The ICAEW in conjunction with the National Black Women’s Network (NBWN) have ‘created a Guide to Financial Fitness in Business’, says a recent ICAEW press release, ‘to provide start-up businesses with the basics of financial awareness’.
The idea is to provide support for businesses with great potential but lacking an accounting background.
So many small businesses do founder, though options for lending have never been more varied, suggests the release.
And it quotes Sonia Brown MBE, of the NBWN:
‘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.’
The idea is to help, and save time and money.
‘By supporting your financial literacy,’ says Sonia Brown, ‘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.’
And Sharon Gunn, Executive Director, Members, Commercial & Shared Services, for ICAEW, adds:
‘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.’