The Impact of Recession on SME Cost Management Practices in Nigeria: A Case Study of SMEs in Port Harcourt
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Background of the Study
Recessions disrupt economic stability, leading to reduced consumer demand, constrained access to credit, and heightened cost pressures for businesses. SMEs, which operate with limited resources, are particularly vulnerable to these challenges (Okon & Nwankwo, 2024).
In Port Harcourt, a city with a significant SME presence, cost management becomes critical during recessions to sustain operations and profitability. Effective cost management practices enable SMEs to adapt to financial constraints, maintain competitiveness, and ensure survival in tough economic conditions.
Statement of the Problem
Recessions significantly strain SMEs in Port Harcourt, resulting in increased operational challenges and reduced profitability. Many SMEs lack robust cost management strategies to navigate economic contractions effectively, leading to financial instability and, in some cases, business closure (Ibekwe & Onuoha, 2023).
Despite the importance of cost management, limited research explores its role in SME resilience during recessions in Port Harcourt. This study addresses this gap by examining the impact of recession on SME cost management practices.
Objectives of the Study
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To analyze the impact of recession on SME cost management practices in Port Harcourt.
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To identify challenges faced by SMEs in implementing effective cost management strategies during recessions.
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To recommend cost management practices to enhance SME resilience during economic downturns.
Research Questions
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How does recession impact SME cost management practices in Port Harcourt?
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What challenges do SMEs face in implementing cost management strategies during recessions?
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What cost management practices can enhance SME resilience in Port Harcourt?
Research Hypotheses
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Recession does not significantly impact SME cost management practices in Port Harcourt.
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Challenges in implementing cost management strategies do not significantly affect SMEs during recessions.
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Recommended cost management practices do not significantly enhance SME resilience during economic downturns.
Scope and Limitations of the Study
The study focuses on SMEs in Port Harcourt, examining cost management practices during recessions. Limitations include varying recessionary impacts across industries and potential biases in self-reported financial data.
Definitions of Terms
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Recession: A period of economic decline characterized by reduced GDP, employment, and business activity.
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Cost Management Practices: Strategies and processes used to control and reduce business expenses.
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Resilience: The ability of SMEs to adapt and recover from economic challenges.
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