Entrepreneurs Need Financial Literacy Education Too!

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 successes.

Kitchener continues to be a great place to start a business, with the best programs, facilities and community support.

Why is financial literacy so important for

entrepreneurs?

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 literacy.

Without knowing financial basics like budgeting and reading a balance sheet, the entrepreneur may have difficulty growing their business or even keeping it afloat.

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

productivity

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

FINANCIAL LITERACY

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.

FINANCIAL LITERACY

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

FINANCIAL LITERACY

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.

FINANCIAL LITERACY

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 business.

FINANCIAL LITERACY

BDO CAN HELP

Starting a business, looking for financial advice, contact BDO Kitchener.

Telephone: (226) 336-8933Email: kitchenerwaterloo@bdodebthelp.ca