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PROJECT TOPIC- EFFECT OF EFFECTIVE MANAGEMENT OF FINANCIAL RESOURCES ON SMALL SCALE BUSINESS

PROJECT TOPIC- EFFECT OF EFFECTIVE MANAGEMENT OF FINANCIAL RESOURCES ON SMALL SCALE BUSINESS

ABSTRACT

This project  investigates The Effect of Effective Management of Financial Resources on Small Scale Business which case study is pelican paint Benin-City, Edo State. The need for financial resources was stressed, also examine the role it plays in business organization. In carrying out this research relevant literature on the effect of effective management of financial resources have been consulted. After careful analysis of the results of the information and data collected, important findings were singled out to  enable conclusions to be drawn, some of the findings among others was non  implementation of terms clearly spelt out. In the light of the above findings. I therefore recommend that financial management in a business organization should be given adequate attention. There should be a good management of financial resources to be able to attained the aims and objectives of the business.

 

CHAPTER ONE

INTRODUCTION

1.1     Background to the Study

Small scale Enterprises (SSES) are spring board for rapid industrial development. Akogu (2003) posits that historical factors show that prior to the late 19th century, cottage industries mostly small and medium, scale business controlled the economy of Nigeria. The industrial revolution changed the status quo and introduced mass production. The twin oil shocks during the 1970s undermined the mass production model, which triggered an unexpected reappraisal of the role and importance of small and medium sized enterprise in the global economy. Major findings by economists over the years shows that small scale business play a much more important role in economic growth and development.

The Nigeria vision of joining the league of the developed economy by the year 2020 could be realized only and only if this important sector of the economy, which is an engine for rapid economic development is encouraged and developed. The major constrain of small scale enterprises is finance as they have no opportunity to source for fund from capital market as large scale companies do. The only sources of finance of small scale business are personal saving, borrowing from friends or relatives, banks whose high interest rate militate the development of small scale businesses.

Akogu (2003) opines that in both developed and developing countries, the government is turning to small and medium scale industries and entrepreneurs as a means of economic development and a veritable means of solving problems. It is a seedbed of innovations, inventions and employment.

Unfortunately, Nigeria lacks the necessary infrastructure facilities especially electricity to develop this important sector of the economy. Agundu (2002) reiterates that under capitalization resulting from limited access to funds failure of formal financial institutions cater later for the financing requirements of small and medium enterprise (SMES) due to the inherent riskiness of (SMES) Ventures, misapplication of development loans, deliberate diversion of loan meant for investment into non-productive ventures.

Orogundade (2011) posits that SMES in Nigeria lack managerial skills because of inability to acquire modern technology and formal education, resulting to inability to respond to threatening environmental condition and lacks enterprises building skills.

PROJECT TOPIC- EFFECT OF EFFECTIVE MANAGEMENT OF FINANCIAL RESOURCES ON SMALL SCALE BUSINESS

1.2     Statement of Problem

This study sets to examine the effect of effective management of financial resources on small scale business and growth in Nigeria with a view to:

  • Determining the training and educational attainment of Nigerian entrepreneurs to cope with and embrace the modern days technologies.
  • Evaluating accessibility and the rate of interest on loan available to Nigeria
  • Ascertaining the extent to which the infrastructure decay has hindered entrepreneurial growth and development in Nigeria.

1.3       Research Questions

The following research questions were raised for the study:

  • What is the level of manpower training and development of Nigeria entrepreneurs through formal education?
  • Are the Nigerian entrepreneurs having challenges in obtaining loan at a much reduced interest rate from the financial institutions?
  • What extent has the infrastructures decay especially electricity hampered the growth of small scale enterprises in Nigeria?

1.4     Objectives of the Study

The main objective of the study is to examine the effect of effective Management of financial resources on small scale business.

  • Examine the problems financing small scale enterprise.
  • Find out the sources of finance available to small scale enterprise.
  • Ascertain the prospect of financing small scale business.
  • Find out the strategies for improving the, effectiveness of small scale business.

1.5     Statement of Hypotheses

(1)     Nigerian entrepreneurs are not trained on the job and most of them are militate to cope with the challenge of the modern days technologies.

(2)     The entrepreneurs are not experiencing challenges in obtaining loan at a reduced interest rate from the financial institutions.

 

1.6     Scope of the Study

In order to achieve the purpose of this research work, the position of finance (money) in the far “resource of management and how it affect the growth and operation will be look into. It should however, be noted that although other resources can also be manage by an entrepreneur. It is however outside the scope of this study to look into other resources which include man, method and machine. In this research work, am restricted to know how financial resources is manage in small scale enterprise.

1.7     Significance of the Study

This research study will be useful to the researcher and other researchers that might want to know the significance of the effect of the effectives management of financial resources on small scale business as it will give the researcher an understanding of what  importance financial resources is in making an entrepreneur active in his/her primary objective no business can growth or expand in its operation. It can be said with out controversy that availability of fiancé distinguishes partnership from sole proprietorship business.

More so, financial resources enable an organization to acquire every necessary input it needs to move a business forward and it also gives an organization the courage to complete with its competitors. Financial resources is one of the major factors of production. Despite the fact that man coordinate other factors  of production without money you cannot embark on any tangible project. The lapse implied in the management financial resources in a small business .will be revealed as a basis for recommending appropriate action to be taken by the owner/ management so as to correct such lapses.

1.8     Limitation of the Study

In the course, of this research work a some limitation/ constrain were encountered by the researcher.

Problem of finance: the researcher was not able to have enough fund out this research work. Another factor that limits the researcher work is time: bearing in mind that short duration of the semester with the volume of academic works the needed attention, the time given to the project work was limited. Another factor that also limits the entrance into the organization because it is the policy of every organization not release certain information to non staff. Another factor is transportation.

 

1.9     Operational Definition of Terms

Finance: Finance is defined as a man made or provided by people gear toward production. Finance can also be described as the money used in setting a business.

Management: Management is distinct consisting of planning, organizing, coordinating and contriving human factors of production, to be able to attain the aims and objectives of the business.

Small Business: Small business can be defined as the one which is independently owned and operated and not dominant in its field of operation.

Finance Gap: Finance gap is a situation when a company is growing rapidly with identified business opportunities which are profitable but which the company has and readily available funds to explore.

Over Trading: This arises when a firm gets itself involved in a volume of business which exceeds what it can conveniently and effectively handle with its existing resources.

Financial Planning: This involves the setting up financial strategies and programmes for achieving a defined object within a defined period.

Capitalization: This means the assessment and eventual ascertainment of the value of the view of the existing assets of firm with a view to assorting of fixed value to each of the shares of the firm.

Financial Management: Financial management process of planning the provision and effective utilization of funds.

 

PROJECT TOPIC- EFFECT OF EFFECTIVE MANAGEMENT OF FINANCIAL RESOURCES ON SMALL SCALE BUSINESS

 

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