7 Ways Small Businesses Can Cut Down Costs in 2021
Every year, thousands of startups emerge and find suitable partners for funding to keep their baby-business running. However, most of them succeed in accessing some form of funding, but a significant number of them fail too—those who fail either shut down the business or postpone the idea of restarting the business. Half of the small businesses fail to convert this infusion of capital into tangible business growth. Let's talk with numbers now. It is seen that around 70% of the businesses shut down in less than 20 months, right after getting the first round of funding. Out of those from the startup world, 29% fail because they run out of cash. It is proven and known that money and costs are the second-most common reason for startup failure identified in a CB Insights report. One big reason identified was that startups did not implement smart and money-saving practices in Silicon Valley. Business owners, especially those who have succeeded in getting a loan or acquiring any investmen