Financial Strategies For Sustainability Of Small And Medium Sized Enterprises In Nigeria The Education Accounting And Consulting Outlook
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Author | : Edward Agbai |
Publisher | : |
Total Pages | : 0 |
Release | : 2022 |
Genre | : |
ISBN | : |
Although small and medium enterprises (SMEs) contribute significantly to Nigeria's socioeconomic and political development, most of the country's SMEs no longer operate by their fifth anniversary. Many owners lack knowledge of the financial strategies required for the long term performance and growth of their enterprise. The aim of this qualitative multiple case study was to gain an in-depth understanding of financial strategies that SMEs owner-managers can adopt to enhance the sustainability of their business operations in Nigeria. This study was grounded in entrepreneurship theory and Porter's model of competitive strategy. Qualitative data from multiple sources, including semi structured interviews, scholarly works, and observational field notes, were collected. The participants were six SME owner-managers who employ fewer than 200 employees within the education and accounting/consulting service sectors. Thematic analysis of data produced five themes that explained the financial strategy practices of SME owner-managers: maintaining strategic financial practices, acquisition of basic financial cum business knowledge, establish sound financial reporting system, articulating challenges of SMEs, and embracing entrepreneurial resilience. The findings revealed the need for SME owner-managers to embrace dynamism in their financial strategy practices. By doing so, SME owner-managers may be able to sustain their businesses, which may promote positive social change through job creation, wealth distribution, technological innovation, grassroots development, and enhancement of gross domestic product.
Author | : Edward Agbai |
Publisher | : |
Total Pages | : 0 |
Release | : 2022 |
Genre | : |
ISBN | : |
Although small and medium enterprises (SMEs) contribute significantly to Nigeria's socio-economic and political development, most of the country's SMEs no longer operate by their fifth anniversary. Many owners lack knowledge of the financial strategies required for the long-term performance and growth of their enterprise. The aim of this qualitative multiple case study was to gain an in-depth understanding of financial strategies that SMEs owner-managers can adopt to enhance the sustainability of their business operations in Nigeria. This study was grounded in entrepreneurship theory and Porter's model of competitive strategy. Qualitative data from multiple sources, including semi structured interviews, scholarly works, and observational field notes, were collected. The participants were 3 SME owner-managers who employ fewer than 200 employees within the agriculture sector. Thematic analysis of data produced five themes that explained the financial strategy practices of SME owner-managers: using available financing options, entrenching strategic financial practices, embracing entrepreneurial resilience, negotiating challenges, and taking advantage of technology. The findings revealed the need for SME owner-managers to be dynamic in their financial strategy practices. By doing so, SME owner-managers may be able to sustain their businesses, which may promote positive social change through job creation, wealth distribution, technological innovation, grass-root development, and enhancement of gross domestic product.
Author | : David B. Ekpenyong |
Publisher | : |
Total Pages | : 46 |
Release | : 1992 |
Genre | : Industries |
ISBN | : |
Author | : Jackson Akor |
Publisher | : LAP Lambert Academic Publishing |
Total Pages | : 60 |
Release | : 2014-12-15 |
Genre | : |
ISBN | : 9783659628504 |
Notwithstanding the importance of small scale enterprise (SSEs) in the creation of new products, services and employment opportunities; SSEs still encounter numerous problems as regards sustainability and its development over time. Recent survey reveals that the rate of business failure is alarming. Every year existing small businesses are not breaking even in their transaction. The core problem of small scale enterprises, appears not to be limited to finance alone as shown by reports but includes incorporation of diverse business education skills and competencies. With the present advocacy for entrepreneurship towards self reliance in Nigeria's educational system, business education has a key role to play in the sustainability of the existing small scale enterprises and upcoming ones. By and large, business education stands to provide general management education, which will give the entrepreneur solid ground in accounting practice, marketing, managerial techniques, information and communication technology utilization.
Author | : Matthias I. Chijioke |
Publisher | : |
Total Pages | : 242 |
Release | : 2016 |
Genre | : Management |
ISBN | : |
Author | : Ade T. Ojo |
Publisher | : |
Total Pages | : 284 |
Release | : 2004 |
Genre | : Industrial policy |
ISBN | : |
Author | : Emmanuel Ikechukwu Okoye |
Publisher | : |
Total Pages | : 21 |
Release | : 2017 |
Genre | : |
ISBN | : |
Accounting skills was found to be contributory to business performance and as such entrepreneurs are advised to embark on capacity building in accounting skill in the area of financial management and record keeping. Entrepreneurs are agents and drivers of development in most economies of the world including Nigeria. An entrepreneur establishes his presence through the formation of a small and medium scale enterprise (SME). Accounting on its part, is of great importance to the development of small and medium scale enterprises. Accounting has variously been described as the language of business. This is in recognition of the fact that without accounting, determining organizational performance would become a mirage. Accounting provides fundamental information about a business so that interested parties and in particular investors can make informed decisions regarding that business entity. This paper therefore looks at the relevance of accounting skills to entrepreneurs of small and medium enterprises for sustainable performance and development in a developing nation using Edo State of Nigeria as a focal point. The aim of this paper is to ascertain if acquisition of accounting skills by SMEs operators have benefits that are accrual to the firms. The paper adopted the descriptive research design approach and data were generated from professionals and operators/owners of SMEs in the state through a fifteen point structured questionnaire. Data was analyzed using percentage analysis, the weighted mean, and the Z-test statistics. The hypotheses were tested using the Z-test for population proportion adopted at 5% level of significance under the two-tailed test. The results showed that accounting skills acquired by owners and operators of SMEs in the state will enhance their economic status and businesses performance. The result also showed that accounting skills will enhance their business acumen and profitability. It was also discovered that accounting skills has significant benefits accrued to firms who acquire accounting skills for sustainable performance and development. The paper recommends massive and regular training of owners and operators of SMEs nationwide on the accounting and business skills. The paper concludes that the acquisition of fundamental accounting skills by owners of small and medium scale enterprises is of utmost importance given the numerous contributions which are accruable to owners and operators of SMEs especially in developing nations.
Author | : |
Publisher | : |
Total Pages | : 44 |
Release | : 2001 |
Genre | : Economic development projects |
ISBN | : |
Author | : Alero Obazee |
Publisher | : |
Total Pages | : 0 |
Release | : 2019 |
Genre | : |
ISBN | : |
Author | : Sylvanus I. Ikhide |
Publisher | : |
Total Pages | : 60 |
Release | : 1998 |
Genre | : Business enterprises |
ISBN | : |