I. TITLE OF THE INVESTIGATION STUDY
"FINANCIAL MANAGEMENT AND MANAGEMENT, LINKS FOR BUSINESS EFFECTIVENESS".
II. GRADUATING NAME
III. PLACE WHERE THE THESIS WILL BE DEVELOPED
Place: Lima - Peru
IV. PROJECT DESCRIPTION
4.1. BIBLIOGRAPHIC BACKGROUND
a) Zambrano Calle, Abraham José (2005) Thesis: “Financial management and the development of SMEs in the textile industrial activity of Metropolitan Lima-Period 2002-2003”; presented to opt for the Academic Degree of Master in Finance at the Federico Villarreal National University. This report analyzes financial management and its contribution to the development of SMEs.
b) Begazo Villanueva, José Domingo (1996) Thesis: “The small garment company in Villa El Salvador and its competitiveness”; presented to opt for the Master's Degree in Economic and Social Development at the Federico Villarreal National University.
c) Hernández Fernández, Maritere (2005) Thesis: " Financial decisions for the continuous improvement of companies ". Thesis presented to choose the Master's Degree in Finance at the Autonomous University of Mexico. The author describes a set of financing decisions that allow companies to make the investments they need to satisfy the needs of the community.
d) Aguabarrena García, Carlo Magno (2004) Thesis: " Competitive financial administration with effective financial decisions ". Thesis presented to choose the Master's Degree at the Catholic University of Chile. The author describes the financial decisions that allow having an adequate capital structure to dispose of the goods and rights they need to fulfill the institutional mission and thus ensure their continuity in the Chilean competitive market.
e) Castillo Heredia, Gustavo (2005) Thesis: “ Peru: Effective financial decisions for business development, within the framework of the social market economy ”. Presented to opt for the Master's Degree in Finance at the Federico Villarreal National University. In this research work, the author describes the way in which financial decisions, insofar as they are effective, contribute to the continuous improvement, productivity, competitiveness and development of companies in the trade, industry and services sector, all within the framework of the social market or free competition economy;
f) Gamarra López, Roberto Martín (2005) Thesis: " Emotional intelligence in the effectiveness of financial decisions of the Intendancy Service of the Armed Forces ". Presented to opt for the Master's Degree in Finance at the Federico Villarreal National University. In the aforementioned work, the author describes how the financial decisions of the entities can be substantially improved using the emotional intelligence of the authorities, managers, officials and servers in general;
g) Rojas Oblitas, Max Edinson (2005) Thesis: " Diversification of the Financial Administration for the optimal management of the Peruvian National Police ". Presented to opt for the Master's Degree in Finance at the Federico Villarreal National University. The author presents financing alternatives through directly collected resources as an effective way to diversify the PNP's financial administration, as a way of solving the financial problem faced by the entity and which does not allow it to provide services in the best conditions for the population;
h) Mendoza Torres, Ana María (2005) Thesis: " Strategic financial management for the competitiveness of companies in the trade sector ". Presented to choose the Master's Degree in Accounting in the mention of Management Accounting at the Universidad Nacional Mayor de San Marcos. In this work, the author presents the effective management of investments and financing as the solution for companies in the trade sector to obtain efficiency, effectiveness, and economy; productivity, continuous improvement and competitiveness in the sub-sectors in which they carry out their business activities;
i) Ángeles Macedo, Floriana Viviana (2005) Thesis: " Financial analysis and its impact on the decisions of outsourcing companies ". Presented to opt for the Master's Degree in Finance at the Federico Villarreal National University. The author analyzes, synthesizes and interprets how the analysis of liquidity, management, solvency and profitability contributes to effective financial decision-making and therefore leads to the optimization and competitiveness of outsourcing companies;
j) Rojas Guerrero, Ruth Odila (2005) Thesis: " Financial instruments in the optimal management of companies in the construction sector ". Work presented to choose the Master's Degree in Finance at the Federico Villarreal National University. Financial instruments and how they facilitate optimal management of human, material and financial resources of companies in the construction sector are identified;
k) Escobar Córdova, Gladys (2005) Thesis: " Financial administration in achieving the strategic plans of private educational entities ". Work presented to choose the Master's Degree in Finance at the Federico Villarreal National University. In this work, the author analyzes the way in which the financial investment, indebtedness and dividend decisions of the business financial administration facilitate the achievement of the goals, objectives and mission contained in the strategic plans of the private educational entities;
4.2. DELIMITATION OF THE INVESTIGATION
SPACE DELIMITATION:
The research work will be carried out based on the micro and small companies (MYPES) that sell clothing from the Emporio de Gamarra - La Victoria District - Metropolitan Lima.
