Around 40% of start-ups built in the UK are destined to fail, so what can we do to reverse this trend? A common denominator often shared by failing businesses is a lack of financial literacy and a minimal understanding of the early warning signs of insolvency.
This information must be embedded into every business playbook, as without this knowledge, a company’s financial health can deteriorate and cause the foundations to crumble.
Teething problems, occasional cash flow hiccups, and unpredictable income are often customary during infancy. Once a startup finds its financial footing, secures its market position, and staples a consistent income stream, financial uncertainty should subside.
A lesson in financial literacy is instrumental for fledging business owners as it provides them with tools essential for navigating financial distress....