Financial management practices and challenges among food cart businesses in Nueva Ecija, Philippines: Insights and Implications
1 Business Education Program, Core Gateway College, Inc., San Jose City, Nueva Ecija, Philippines.
2 College of Management and Business Technology, Nueva Ecija University of Science and Technology, Cabanatuan City, Nueva Ecija, Philippines.
Research Article
World Journal of Advanced Research and Reviews, 2024, 23(02), 1070–1078
Publication history:
Received on 23 June 2024; revised on 08 August 2024; accepted on 10 August 2024
Abstract:
This study assessed the financial management practices and challenges of food cart businesses in Cabanatuan City, Nueva Ecija. The study used a descriptive research design and structured surveys and questionnaires to gather quantitative data from 20 food cart businesses. The data were analyzed using statistical tools such as weighted means, frequencies, and percentages to provide a comprehensive overview of these small enterprises' financial practices and challenges. Key findings highlight that while many businesses demonstrate basic financial literacy, significant gaps exist in financial record-keeping, budgeting, and revenue management. The study emphasizes the importance of improving these practices to ensure the sustainability and growth of food cart businesses. The research contributes to the broader discourse on small business management and economic development by identifying common challenges and offering targeted recommendations. The findings underscore the need for targeted interventions, such as financial training and policy support, to enhance the financial acumen of food cart owners. This study adds to the existing body of knowledge as it provides practical insights that can benefit business owners, policymakers, and community stakeholders in fostering a more resilient and economically vibrant local economy.
Keywords:
Financial Management; Food Cart Businesses; Cabanatuan City; Small Business; Descriptive Research
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Copyright information:
Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0