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Financial A Small Scale Business In Nigeria Effect On Economic Development Prospect And Problems
[A CASE STUDY OF NIGERIAN AGRICULTURAL AND COOPERATIVE BANK LIMITED ILORIN]
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(5) INSUFFICIENT FUND
Government fund are not limited, in the face of completing needs for government resources sufficient fund are not always available to promote the need of small enterprises.
(C) PROBLEMS ASSOCIATED WITH SMALL SCALE INDUSTRIES
(I) SHORTAGE OF SKILL
The promoter of owners of small scale enterprises are people of average means with no specialized skill or expertise because of financial constraints, they are unable to line the service of specialist on part time or full time basic.
As a result efficient productivity is low and hence the small enterprises cannot service.
(I) LACK OF GOOD ADVICE
Another characteristic is that the small scale proprietor does not there his problems with other nor does he seek good advice in other to find a solution to its problems. This result in high cost and or unprofitable operation.
(II) POOR ACCOUNTING
The financial problem of business is poor accounting often it is only a symptom, the diagnosis which reveals other weakness business financial and stocks required for personal need cash and stock are taken at will for person used who never the need arise without account of such withdrawals. It makes it difficult to assess the operating result of the business and attains starves the firm of liquid resources.
(III) LACK OF EFFICIENCY
Efficiency is a main area of weakness of small business the owner manager, in most cases, is neither a technical export nor on able administrator. He runs his business with average efficiency leaving margin for better and fuller utilization of resources at his disposal. There is no co-ordinated effort within the sector to develop joining marketing strategy.
Also small business adopted rapidly and have ability to change which is a natural strength of a small enterprise. This quality may be nullified whom on opportunity recurring rapid change suddenly appears. The manager may be too occupied with on going operational problems to be able to think clearly about the future of the business.
Environment condition change a so rapidly that, unless they start is cost business management calls for constant reorientation those who own and operate their own business or who manage someone else small business must recognize the changing economy, the new social structure and the new forms of completion.
The small enterprises is a relative fragile structure with limited resource to economics its problems even minor problems can be life threaten to be enterprise.
1.2 AIMS AND OBJECTIVES OF THE STUDY
The objective of the study is to highlight the crucial role of financial institution in the finding development and substance of small scale business. It will also be useful to government and private individual in order to know the problem of this of establishment and the remedy.
The project work is also to carry out research ad investigation in order to find out possible solution that will serve as guide lines towards revamping some small scale business which can be as a result of bad financial management collapsed.
IMPORTANCE OF RESEARCH
Study implications
The purpose of research is to inform action. Thus, your study should seek to contextualize its findings within the larger body of research. Research must always be high quality in order to produce knowledge that is applicable outside of the research setting with implications that go beyond the group that has participated in the research. Furthermore, the results of your study should have implications for policy and project implementation.
As a researchers, it is imperative to take steps to overcome this barrier. Publishing your study may be one initial step to make your research known to the global community. Other proactive measures can be taken to encourage the untake of evidence – based interventions. For example, you can present your research findings at various venues such as the unite for sight sponsored global health and innovation conference. Furthermore, you can send the results of your study to local officials, policy – makers and community leaders.
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