Without knowing financial basics like budgeting and reading a balance sheet, the entrepreneur may have difficulty growing their business or even keeping it afloat.
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Entrepreneurs Need Financial Literacy
Small and Medium Sized Enterprises (SMEs) have
consistently made crucial contributions to Kitchener’s
economic and socio-economic development.
Kitchener aims to build a startup city by nurturing an
entrepreneurial culture and by leveraging key start up
Kitchener continues to be a great place to start a
business, with the best programs, facilities and
Why is financial literacy so important for
Entrepreneurs get carried away with all the aspects of
developing a product or service so much so that they
don’t spend enough time beefing up their financial
Without knowing financial basics like budgeting and
reading a balance sheet, the entrepreneur may have
difficulty growing their business or even keeping it
More than half of all new startups in Canada are run by
part-time entrepreneurs who are working full-time and
balancing their business on the side.
Financial literacy skills will make them more efficient
and productive both in life and with their finances.
5 Reasons why Financial Literacy is Essential
for Every Entrepreneur
1. 55% of people are stressed about money
2. Money is the number one cause of stress for employees
3. 40% of people say that money stress is affecting their work
4. 42% of Canadians lack basic financial literacy
5. Employers who implement some form of financial education in the
workplace, see a return on their investment
New employers should look to develop a company culture
that understands the value of money, plans and manages it
well, and cultivates a workplace mentality that wants to see
that money/company continue to grow.
Any time or money invested in financial education
is returned with increased productivity, less stress
in the workplace, and employees with an overall
enhanced sense of well-being.
This education builds financial knowledge, which then
reduces stress levels benefitting quality of work, it’s a
win-win for everyone
If you’re starting up a business, make sure you brush up
on your financial literacy skills so you can keep your
business finances in order and running smoothly.
Having a financially literate workplace means a healthy
bottom line, one with which you can make confident
financial decisions that will benefit both you and your
BDO CAN HELP
Starting a business, looking for financial advice, contact
Telephone: (226) 336-8933
Email: [email protected]