An Examination of Financial Challenges Faced by Small Hotels: A Case Study of Calabar, Cross River State
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Background of the Study
The hospitality industry, particularly small hotels, plays a crucial role in the economic development of regions with thriving tourism sectors, such as Calabar, Cross River State. However, small hotels often face numerous financial challenges that hinder their ability to compete with larger hospitality establishments. These challenges include limited access to credit, rising operational costs, and fluctuating customer demand.
Small hotels, especially in developing economies like Nigeria, have to contend with poor infrastructure, inconsistent electricity supply, and security concerns, which exacerbate their financial difficulties (Okoye & Eze, 2023). Financial mismanagement, poor pricing strategies, and inefficient resource allocation further limit their profitability and sustainability. This study explores the financial challenges faced by small hotels in Calabar, focusing on how these challenges impact their operational effectiveness and growth.
Statement of the Problem
Small hotels in Calabar struggle to maintain profitability and sustain operations in the face of mounting financial pressures. Issues such as inadequate financing options, high operational costs, and poor cash flow management are pervasive. These financial constraints affect the quality of services provided, customer satisfaction, and overall competitiveness in the tourism sector.
This study seeks to identify and analyze the key financial challenges encountered by small hotels in Calabar and how these challenges influence their business operations.
Objectives of the Study
1. To identify the financial challenges faced by small hotels in Calabar.
2. To evaluate the impact of financial constraints on the operations of small hotels.
3. To propose strategies for overcoming financial challenges and improving hotel performance.
Research Questions
1. What are the main financial challenges faced by small hotels in Calabar?
2. How do these financial challenges affect the operations of small hotels?
3. What strategies can small hotels adopt to overcome financial challenges?
Research Hypotheses
1. H₀: Financial challenges have no significant impact on the operations of small hotels in Calabar.
2. H₀: Small hotels in Calabar do not face significant financial constraints.
3. H₀: There are no effective strategies to overcome financial challenges in small hotels.
Scope and Limitations of the Study
The study focuses on small hotels located in Calabar, Cross River State. Limitations include the availability of financial data from private hotel owners and potential biases in respondents’ perceptions of financial challenges.
Definitions of Terms
• Small Hotels: Hotels with fewer rooms, lower capital, and limited resources compared to large hotels.
• Operational Costs: The expenses incurred during the regular functioning of a business, such as utilities, staffing, and maintenance.
• Cash Flow Management: The process of monitoring, analyzing, and optimizing the flow of cash in and out of a business.
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