Managing Financial Matters

Abstract

Purpose

The purpose of this chapter is to present the key issues and main aspects of financial management, which also constitute the main concerns of a prospective entrepreneur.

Methodology/approach

This chapter takes a perspective of the small business/prospective entrepreneur and analyses how the methods, tools and techniques of financial management can be helpful in operating the business venture. Literature review was conducted on main issues and aspects of financial management.

Findings

This chapter builds on extant bibliography to discuss the key issues and main methods of financial management. For any business, irrespective of size, to carry on its operations and achieve its objectives, financial resources are required, and such resources must be managed efficiently and effectively.

Research limitations/implications

This study is explorative in nature because the discussion is mostly based on a literature review. It takes more entrepreneurial/practical than academic approach.

Practical implications

To contribute to the successful and sustainable operation of a tourism venture, this chapter outlines the key financial issues and presents in a practical way the main methods and techniques used when making operational and investment decisions.

Originality/value

This chapter attempts to equip a prospective entrepreneur with the background knowledge (main competencies), as well as the principal methods and techniques (skills) for managing the financial resources of a venture.

Citation

Sotiriadis, M. (2018), "Managing Financial Matters", Sotiriadis, M. (Ed.) The Emerald Handbook of Entrepreneurship in Tourism, Travel and Hospitality, Emerald Publishing Limited, Leeds, pp. 169-189. https://doi.org/10.1108/978-1-78743-529-220181006