Management of Small Scale Businesses in Ghana: A Case Study of Selected Businesses in Takoradi.
It is one thing starting a business and another making it to operate profitably into the unforeseeable future or to remain a going concern forever (perpetuity). However, to operate into the unforeseeable future, businesses must overcome hurdles and challenges in their management. It is from the above notion that a study was conducted on the management of small scale businesses in Ghana, a case study of selected businesses in Takoradi. The researchers used case study approach of which the population comprises of the entire small scale businesses in Takoradi. In all, sample size of one hundred (100) small scale businesses were randomly selected for the study. A questionnaire with both open and closed ended questions was used. Two main sampling procedures were used for the study. They were the simple random and purposive sampling. Among the significance of the study are that, small scale businesses reduces youth unemployment by creating jobs for them; small scale businesses also provide a means of earning to the growing population, thereby alleviating poverty in the society. Above all, when each small scale business is able to grow into the future, over dependence on the government for employment will be reduced. The study brought to light that: In managing small scale businesses, however, owners faced a number of challenges. These include; accessing finance, hikes in the tariffs of utilities (water and power), and lack of technical know-how and inability to record all daily transactions (poor records keeping). The study recommended that: small scale businesses should endeavor to employ the services of qualified bookkeepers who will record their daily transactions; small firms should not rely on personal savings and loans from friend rather, they should look for other institutions for capital acquisition; government should set up at least one advisory board in each regional capital that provide information in responds to the needs and problems of small businesses.