THE ROLE OF STRATEGIC FINANCIAL MANAGEMENT IN ACHIEVING BUSINESS OBJECTIVES
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- NGN 3000
Abstract:
The objectives of this study are to (1) explore the impact of strategic financial management on achieving business objectives, (2) identify the key components of effective financial management strategies, and (3) assess the relationship between financial planning and business performance. A survey research design was chosen to collect comprehensive data from a large sample. Using Taro Yamane's formula, a sample size of 370 respondents was selected to ensure representativeness. The study was conducted in the banking sector in Lagos, Nigeria, known for its focus on financial management. The reliability coefficient score of the survey was 0.88. The findings revealed that strategic financial management significantly enhances business performance by ensuring effective resource allocation, promoting financial sustainability, and supporting strategic decision-making. Recommendations include developing robust financial management frameworks, investing in financial planning and analysis tools, and promoting financial literacy at all organizational levels.
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