Financial planning and performance of small and medium enterprises in Uganda: the case study of Ken Products Company limited Kampala, Uganda
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Date
2018-10
Authors
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Journal ISSN
Volume Title
Publisher
Kampala international international: College of Economics and Management
Abstract
The study was about financial planning and performance of small and medium enterprise a case study of Ken Products. The study was guided by three objectives that are: To establish how financial planning has helped Ken Products Ltd to increase its profitability. To establish how financial planning has enabled Ken Products Ltd. to improve its liquidity. To identify the challenges faced by the management of Ken Products Ltd. when conducting financial planning. A case study research design was used where both quantitative and qualitative methods of data Collection and analysis was also used. Purposive and simple random sampling was used to get a Representative sample. The study found out that financial planning increases profitability 111 Ken Products: planning. Evaluation of performance, for control purpose. Continuous comparison of actual results against budgets to form a basis of standards and creation of responsibility centers in organizations. The researcher concluded that. Financial planning has helped Ken Products Ltd to increase its profitability this was evidenced from the data collected. Findings show that management or Ken Products Ltd always carries out financial planning to help in increasing its profitability (by 80%). plans are drawn after consulting members (by 73.5%). plans emphasis is making profits ever) year as a major objective (by 70.6%). the union prepare budgets every year (by 79.4%). Financial budgets are from plans of the union (by 83.4%), financial budgets are prepared to ensure the union makes profits every year (by 73.5%). budgets are also prepared after consulting the members (by 76.5%). budgets are evaluated periodically to ensure that the union makes prolit (by 73.5%). and the plans and budgets are receive every six months (by 58.8%). Effective financial planning provides reasonable assurance regarding the financial resources of Ken Products Ltd. The researcher recommended that to increase its profitability through financial planning. The owners/managers of the union should undertake courses or training about financial planning and profitability or hiring workers with knowledge and skills in accounting and financial management. The government of Uganda or the local government or URA or any other support agent or academic institution can organize such training and charge some fees to the participants
Description
A research dissertation submitted to the college of economics and management in partial fulfillment of the requirements for the award of the bachelor’s degree of business administration (accounting and finance) of Kampala international university
Keywords
Business administration, Financial planning, Performance, Small and medium enterprises, Ken Products Company limited Kampala