THE IMPACT OF FINANCIAL MANAGEMENT PRACTICES ON BUSINESS PERFORMANCE
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- 1-5 Chapters
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- Recommended for : Student Researchers
- NGN 3000
This study explores the impact of financial management practices on business performance. Objectives include: (1) evaluating the effectiveness of financial management in optimizing resources, (2) analyzing the relationship between financial management and profitability, and (3) assessing the long-term effects on business sustainability. A survey design is employed to gather data from a broad range of respondents. Using Taro Yamane's formula, a sample size of 320 is derived, ensuring statistical significance and reliability. The case study focuses on the manufacturing sector in Lagos, Nigeria, where efficient financial management is vital. The reliability coefficient score is 0.85, indicating high reliability. Findings reveal that robust financial management practices significantly enhance business performance by optimizing resource allocation, improving cash flow, and increasing profitability. Recommendations include implementing comprehensive financial management frameworks and providing regular training for financial managers to maximize effectiveness.
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