SMEs offered help with understanding numbers
A business growth strategist, who says many company owners struggle to raise finance because they lack a basic understanding of their own accounts, has launched an initiative to help them engage more effectively with banks and other financial institutions
Many have been hampered in their bid to recover from the effects of the pandemic by poor financial advice and a lack of financial knowledge, says Craig Alexander Rattray who aims to address the issues with his Know Your Numbers programme.
A part-time finance director to many ambitious growing companies, the former venture capitalist and corporate financier has set up Know Your Numbers, an online group programme.
The two-hour monthly meetings and additional one-hour clinics for each of the two groups will be focused on helping entrepreneurs gain a better understanding of how knowing their numbers can improve the company’s performance and their personal wealth.
“I understand the needs and concerns of business owners and what keeps them awake at night,” said Mr Rattray, owner of CR Corporate Solutions.
“Over the last six months, it became clear from the businesses engaging with me, that there is a real lack of understanding of financial information and how to fund businesses.
“Many were struggling to navigate their way through the complexities of company finances as a result of a lack of financial knowledge and information, and visibility of forward trading. That uncertainty left them in a position of weakness in terms of securing funding from banks and investors, and basically understanding where they are and where they are going.
“This uncertainty means business owners are unable to plan ahead with a proper strategy and do the right thing for their business.”