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A comparison of financial management practices in small businesses : regional businesses versus capital city businesses
There has been significant research on the factors that lead to small business success, growth, and failure. These factors can generally be described as relating to the ability and competence of the business owner/ manager, the opportunity presented, and the willingness of the owner to pursue the opportunity. Differences are likely to arise in these factors in different regional areas. This study examines the financial management practices and perceptions of tradespeople in the building industry in Queensland and compares findings from a relatively regional centre with businesses from Brisbane, the State capital of Queensland. This comparison seeks to determine if there are differences in attitudes and practices in the financial management of firms and individuals in these two areas. This study is based on data collected using a self-administered questionnaire completed by participants in a financial management training workshop before they had undertaken the training. This paper analyses responses to questions on financial management practices as well as firm and individual factors. Results of the analysis indicate that there are significant differences in both attitudes and practices of business owners and employees in the industry. Possible reasons for these differences are discussed.