The Effect of Financial Record Keeping on SME Growth: A Study of Tailoring Businesses in Aba, Abia State
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Background of the Study
Small and medium-sized enterprises (SMEs) are vital to the economic development of many nations, including Nigeria, where they account for a significant portion of employment and economic output. However, many SMEs, particularly those in the informal sector, struggle with financial management, including financial record keeping. Tailoring businesses in Aba, Abia State, are no exception. These businesses often face challenges in maintaining accurate financial records, which can hinder growth and long-term sustainability (Nwankwo & Ijeoma, 2023).
Effective financial record keeping allows business owners to track income and expenses, monitor cash flow, and make informed decisions about investments and expenditures. For tailoring businesses, maintaining proper financial records is essential for understanding profitability, managing inventory, and securing financing from financial institutions. This study examines how financial record keeping influences the growth of tailoring businesses in Aba, exploring the relationship between financial practices and business performance.
Statement of the Problem
Despite the crucial role of financial record keeping in business growth, many tailoring businesses in Aba fail to maintain adequate records, leading to poor financial management, inefficiencies, and limited access to credit. This lack of proper financial documentation can undermine the ability of these businesses to compete, expand, and make informed financial decisions. This study seeks to assess the effect of financial record keeping on the growth of tailoring businesses in Aba and provide recommendations to improve financial management practices in these businesses.
Objectives of the Study
1. To assess the level of financial record keeping practices among tailoring businesses in Aba.
2. To examine the impact of financial record keeping on the growth and profitability of tailoring businesses.
3. To recommend strategies for improving financial record keeping in tailoring businesses to enhance growth.
Research Questions
1. What is the level of financial record keeping among tailoring businesses in Aba?
2. How does financial record keeping impact the growth and profitability of tailoring businesses in Aba?
3. What strategies can improve financial record keeping in tailoring businesses?
Research Hypotheses
1. There is a significant positive relationship between financial record keeping and the growth of tailoring businesses in Aba.
2. Tailoring businesses with effective financial record keeping practices report higher profitability.
3. Improvements in financial record keeping practices lead to better access to financial resources for tailoring businesses.
Scope and Limitations of the Study
This study focuses on tailoring businesses in Aba, Abia State, between 2023 and 2025. Limitations include the challenge of obtaining accurate financial records from businesses in the informal sector and potential biases in business owners' responses to survey questions.
Definitions of Terms
• Financial Record Keeping: The process of systematically recording and organizing a business’s financial transactions.
• SME (Small and Medium Enterprises): Businesses that operate on a smaller scale, typically characterized by limited resources, staff, and revenue.
• Tailoring Businesses: Enterprises involved in the design, making, and alteration of clothing, often operating in the informal sector.
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