As the pandemic slowly begins to wind down, economists are taking the pulse of small business. Their performance is critical to the overall U.S. economy, with small businesses employing nearly half of the workforce, creating two-thirds of net new jobs and accounting for 44 percent of economic activity.

A survey by Clutch identified the four greatest financial challenges they faced in 2020:

1. Revenue. Thirty-one percent said their main financial challenge was a decline in revenue. Forty-five percent of businesses with up to 10 employees experienced reduced revenue.
2. Surprise expenses. Unforeseen business expenses were the main challenge for 11 percent of small businesses.
3. Financial expertise. One in 10 said their biggest challenge was lacking the expertise or experience necessary to manage business finances.
4. Assets. A lack of capital was the biggest challenge for 8 percent of small businesses.

In a separate survey, Huckleberry, a small-business insurance provider, looked at how small businesses survived the pandemic and what they expect in the coming year. Not surprisingly, it found that although challenges did vary from industry to industry, the largest roadblock was lack of cash.