Many small-medium enterprises (SMEs) are very small organisations comprising mainly single-person and micro-businesses but, in the United Kingdom, there are around 250,000 small-medium businesses (SMBs) which are substantial businesses with turnovers of millions or tens of millions of pounds. A key requirement for thriving SMBs is effective leadership throughout the organisation. One crucial aspect, which is often overlooked, is that of financial leadership. Financial management in SMBs is often seen as a technique-based activity whereby finance staff have a limited role preparing annual financial accounts and disseminating financial information to key individuals in the organisation. They may act reactively by responding to requests for specific financial information. On the other hand, strong financial leadership is proactive, constructive and innovative and plays a critical role in ensuring that organisations stay financially adaptable and can build resilience and sustainability in today’s fierce market. The most effective financial leaders have a sophisticated and thorough understanding of their organisation’s financial health, and they make decisions grounded in financial realities to use that information in their communication to demonstrate the strategic connection between money, mission and purpose. This research volume asserts that understanding the importance of utilising robust financial management approaches and financial information in making business decisions and assessing business performance is the key. This is especially relevant for SMBs, as they can have a significant influence on countries’ economies. It will therefore be of interest to researchers, academics, practitioners and advanced students in the fields of leadership, financial management, entrepreneurship and strategy.
By:
Stewart Barnes, Malcolm Prowle (Higher Education Consultant, UK.) Imprint: Routledge Country of Publication: United Kingdom Dimensions:
Height: 229mm,
Width: 152mm,
Weight: 560g ISBN:9781032591582 ISBN 10: 1032591587 Series:Routledge Studies in Leadership Research Pages: 216 Publication Date:11 March 2025 Audience:
College/higher education
,
Professional and scholarly
,
Primary
,
Undergraduate
Format:Hardback Publisher's Status: Active
1. Introduction 2. The nature and importance of SMBs 3. The nature and importance of financial leadership in SMBs 4. Business decision making in SMBs: The importance of financial inputs 5. Financial leadership and business strategy in SMBs 6. Financing SMB developments 7. SMB performance management – the financial perspective 8. Financial management control in SMBs 9. Financial risk management in SMBs 10. Leadership on contemporary financial topics 11. Developing a financially aware organization 12. The finance function and finance director (FD) in SMBs 13. Conclusions
Stewart Barnes is the founder and chief executive officer of QuoLux, UK. Malcolm Prowle is a professor of performance management at the University of Gloucestershire, UK.