

  • KPIs and Benchmarking: We assist in setting and measuring success through key performance indicators and industry benchmarks.

  • Fractional CFO Services: Our fractional CFO services provide high-level financial strategy without the cost of hiring a full-time CFO.

6. Training and Development

  • Empowering Entrepreneurs: We educate you on financial best practices, equipping you to manage and grow your business effectively.

  • Team Training: Our experts offer training sessions for your internal teams on financial processes and tools.

7. Growth and Expansion Guidance

  • Market Entry Support: We guide you in establishing your presence in competitive markets, particularly in eCommerce and wholesale spaces.

  • Capital Advisory: Our team provides valuable advice on securing funding, managing debt, and optimizing capital allocation.

At Fiskal Finance, we dedicate time and effort to helping small eCommerce businesses navigate challenges, achieve sustainability, and thrive in competitive markets. Our comprehensive suite of services positions us as a critical partner for your business’s success.