Assessing the financial management skills of selected micro enterprises in Island Garden City of Samal

Abstract

This research aimed to determine the financial management skills of selected micro-enterprises in the Island Garden city of Samal. This study used mean, t-test, ANOVA, and frequency and percentage as statistical tools. This study will use a quantitative-descriptive design to determine the impact of financial management skills of selected micro-enterprises in the Island Garden City of Samal. A total of 337 respondents will complete the survey. The result of the study revealed that most of the respondents had a very high level of financial management skills. Financial management skills such as planning and budgeting, financial record keeping, financial analysis, cost management, and cash flow management are highly applied to micro-enterprises in Island Garden City of Samal. It was also revealed that financial record keeping has a significant difference, that males have higher financial management skills than females. However, cash flow management of micro-enterprises is the same when they are grouped according to heir educational attainment. The outcome of this study may help entrepreneurs focus on financial management skills to enhance their business performance.