Finance Fitness
Finance Fitness aims to ensure small and medium sized businesses find it easier to access the finance they need.
Led by BIS, Finance Fitness aims to get Government and businesses working together more effectively to ensure small and medium sized businesses find it easier to:
- Access information about business finance.
- Improve their financial planning.
- Make the strongest possible case to potential investors.
The campaign will cover the following themes:
- Cash-flow management, tips on how to secure prompt payment and maintaining a good credit score.
- Choosing and accessing finance, including alternative sources of finance and tips for successfully accessing it.
- Finance for growth, including equity investment and export finance.
Why Finance Fitness?
Having the right finances in place, and planning financial matters before they reach crisis point, are critical to any successful business. Yet research demonstrates that many small and medium sized businesses would benefit from help and support in this area:
- Only 25% of small businesses consider themselves strong at accessing external finance.
- 15% didn’t apply for finance despite wanting it.
- Only 20% seek advice before applying for a loan.
- Only one in three has a business plan.
- Four out of five financial decision makers have no formal training in financial matters.
What’s happening
BusinessLink is showcasing the full range of advice and guidance available. The new improved site includes interactive tools, video case studies, and an events finder.
The Finance Fitness campaign is drawing Government and the private sector together- providing advice from Government but also highlighting private sector support. For example Government is pleased to support free resources for SMEs such as ICAEW’s Business Advice Service (free initial consultations with an Accountant), Finance workshops run by Intuit, and free cash-flow advice provided by the Institute of Credit Management.
Get involved
Get Paid!
(PDF, 571 Kb) , a new guide for small businesses which contains tips and advice from both suppliers and customers, is published by the Association of Chartered Certified Accountants (ACCA). It contains valuable lessons from small businesses such as advice on invoicing and developing a well-defined credit policy.
Businesses can access resources directly from the Business Link website. Businesses can also access the ICM's Credit Management Guides, produced in association with BIS, here.
If you’re an accountant, mentor, business advisor, or trade body you can access a range of resources - including material you can re-use for your clients or members here. For example, re-usable versions of the Credit Management guides referenced above can be found here, and can be adapted to an organisation's house style for internal distribution if desired. (Commercial use is not permitted, and the body of the text and associated credits should not be altered).
Government is encouraging all organisations who can provide advice or guidance to get involved with the campaign. Find out more about how to do this on the resources page
Campaign launch
The Prime Minister and Business Secretary Vince Cable joined industry experts on 10 November to discuss how to make sure UK businesses are being supported to survive and grow.
The 400 business trade and advisory bodies attending explored the obstacles faced by small and medium sized businesses in seeking and accessing the finance they need, and got involved in panel discussions where small businesses discussed their experiences. At the event SoS issued a challenge to the business community to get involved in the finance fitness campaign.
The debates, facilitated by School for Startups Founder and former Dragon’s Den Doug Richard, covered topics preparing for finance, finding finance, opportunities for growth.
