Many small business owners and directors, a category which includes the heads of most of design groups, are unaware of their limitations when it comes to financial management, says a new report backed by Paymaster General Geoffrey Robinson.
The report has been compiled by the Financial Management Working Group, which includes representatives from banks, accountants, academia, the Treasury and the Department of Trade and Industry.
It was commissioned in response to Government concerns about the quality of financial skills at small companies.
“This report is a first step towards improving financial management across the small business community. The report identifies areas of weakness and makes recommendations for tackling them,” says Robinson.
The report suggests that financial health checks are flagged up by Business Links and trade associations. Business Links will also provide a free local guide to financial management training, support and services.