Small and Medium Scale Enterprises Managers’ Rating of Financial Management Skills Needed for Business Success in Delta State, Nigeria

Abstract

The study determined the rating of financial management skills needed for business success among small and medium-scale enterprises managers in Delta State. One research question guided the study, and one null hypothesis was tested at 0.05 level of significance. Descriptive survey research design was adopted, and the population of 609 SMEs managers was studied without sampling. A structured questionnaire containing 10 items was face validated by three experts in the field and was used for data collection. Test-retest method was used to establish the reliability of the instrument, and the data analysed with Pearson Product-Moment Correlation, yielding coefficients of 0.66. Five hundred and ninety-six (596) duly completed copies of the instrument were retrieved and used for data analyses. Mean and standard deviation were used to analyze the research question, while the t-test was used to test the null hypothesis at 0.05 level of significance. Findings revealed that the respondents rated their financial management skills as high. Based on the findings of the study, the researcher concludes that all financial management skills listed were highly needed by SMEs managers for business success. It was therefore recommended that the Federal and State governments should make good policies on small and medium scale enterprises promotion by ensuring that SMEs managers practice the appropriate level of financial management skills needed for business success. This will help to reduce the incidence of business failure in Delta State and the country at large ead of Department