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Businesses utilize budgets to prioritize and allocate limited resources effectively, ensuring the smooth operation of essential events and activities. Effective budget management is pivotal for successful resource allocation, particularly for small and medium-sized enterprises (SMEs) which often face challenges during their initial stages, with ine...
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... can be inferred from Table 6, budgets are predominantly used for business monitoring, developing tactical strategies, decision-making and optimal resource use, as well as employee motivation. In comparison, the respondents from Cape Metropolis are using their budget for monitoring the business, measuring performance, and future planning (Maduekwe and Kamala, 2016). ...Similar publications
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