MANAGEMENT SKILLS REQUIRED FOR GROWTH AND SUSTAINABILITY OF BUSINESSES IN A GLOBAL ECONOMY IN ABA NORTH INDUSTRIAL AREA

Abstract

This research work was carried out to explore the role of financial management skills in fostering business growth and contributing to the development of a sustainable global economy in the Aba North Industrial Area of Abia State. Effective financial management practices are essential for businesses operating in this region to thrive amidst dynamic market conditions and increasing global competition. The main objective was to determine the financial management skills required for the growth and sustainability of business in a global economy in Aba North Industrial Area of Abia State. Two objectives, two research questions and two hypotheses guided the study. The population of 150 which was sampled down to 71 skilled staff using purposely sampling technique was used. A structured questionnaire was used for data collection and was validated by three experts from Nnamdi Azikiwe University Awka. The reliability test was also carried out to ensure that research was consistent, accurate, and credible, which in turn supports the validity and generalizability of the findings. The researchers make use of descriptive statistics of means and standard deviation to answer research questions1 and 2 and t-test statistical tool to test the two (2) null hypotheses. The findings reveals that an orderly framework of financial management skill which entails the systematic structure categorization of a complex financial task made a great impact on the growth and sustainability of business in Aba North industrial area. Again finding also showed good financial management skill were of great importance in value creation for growth and sustainability of business in Aba North Industrial Area. Hence the researchers recommend that Aba North industrial Area should implement comprehensive financial training programs, adopt structured financial management frameworks and focus on value creation by integrating financial management skill strategies.