ICAEW and National Black Women’s Network have created a Guide to Financial Fitness in Business, to provide start-up businesses with the basics of financial awareness.
Crowd funding, peer-to-peer lending and an increasing numbers of Challenger Banks has meant that borrowing for start-ups has never been so easy, and yet so many small businesses are not succeeding.
Sonia Brown MBE, National Black Women’s Network, comments: ‘Since the launch of the Female and BME Business led Forum, the NBWN and ICAEW have recognised the need to produce a guide that simplifies the accounting language in order to avoid long-term financial trouble for those unfamiliar with accounting terminology and practices.
‘By supporting your financial literacy, we hope The Guide to Financial Fitness in Business will enable female entrepreneurs to be better educated about finances and maintain a sharper focus on their cash in order to save them both time and money.’
Sharon Gunn, Executive Director, Members, Commercial & Shared Services, ICAEW, added: “Starting and running a new business can be very rewarding, but it can also be demanding. Only two in five start-up businesses survive until the end of their fifth year. Not all start-ups fail because of financial difficulties, but an understanding of accounting and finance would help business owners to manage and run their business. We hope this guide will help new businesses become a success.”