Financial Management Strategies and the Sustainability of Small-Scale Business in River State Public Universities, Nigeria

Abstract

The study examined financial management strategies and the sustainability of small-scale business in River State public universities, Nigeria. The population of the study comprised sixty-five (65) small-scale business operators that registered with the university management in the study area. A 20-item questionnaire titled “Financial Management Strategies and the Sustainability of Small-Scale Businesses (FMSSSSB)” tool was utilized for data collection. Fifteen (15) small-business owners from the University of Calabar were used to test the internal consistency that produced an overall reliability coefficient of 0.79. The study issues were addressed employing the mean (X) and standard deviations (SD), bar graph, line graph and an independent t-test was employed to assess the null hypotheses at the 0.05 level of significance. Results show that records management techniques and inventory management control influence the Sustainability of Small-Scale Businesses in River State public universities. It was determined that records are crucial to the management of small businesses' sustainability and that they must be treated carefully throughout their creation, maintenance, and disposal. As records are the cornerstone and foundation upon which modern business exists, it was also advised, amid other things, that owners of small businesses try to get involved in the records management process. Received: 18 August 2023 / Accepted: 21 October 2023 / Published: 5 November 2023