Financial management and business growth of selected telecommunication companies in Mogadishu- Somalia

Abstract

This study was set out to establish the extent to which financial management affect business growth of selected telecommunication companies in Mogadishu, Somalia; specifically the study intended to establish the (i) profile of the respondents, (ii) extent of which financial management, (iii) level business growth, (iii) whether there is a significant difference in the extent of which financial management and the level of business growth, (iv) whether there is a relationship in the extent of which financial management and the level of business growth in selected telecommunication companies in Mogadishu, Somalia. The study used a survey design; specifically descriptive correlation and descriptive comparative; data were collected from 133 respondents using self administered questionnaires as the key data collection instruments. The study findings revealed that there was a high level of financial management, there was also a high level of business growth, the extent of financial management and the level business growth significantly differed among telecommunication companies in Mogadishu city and that Islamic financial management in the selected telecommunication companies in Mogadishu city is significantly correlated with business growth. From the above findings appropriate conclusions and recommendations including those for further research were made. Recommendations from the study were (i) Telecommunication companies should state their goals clearly and ensure that they achieve their goals by ensuring that they fully understand the set goals and objectives, (ii) Telecommunication companies should ensure continuous improvements in their services to cater for ever changing consumer tastes and preferences, (iii) recruit employees with the needed skills and abilities, (iv) Keep employees involved in daily activities of the organization.