TEMPORARY DELIMITATION:
It is topical research. However, the results obtained by the micro and small companies (MYPES) that sell clothing from the Emporio de Gamarra - La Victoria District - Metropolitan Lima from 2006 to 2009 and their projection to 2015 will be taken as a reference.
SOCIAL DELIMITATION
It will cover the owners and managers of the micro and small garment marketing companies of the Gamarra emporium - La Victoria District - Metropolitan Lima.
4.3. PROBLEM STATEMENT
4.3.1. PROBLEM FORMULATION
It has been determined that the micro and small companies that sell garments in the La Victoria-Lima Metropolitan District face essentially the problem of lack of short-term financing.
The lack of such financing affects the liquidity that allows companies to have the necessary working capital to carry out their commercial activities.
If there is no short-term financing there are no merchandise and therefore there is no business activity, that is how important financing is in companies.
On the other hand, these companies also do not use indicators such as inventory turnover, the average collection period and other indicators related to working capital.
Furthermore, in the field of financial management and direction, these companies are not professionally managed and do not make use of specialized advice or consultancy, which results in the lack of adequate financial policies, strategies, tactics, processes, procedures, techniques and practices. to achieve effectiveness.
4.3.2. SYSTEMATIZATION OF THE PROBLEM
In conclusion the problem is the following:
The micro and small clothing trading companies of the Victoria-Lima Metropolitan District are inefficient and ineffective in the direction and financial management.
For methodological purposes, this problem is presented below at the question level.
MAIN PROBLEM:
How can financial management and direction facilitate obtaining the short-term financing needed by micro and small garment trading companies in the La Victoria-Lima Metropolitan District to dispose of working capital for their activities and thus overcome inefficiency and ineffectiveness until effectiveness is achieved?
SECONDARY PROBLEMS:
1. Which element of the financial management will facilitate the achievement of efficiency in the micro and small clothing trading companies of the La Victoria District - Metropolitan Lima.
2. Based on which element of financial management, the micro and small garment trading companies of the La Victoria District - Metropolitan Lima, can have continuous improvement in their business processes and procedures?
4.4. THEORETICAL AND CONCEPTUAL FRAMEWORK
4.4.1. THEORETICAL FRAMEWORK
4.4.1.1. FINANCIAL MANAGEMENT
Analyzing Gitman (1986) it is determined that the availability of short-term financing is essential for a companyfor its funtionability. Short-term financing consists of obligations that are expected to mature in less than a year and that are necessary to sustain a large part of the company's working capital or current assets, such as Cash, Accounts Receivable and Inventories. Short-term credit is a debt that is generally scheduled to be repaid within one year since it is generally better to borrow on an unsecured basis, since the accounting costs of secured loans are often high but in turn represent a backup to recover. The different sources of financing that can be used by companies are detailed below:
Sources of Financing without specific guarantees consists of funds that the company obtains without committing specific fixed assets as collateral.
Accounts Payable: Represent the open account credit that providers offer to the company and that generally originate from the purchase of raw materials. It is a source of financing common to almost all companies. They include all transactions in which merchandise is purchased but no formal document is signed, most buyers are not required to pay for the merchandise upon delivery, but rather allow a waiting period before payment. In the act of purchase the buyer by accepting the merchandise agrees to pay the supplier the sum required by the supplier's conditions of sale, the payment conditions offered in such transactions, are normally established in the supplier's invoice that often accompanies the merchandise.
Accumulated Liabilities: A second source of spontaneous short-term financing for a company is accumulated liabilities, these are obligations that are created by services received that have not yet been paid, the most important items that a company accumulates are taxes and wages, such as taxes are payments to the government the company cannot manipulate its accumulation, however it can manipulate wage accumulation in a certain way.
Line of credit: It is an agreement between a bank and a borrower that indicates the maximum credit that the bank will extend to the borrower during a defined period.
Revolving Credit Agreement - Consists of a formal line of credit that is often used by large companies and is very similar to a regular line of credit. However, it does include an important distinctive feature; The bank has a legal obligation to fulfill a revolving credit agreement and will receive a commitment fee.
Negotiable documents: The negotiable document consists of a promising source without short-term guarantees issued by companies with a high credit reputation and only large companies with unquestionable financial strength can issue negotiable documents.
