Article : Financial Literacy As A Tool For Small To Medium Enterprises (SMEs) Development: A Case Of Bulawayo Furniture Manufacturers In Zimbabwe

Title

Financial Literacy As A Tool For Small To Medium Enterprises (SMEs) Development: A Case Of Bulawayo Furniture Manufacturers In Zimbabwe

Author

Barbara Mbuyisa

The purpose of this study is to explore how financial literacy has contributed towards SMEs development in the furniture manufacturing industry in Bulawayo considering that Zimbabwe’s industry is largely informal. The study seeks to identify the current level of financial literacy, identify SMEs financial literacy needs and bridge a gap in order for the SMEs to explore their capabilities and move out of poverty. The problem informing this study revolves around the SMEs’ inability to efficiently run their businesses to produce financial reports showing their periodic performances, how to apply for funding when need arises and how to manage risk. A qualitative case study research design triangulated with the quantitative aspects will be used in order to obtain an in depth information about SMEs’ financial literacy needs. A target population of thirty (30) furniture manufacturers was purposively selected and the findings revealed that financial literacy influences SMEs’ development. 

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