Building up business
Closing the small business finance skills gap
Operating a small business can be a hugely rewarding experience, and small business owners play a pivotal role in the UK economy. The challenge is that many people are extremely passionate about their trade, but do not start their business with a high level of existing knowledge and skills to confidently manage their business finances.
Drawing on our expertise from Business Debtline, and our experience as a training provider, we want to build the financial resilience of small business owners across the UK, and help support more businesses to thrive.
The Building Up Business programme aims to do just that. Through our research, recommendations, and free virtual learning offer, we are sharing new insight and resources to help close the business finance skills gap.
We’ve now completed the initial pilot of the Building Up Business virtual learning and are excited to be embarking on phase 2, as part of our wider partnership with Aviva. Read our short report on our activity and findings so far.
Key findings from the research
Our findings show that there is a clear business finance skills gap:
- 2 in 5 Business Debtline clients do not feel confident navigating their business finances
- Only 1 in 10 Business Debtline clients said they had used any of the government-funded business support helplines
- Just 2 in 5 micro-traders agree there is good business support available for small business owners
Our research has revealed that there is a significant group of small business owners, running smaller businesses often on their own or with just one or two employees (micro-businesses), who feel under-served by the current business finance skills offering. Many don’t know where to turn, and struggle to find the support they need.
You can also read the full research report from the University of Bristol, who we worked with on the research.
Virtual learning
We’ve developed a new, free resource for small business owners. Using insight from our research, and our decades of experience running Business Debtline, we’ve developed a series of videos designed to help small business owners and self-employed people understand, and feel confident managing their business finances.
Following an initial pilot, we’re now working on phase 2 of the programme, to develop the virtual learning further, extend the reach of the programme and enhance its content and functionality.
Help us reach more small business owners
If you’re an organisation or firm working with small business owners, and would like to talk about how you can signpost to the Building Up Business learning, please get in touch.