Customer advance: Customers can pay before receiving all or part of the merchandise they intend to buy.
Private Loans: Short-term unsecured loans can be obtained from the company's shareholders since the wealthy may be willing to lend money to the company to get it out of a crisis.
Funding sources can also be:
Sources of Financing with specific guarantees and consists in that the lender requires a collateral that very commonly takes the form of a tangible asset such as accounts receivable or inventory. In addition, the lender obtains guarantee participation through the legalization of a guarantee agreement. And three main types of collateral share are typically used in short-term collateralized loans which are: Open Lien, Depository Receipts and Certificate of Deposit Loans.
Financing through accounts receivable involves either the transfer of accounts receivable as collateral (pledge) or the sale of accounts receivable (factoring).
Accounts receivable pledging: Assignment of accounts receivable as collateral is characterized by the fact that the lender not only has rights to accounts receivable but also has legal recourse towards the borrower.
Factorization of accounts receivable (Factoring): Dictionary of Economics and Administration: defines factoring as the sale of accounts receivable. A company can convert its invoices into money by transferring its rights to a Factor or to a Factoring Company, which discounts or anticipates the amount to the company after deducting the interest.
Open Lien: Provides the lending institution with a lien against the borrower's inventories, however the borrower will be free to sell the inventories, and so the value of the collateral may be reduced below the level that existed when granted the loan.
Trust receipts: It is an instrument that recognizes that the assets are held in trust for the lender in which he signs and delivers a trust receipt for the assets. These can be stored in a public warehouse or kept at the borrower's premises.
Storage receipts (Certificates of Deposit): Represents another way to use inventory as collateral. It consists of an agreement under which the lender employs a third party to exercise control over the borrower's inventory and to act as the lender's agent.
Stock and bond guarantee: The shares and certain types of bonds that are issued to the bearer can be assigned as collateral for a loan, and it is natural that the lender is interested in accepting as guarantee the stocks and bonds that have an easy market and a price establish the market. Premium and under par stocks and other types of bonds can be issued: debt bonds, subordinated bonds, mortgages and low discounts, among others.
Co- borrower loans: Loans with guarantors originate when a third party signs as guarantor to guarantee the loan, where if the borrower does not meet the guarantor, he is responsible for the loan and must guarantee adequate financial soundness.
Analyzing Gitman (1986), the inventory turnoverIt is the indicator that allows knowing the number of times that the inventory is carried out in a given period. It allows to identify how many times the inventory is converted into money or accounts receivable (it has been sold). Inventory turnover is determined by dividing the cost of goods sold in the period by the average inventory during the period. (Cost of goods sold / Average inventories) = N times. Example: Suppose a cost of merchandise in 2006 of $ 60,000,000 and an average of inventories in 2006 of $ 10,000,000, then 60,000,000 / 10,000,000 = 6. This means that the inventory turnover during the 2006, it was 6 times, or put another way: inventories were sold or rotated every two months (12/6). The goods remained in the warehouse for 2 months before being sold.The cost of the goods is the same Cost of sale, which corresponds to the cost of the goods that were sold in the period under analysis. To determine the average inventory, the balances of each month are added and divided by the number of months, which if we are talking about a year will be 12. Another not so exact way to determine the average inventory, is to add the initial balance with the final balance and divide it by 2. Inventory turnover is important because it determines the time it takes to complete the inventory, that is, to sell. The higher the turnover means that the goods remain less time in the warehouse, which is a consequence of good administration and inventory management. The shorter the length of stay of the goods in warehouse,the lower the working capital invested in the inventories. A company that sells its inventories in a month will require more resources than a company that sells its inventories in a week. Any immobilized resource that the company has unnecessarily, is an additional cost for the company. Having inventories that do not rotate, that are almost not sold, is a negative factor for the company's finances. It is not profitable to keep a product in the warehouse for a month or more. The inventory rotation will be more suitable the further it is from 1. A 360 rotation means that inventories are sold daily, which should be an objective of every company. The ideal would be to achieve what is known as zero inventories,where in the warehouse you only have what is necessary to cover customer orders and thus not have idle resources represented in inventories that do not rotate or that do so very slowly (just in time). The company's inventory policies should lead to high inventory turnover, in order to maximize the use of available resources.
