An Assessment of Financial Management Strategies for Business Survival: A Study of Retail Firms in Kano State
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Background of the Study
Financial management is vital for the survival and growth of businesses, encompassing budgeting, cost control, revenue management, and investment decisions. In retail firms, effective financial management ensures cash flow stability, operational efficiency, and resilience against market uncertainties (Adewale & Musa, 2023).
Retail firms in Kano State face challenges such as rising operational costs, fluctuating consumer demand, and economic instability. Many of these businesses operate in highly competitive environments where poor financial management can lead to business failure. Developing robust financial management strategies is essential for their survival (Okoro & Hassan, 2024).
This study investigates the financial management strategies adopted by retail firms in Kano State and their role in sustaining business operations.
Statement of the Problem
Retail firms in Kano State often struggle with financial challenges, including inadequate capital, poor cost control, and ineffective revenue management. These issues, compounded by external factors such as inflation and economic shocks, threaten their survival. Despite the critical role of financial management, many retail firms lack effective strategies to navigate these challenges (Bello & Yakubu, 2025).
This study aims to assess the effectiveness of financial management strategies in ensuring business survival in Kano State.
Objectives of the Study
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To identify financial management strategies employed by retail firms in Kano State.
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To evaluate the effectiveness of these strategies in ensuring business survival.
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To recommend best practices for financial management in retail firms.
Research Questions
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What financial management strategies are used by retail firms in Kano State?
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How effective are these strategies in ensuring business survival?
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What measures can improve financial management in retail firms?
Research Hypotheses
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Effective financial management strategies significantly enhance business survival.
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Poor financial management negatively impacts the sustainability of retail firms.
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Improved financial management practices lead to increased operational stability.
Scope and Limitations of the Study
This study focuses on retail firms in Kano State, examining their financial management strategies and their impact on business survival. Limitations include variations in firm size and external economic conditions.
Definitions of Terms
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Financial Management: The process of planning, organizing, and controlling financial resources to achieve business objectives.
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Business Survival: The ability of a business to sustain operations and remain competitive over time.
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Retail Firms: Businesses engaged in selling goods directly to consumers.
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