Financial management and Competitiveness. Study of Machala city MSMES

Abstract

Regardless of the size of a company or its economic activity, there is a common goal: to maximize profits, for which there is only one way: to be competitive; Although competitiveness is not a static concept, but is achieved with the synergy of a series of economic-social factors, this study has focused on one of the determining elements in the conquest of competitiveness: Financial management; The objective of this paper is to analyze the way in which micro, small and medium-sized companies in the city of Machala manage their financial resources, and with these results, recommendations will be developed that allow these organizations to be more competitive. To carry out this research, 252 surveys of companies belonging to the MSMEs group were carried out, and after an analysis of the same it was concluded that competitiveness is closely related to financial management, especially in matters of saving and adequate management of resources.