An assessment of the level of financial knowledge SME Owners in West Sussex need in the day-to-day running of their business.

Student, A. (2015) An assessment of the level of financial knowledge SME Owners in West Sussex need in the day-to-day running of their business. UNSPECIFIED thesis, UNSPECIFIED.

View this record at http://eprints.chi.ac.uk/1449/

Abstract

This research aimed to assess the amount of financial knowledge SME Owners should have in order to understand and develop information provided for them by their Accountant, and use this information to identify problem areas that could be addressed in a financial training package. A wide range of research already exists on this subject; however this research intended to consider if the findings in the literature could also be applied to Small Business Owners in West Sussex, and to detect knowledge gaps that could be included in a financial training package. The key findings from this research identified inconsistencies between the level of knowledge Small Business Owners think they have, and the level of knowledge they actually have. Additionally, Small Business Owners prefer assistance from their Accountants when it comes to help with financial knowledge, but also preferred the use of online support when it came to quickly and easily filling a financial gap. Many Small Business Owners increased their level of financial knowledge as they progressed as a Business Owner, and did not believe they would benefit from financial training. The conclusion drawn from this project demonstrates that Small Business Owners in West Sussex had a low level of financial knowledge. It was also concluded that the Small Business Owners would prefer to seek help from their Accountant, rather than use a financial training package, as they felt financial training would not make their business more profitable or reduce their business risk, however there is scope to research further the online support available for Small Business Owners. It is recommended that SME Owners should ensure that they communicate with their Accountant and seek support with their financial knowledge if they discover a gap in their knowledge; it is then believed that this could increase their awareness of their business finances enabling them to make well-informed decisions based on this knowledge.

Item Type: Thesis
Keywords: HC Economic History and Conditions, HG Finance
Members: University of Chichester
Depositing User: ULCC Admin
Date Deposited: 08 Nov 2016 13:00
Last Modified: 08 Nov 2016 13:00
URI: http://collections.crest.ac.uk/id/eprint/11863

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