We are currently working on a project to guage into the financial awareness and knowledge of SMEs. As part of the methodology we conducted a focus group and to have a better insight into the financial education needs of SMEs. We are in the process of designing a survey instrument to collect data with a view to identify the financial education gap.
You need to get into the habit of defining your TLAs (Three letter Acronyms ) the first time you use them or people won't know if you are asking about Small tp Medium Enterprises . Subject Matter Experts or Something More Exotic.
Answering what I think you are asking: Yes it is important for Small to Meium Enterprises (SME) to understand the time value of money and all of the direct and inderect costs associated with operating their business in order to properly set a price on their work product and oprate the business in a profitable way.
Each SME is an island on to itself. You could try sendingout surveys/questionaires to determine financial literacy of individual SMEs
Thank you Rick and I was wondering if we have such instrument which have been used in previous studies
We did a focus group and we have obtained interesting input to design our survey form - any link to such research instrument would be a plus
Maybe you should look at the right term used in the literature. financial literacy of SMEs could be indirectly measured (maybe) using Accounting Information system sophistication (http://search.proquest.com/openview/aa71d7e6d94d63071f693107736db420/1?pq-origsite=gscholar&cbl=30520) or complexity (http://search.proquest.com/openview/7ec635ba0d64183bfdd9c053299cb808/1?pq-origsite=gscholar&cbl=25945)
Hope this helps!
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