FINANCIAL RISK MANAGEMENT IN SMALL AND MEDIUM ENTERPRISES
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- NGN 3000
Abstract: FINANCIAL RISK MANAGEMENT IN SMALL AND MEDIUM ENTERPRISES
This study investigates the impact of financial risk management on the stability and growth of small and medium enterprises (SMEs). Objectives include identifying prevalent financial risks faced by SMEs, evaluating the effectiveness of current risk management strategies, and proposing enhancements to mitigate these risks. A survey research design is utilized due to its efficacy in gathering extensive data on risk management practices from a large sample of SMEs. Using Taro Yamane's formula, a sample size of 350 SMEs in Port Harcourt was determined, ensuring comprehensive coverage and reliability. The case study focuses on SMEs in the manufacturing sector, known for their vulnerability to financial risks. The reliability coefficient score of the survey instrument is 0.87, reflecting high reliability. The findings indicate that effective financial risk management practices are crucial for SME sustainability, with risk identification, assessment, and mitigation strategies showing significant positive impacts. It is recommended that SMEs invest in risk management training and tools to enhance their resilience against financial uncertainties.
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