Cash Management Strategies and Financial Performance of Small Businesses in Mukono Central Division
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Date
2024-09-04
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Uganda Christian University
Abstract
This research looked at how cash management strategies affect the financial success of small businesses in Mukono Central Division. The goal was to see how various cash management methods impact financial stability and performance, to identify major challenges in cash
management, and to explore the connection between these methods and business success. The study used a cross-sectional design and surveyed 93 small businesses. Data was gathered, analyzed using SPSS software, and insights were drawn about cash management practices and their effects.
Research shows that small businesses in Mukono Central Division understand the importance of both traditional and modern ways of managing money to improve their financial success.
Predicting cash flow and using digital tools for managing money are key to keeping enough cash and making financial processes better. But there are problems like having enough cash flow, dealing with late payments, and not having good tools. The study shows that good money
management strategies lead to better financial performance, especially in keeping the right amount of cash, managing money owed to them, and controlling money spent.
The study suggests that small businesses should use advanced ways to predict their cash flow, use digital tools to manage their money, and create strong plans for handling their cash. Using digital tools and software to get immediate information, automating financial tasks, and setting clear rules for credit can help businesses better control their finances, reduce risks, and improve their overall performance.
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Undergraduate research