Prime minister David Cameron has once again reiterated his belief in Britain's entrepreneurs as the true engine of growth. In a recent speech, he said: "If we are to build a new model of growth, we need to give a massive boost to enterprise, entrepreneurship and business creation. Put simply Britain must become one of the best places to do business on the planet."

But you only need to pick up a newspaper to see the huge challenge we face in realising that ambition. Big businesses are shedding jobs, one million young people are searching for work, and thousands of small firms are struggling to stay in business.

And while job cuts and unemployment figures dominate the headlines, in the fight for economic recovery, helping small companies stay in business is one of the most pressing challenges that we face.
Figures from the Office for National Statistics reveal that one in three small businesses will fold before they get to their third birthday – a terrible waste of entrepreneurial potential that only contributes to growing joblessness in the UK.

But why do so many small businesses fail to get to maturity? Intuit research shows that poor financial management is one of the key contributors to business failure and for many business owners, managing their finances is one of the most difficult and challenging aspects of starting up.
 
In a recent study that Intuit conducted with 500 small business owners in the UK, we found that 54 per cent are getting by with manual spreadsheets for managing their P&L and a surprising one in five (21 per cent) admitted to using pen and paper. This offers little visibility into the state of the business and increases the likelihood of human error, one of the biggest contributors to financial distress.
 
Small businesses are often unaware that there is a better way, or are worried they need accounting knowledge to use financial management software that could save time and effort. But it's clear from our research that many small companies could do more to organise their business finances and to help radically improve their chances of success. For many, it is simply a question of getting in better shape.

We all – business leaders and policymakers – need to do what we can to help more businesses get started and create jobs as they grow. In response, Intuit has partnered with the Department for Business, Innovation and Skills to roll out a national programme to help 1,000 small firms across the UK get financially fitter through a new government-supported scheme of training workshops.  
 
The initiative launched during Global Entrepreneurship Week and has the backing of business secretary Vince Cable and business and enterprise minister Mark Prisk.  We kicked off by putting 400 small-business owners through their paces at the Business Start Up show to test their financial fitness. They received practical training on tracking and improving cashflow, getting customers to pay on time, dealing with VAT as well as saving time on everyday tasks such as invoicing, expenses and calculating and reporting VAT.

Immediately before the session, we conducted a poll of 150 entrepreneurs on their financial knowledge relevant for running a business. More than half score less than six out of 10 – a clear demonstration that many small-business owners are often left to deal with financial matters that they do not feel equipped to handle.

We've chosen to launch this with the express aim of providing practical training to help small-business owners get financially fit and prepare themselves for long-term success. The scheme will roll out across the UK next year to provide targeted, hands-on assistance.
 
Next year is Olympics year and it's not just athletes that need to get fitter. We need fitter businesses as well. Too many businesses run out of cash, manage it badly or just don't have the time or the skills to help themselves out. Improve this and we can radically help improve the business survival rate in the UK and deliver the growth we so badly need.

Intuit launched the Financial Fitness initiative during Global Entrepreneurship Week 2011. See www.intuit.co.uk for more information.