Interpreting Gitman (1986), in relation to the callable - Commercial Accounts Receivable- debts receivable from clients, it must be taken into account that portfolio turnoverIt is a financial indicator that determines the time that accounts receivable take to become cash, or in other words, it is the time that the company takes to collect the portfolio from its clients. To calculate portfolio turnover, the value of credit sales in a given period is taken and divided by the average of accounts receivable in the same period: Credit sales / Average accounts receivable. Credit sales are the sum of all credit sales that were made in a period or year. The average accounts receivable is generally determined by adding the balances at the beginning of the period and the balance at the end of the period and then dividing by two. Suppose a company X that in 2006 made credit sales of 30,000,000. At the beginning of 2006, it had a portfolio balance of 1,000.000 and at the end of 2006 its portfolio balance was 2,000,000. Then its portfolio turnover is 30,000,000 / ((1,000,000 + 2,000,000 /) 2) = 30,000,000 / 1,5000 = 20. This means that the portfolio turnover for this company is 20. Then, if we divide 360 into 20 we will have the company rotate its portfolio every 18 days (360/20 = 18). It takes 18 days for the company to recover its portfolio, which can be interpreted as efficient handling of its portfolio. The Importance of efficient portfolio management is one of the most important variables that a company has to manage its working capital. From the efficiency as you manage the portfolio, the working capital and liquidity of the company improve or worsen. Credit sales implies that the company immobilizes a significant part of its resources,Because it is financing clients with its resources, and in many occasions, the company does not charge interest to its clients for the fact of selling them on credit, so selling on credit is an investment of resources with zero profitability. Portfolio management should be a first-rate policy in the company. The efficiency with which it is administered depends on the use of the company's resources. Portfolio turnover should be more accelerated than accounts payable turnover, or at least the same. It cannot be considered that while customers are given 30-day credits, providers only give 15-day credit; If this happens, you would be at a financial disadvantage since, while the company finances its clients, it must pay cash or very short-term to its suppliers.The fact of having accumulated resources in the portfolio, implies that the company to be able to operate or pay its suppliers must resort to external financing that brings with it a high financial cost, which is why the management of the portfolio must be consistent with the management of the accounts receivable, or the customer policy must be more favorable or at least the same as the provider policy.
Interpreting Ross (2000), micro and small businesses as part of financial management should consider short-term financial planning and finance, as well as long-term financing. In the case of clothing trading companies, the concern, rather than the long term, should be for the short term, that is, the financing for the working capital necessary to dispose of the resources and be able to carry out the business or activity under the conditions more suitable. Specifically, the concern is for the availability of cash, credit administration, the stocking of merchandise and other related aspects.
Interpreting Gitman (1986), financial management refers to the design of financial policies for micro and small companies, that is, policies on the search for sources of financing (indebtedness), to be able to use them in working capital and assets. capital (investments) that these types of entities need; Likewise, the concern is about the search for profitability and the identification of measures to minimize the risk to be in better conditions to compete.
According to Bellido (1989), financially managing a company is analyzing and solving problems related to investment decisions in the company, taking as a starting point the company itself and the market, specifically the real and financial asset markets, and all This in order to maximize the market value of the company.
We agree with Collazos (2000), when he indicates that financial management is concerned with having an advanced vision of finance in a risky environment.
For Fernández (1999) and Van Horne (1995), financially managing a company means having skills and competencies in making investment and financing decisions in risky situations; For this, the main risks of the company and its coverage are analyzed, analysis of agency and corporate governance problems, real options, etc.
According to Weston (1990), financial management comprises the contractual theory and governance of business finance. It is also the valuation of projects with real options. It is the valuation of the capital structure of the company through its contingent rights. Analysis and management of the main risks of the company.
4.4.1.2. FINANCIAL MANAGEMENT
According to Gitman (1986), financial management includes the concretion of financial policies, through the application of strategies, tactics, processes, procedures, techniques and adequate financial practices for the effective management of financial resources.
For the Pacific Research Institute (2004), financial management is to administer and provide financial services for the fulfillment of institutional management, to provide financial information for decision-making, to monitor and control the collection of self-managed income.
Rodríguez (1997) agrees with Weston (1990), when he indicates that financial management includes the formulation of internal norms and policies for the decentralized administration of financial resources; preparation, in coordination with the Planning Management Process, of the institutional budget proforma; the execution of the institutional budget; provide financial services; monitor and control the collection of self-management income; determine requirements and their scope for contracting outsourced services, verify compliance with outsourced contracts, and receive products made through this modality, within the scope of its competence.
