The Challenge
In the UK, a staggering 20% of businesses fail within their first year.
That stat jumps to 60% when analysing the first three years.
All of this is largely due to a critical gap in Directorship & Financial knowledge among new directors.
Many entrepreneurs launch their ventures with passion and ideas but lack the knowledge of their director duties and legal responsibilities, in addition lacking the essential financial literacy to manage cash flow, budget effectively, or secure adequate funding. This lack of financial understanding leads to poor decision-making, resulting in businesses running out of cash, failing to secure additional capital, or underestimating expenses—all of which can quickly lead to closure.
Without a strong grasp of the directors’ legal responsibilities and financial management, new business owners are often ill-equipped to navigate the complexities of operating a company. They may mismanage their finances, overlook key financial obligations, or fail to plan for unforeseen expenses. These issues are compounded by lack of knowledge, pressures of competitive markets and economic fluctuations, leaving many startups vulnerable to failure and directors in a personal position of financial distress.
There are currently 5.51 million SME businesses in the UK and they account for; 99% of all business activity and 52% of turnover in the private sector
Our solution
Munny For Business (MFB) is an all-in-one solution designed to bridge the critical director duties & financial knowledge gap that plagues many new business owners.
MFB is a subscription-based app that empowers entrepreneurs with the tools they need to succeed; providing eLearning resources, an AI money coach and comprehensive business health check data, including business credit scores.
With MFB, users gain access to tailored eLearning modules that covers The Companies Act 2006 as well as essential financial topics like cash flow management, budgeting, and securing funding. These courses are designed to build director & financial literacy, ensuring that new directors can make informed decisions and avoid the common pitfalls that lead to business failure.
A common route cause behind most failing businesses is poor director leadership and the lack of knowledge of how to run a business based on the Companies Act 2006; this unfortunately is resulting in directors coming away from business in severe financial distress.
The AI money coach, Ally, offers personalised guidance 24/7, helping users navigate their financial challenges with real-time advice and support, specifically trained on all aspects of running a successful business. MFB includes business health check features, offering critical data such as business credit scores. This allows users to regularly assess their financial standing, identify potential risks, and take proactive steps to maintain their company’s financial health.
