Small Business Owners Struggle with Financial Knowledge
Storm Menzies started her business over a year ago and used YouTube to learn about money.
In short:
Many small business owners do not know if they made money last month.
In this article:
Storm Menzies started her business a year ago and thought making products would be the hard part.
She said making products is a small part of running a business.
She had no experience with the money side of things.
Storm Menzies makes things to help people use cosmetics.
She used YouTube to learn about business because she had no other help.
The money part of business is important, but it's hard to find help.
Storm Menzies still has a lot to learn about money.
Many small business owners have the same problem.
There are over 2.6 million small businesses in Australia.
When small businesses do not know about money, it hurts the economy.
If a business does not know if it's making money, it can't pay its owners.
This affects the whole economy because small businesses buy and sell from each other.
If a business can't pay its owners, it can't hire more people.
Fixing the money problem
A group is working to help small businesses learn about money.
This group met with important people to talk about how to help small businesses.
The government needs to work with businesses to help them.
Skye Cappuccio says we need to help small businesses learn.
We need systems to help small businesses learn about money.
Skye Cappuccio says systems are needed to support small businesses.
If small businesses know about money, they might stay open longer.
Many businesses close after three years.
Verity Hare says knowing about money helps business owners feel less stressed.
Verity Hare says money knowledge helps business owners.
Finding solutions
The group will have meetings to find ways to help businesses.
They want to teach people about money in school.
There's a podcast about business news.
Storm Menzies wants more tools to help people start businesses.
She thinks it's unfair that some people have more help with money.
She feels ashamed when she doesn't know about money.
She thinks mentoring and programs can help people learn.
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