ABSTRACT
This study was carried out to investigate the relevance of financial management and planning on small scale businesses in Yobe state using selected small-scale businesses in Gashua as case study. Specifically, the study examined the role of financial management & planning on SMEs; the factors that influence the adoption of effective Financial management & planning by SMEs; the extent implementation of Financial management by SMEs in Gashua has enhanced accountability. The study employed the survey descriptive research design. Questionnaire was used for data collection which was raised against a four Likert scale of Strongly Agree(SA), Agree(A), Strongly Disagree(SD) and Disagree(D), and was analysed using the Relative Importance Index (RII). A total of 338 respondents were purposively selected as sample size comprising of block businesses, bakery businesses, sachet water businesses and tailoring and fabrics businesses. Out of the 338 respondents, 259 responses were validated from the survey. The study adopted the Pecking Order Theory. From the responses obtained and analysed, the findings revealed that there is a significant positive relationship between financial management and planning and sustainability of SMEs. This implies that SMEs who adopts effective financial management and planning in their business achieves sustainability. Furthermore, there is a significant positive relationship between financial management and planning and accountability of SMEs. This is as the Pearson correlation test showed a positive significant relationship of (.922**) and (.897**) respectively. On the basis of these findings, it was recommended thatSMEs in Gashua should adopt financial management and planning in their businesses in order to benefit from its numerous advantages such as accountability, profitability and sustainability for businesses. More so, the Small and Medium Enterprises Development Agency (SMEDAN) and financial experts should sensitize the SMEs owners on the relevance of bookkeeping, financial reporting and analysis as well maintaining proper books of analysis. Capacity building should be organized for SMEs owners to help them understand why they should keep updated books so as to effectively measure their performance.
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