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A Strategic Financial Management Framework for Micro and Small Enterprises: An Empirical Study of Planning, Control, And Record-Keeping Practices in Tourism-Based Economies of Malang Regency
Dr. Arvind Kapoor , Department of Economics and Financial Management, Indian Institute of Business and Policy Studies, New Delhi, IndiaAbstract
Micro and Small Enterprises (MSEs) play a crucial role in supporting local economic development, particularly in tourism-based regions such as Malang Regency, Indonesia. However, their sustainability is often constrained by weak financial management practices, especially in planning, controlling, and record-keeping systems. This study develops and analyzes a strategic financial management framework designed to improve financial discipline and performance efficiency in MSEs operating within tourism-driven ecosystems. The research adopts a qualitative-empirical approach supported by descriptive analytical techniques, drawing insights from established financial management theories and prior empirical studies.
Findings indicate that most MSEs in tourism areas still rely on informal financial practices, resulting in inefficiencies in cash flow management, limited financial transparency, and weak decision-making capabilities. The study highlights that structured financial planning, disciplined control mechanisms, and systematic record-keeping significantly improve operational sustainability and business resilience. Furthermore, human resource competencies and strategic awareness are identified as key determinants of financial effectiveness.
The study concludes that integrating structured financial management systems into MSE operations enhances accountability, profitability, and long-term sustainability. The proposed framework contributes to both academic discourse and practical implementation strategies for strengthening financial governance in small business ecosystems.
Keywords
Micro and Small Enterprises, Financial Management Framework, Financial Planning
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