Effective Finance Management in Small Business Restaurant in Ireland Executive Summary This research study aims at identifying the effectiveness of financial management in the small restaurants of Ireland. The objective was to understand and identify the ways in which financial management plays a significant role in small restaurant businesses, and discuss the financial management practices that make it so effective for small businesses…
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The literature review section reveals a comprehensive discussion on financial management and its role in small restaurant business. The role of The Restaurant Association of Ireland has been also included in order to several its contribution in context of financial management. The research methodology section has evaluated the ways of data collection for this study. For this research, questionnaire survey and focus group discussion has been used for collecting primary data from the financial managers in the chosen restaurants of Ireland and restaurant owners. It was found that these restaurants do maintain systematic accounting statements and the restaurant owners closely monitor the financial statements, transaction records, and inventory that remains in the restaurant. Due to fewer funds, the owners forecast sales per unit and cost and accordingly allocate their funds. Though it was found that the small restaurant owners in Ireland do follow financial management approaches to make the business a success, but it was recommended that yearly audit is done through external auditor to maintain transparent financial records and also involve the employees while taking financial management decisions, which affects all the other departments in the restaurant. ... The problem statement of this research study is related to the financial management framework of small restaurant during this financial crunch. 13 1.4 Rationale of the Study 13 Restaurant segment like the other sectors is a lucrative area of revenue generation for Ireland, where around €6 billion is spends by people annually in eating out (Kumar, and Subramaniam, 1997). However, during the financial crisis the profits have diminished considerably because of increasing level of unemployment in the country. It has been noticed that the small restaurants in Ireland were successful in reaping steady profits compared to the multinational food chains. This was an issue to be curious about, and research could be conducted on this aspect (Munro, 1997; Crick, 1997). It has been seen that in case of small businesses such as small restaurants, financial management framework is not so strong like that of big businesses such as big hotels or restaurant chains. 13 However, financial management binds every other segment in small businesses, unlike bigger ventures. In bigger ventures financial management is equally important like several other aspects, so the financial management approaches of small restaurant businesses of Ireland should be explore (Kumar, and Subramaniam, 1997). Efficiency of financial management in small business can be identified through comprehensive analysis of their financial management framework and strategies. This is the reason why focus has been made towards financial management of small restaurants as it forms the core of the business strategies in small strategies. 13 1.5 Research Question 14 1.6 Research Objective 14 1.7 Outline of the Study 14 CHAPTER II: LITERATURE REVIEW 15 2.1 Introduction 15
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