Interpreting Ross (2000) and Flores (2004-b), financial management has to do with obtaining resources, but also with their good management. The key is how tasks are defined and distributed, how administrative links between units are defined, and what practices are established. Means must be created to monitor the strengths and weaknesses of the structures and processes. At the same time, it is necessary to take into account the cultural and historical limitations that influence national administrations.
For Bellido (1989) and Van Horne (1995), financial management cannot be understood separately from administration management, and less from economic management. This because the financial is practically the support that validates the logic in the business or business of the companies in their respective enclaves. Let us think that in order to achieve social objectives it will be necessary for them to guarantee financial stability. In the same way, decision-making concerning merely financial management in one way or another, directly or indirectly, in the short or long term, influences the general situations of these companies. Financial management is a process that involves the income and expenses attributable to the rational management of money, and consequently the (financial) profitability generated by it.This allows us to define the basic objective of financial management from two elements. That of generating resources or income (income generation) including those contributed by associates. And secondly, the efficiency and effectiveness (efforts and demands) in the control of financial resources to obtain acceptable and satisfactory levels of management. The first element includes aspects of the growth of companies that was elucidated after the financial crisis of the early 80s, and in a second stage with openness to unrelated third parties in the 90s. The discussions around this topic placed some boards of directors in controversy in front of the general managers of several of the organizations analyzed.This in the sense of what was the most appropriate way and in which markets should be captured and placed financial resources. With the second element, no discussions were raised regarding the efforts and demands in money management. This is indisputable and reinforced in this context by good administration management. There were conflicting views on the management of profitability levels and their impact on business purposes (correcting the imbalance in market power). The interest rates for money placements in associated entities and third parties versus the maximization of the profit in their placement; the relationship of the cost of credit versus the fulfillment of the business purpose.With the second element, no discussions were raised regarding the efforts and demands in money management. This is indisputable and reinforced in this context by good administration management. There were conflicting views on the management of profitability levels and their impact on business purposes (correcting the imbalance in market power). The interest rates for money placements in associated entities and third parties versus the maximization of the profit in their placement; the relationship of the cost of credit versus the fulfillment of the business purpose.With the second element, no discussions were raised regarding the efforts and demands in money management. This is indisputable and reinforced in this context by good administration management. There were conflicting views on the management of profitability levels and their impact on business purposes (correcting the imbalance in market power). The interest rates for money placements in associated entities and third parties versus the maximization of the profit in their placement; the relationship of the cost of credit versus the fulfillment of the business purpose.There were conflicting views on the management of profitability levels and their impact on business purposes (correcting the imbalance in market power). The interest rates for money placements in associated entities and third parties versus the maximization of the profit in their placement; the relationship of the cost of credit versus the fulfillment of the business purpose.There were conflicting views on the management of profitability levels and their impact on business purposes (correcting the imbalance in market power). The interest rates for money placements in associated entities and third parties versus the maximization of the profit in their placement; the relationship of the cost of credit versus the fulfillment of the business purpose.
4.4.1.3. MICRO AND SMALL COMPANIES COMMERCIALIZERS OF CLOTHING.
Law 28015, aims to promote the competitiveness, formalization and development of micro and small companies, to increase sustainable employment, their productivity and profitability, their contribution to the Gross Domestic Product, the expansion of the domestic market and exports, and its contribution to tax collection.
Interpreting Abad (1989), Bahamonde (2000) and Rodríguez (1997), small and medium-sized companies are economic units constituted by a natural or legal person, under any form of organization or business management contemplated in current legislation, which has as an objective to carry out activities of extraction, transformation, production, commercialization of goods or provision of services. These companies can achieve efficiency and effectiveness if they have adequate financial direction and management for their sources of financing and investments.
Analyzing Figueroa (2000), small and medium-sized companies can be defined as entities that, operating in an organized manner, use their knowledge and resources to develop products or provide services that they supply to third parties, in most cases for profit or profit. These companies must have the following concurrent characteristics: The total number of workers: In the case of a micro-company, it ranges from one to ten workers; the small company comprises from 1 to fifty workers; Annual sales levels: This level will be up to a maximum of 150 UIT; small business from 150 to 850 ITU. Sales levels will be possible to reach and exceed,if there is an adequate financial direction and management to specify the income and expenses that each micro and small company must carry out.
According to Díaz and Jungbluth (1999), it is necessary that micro and small companies have mechanisms for facilitating and promoting access to markets: business association, state purchases, commercialization, export promotion and information on this type of Business; all of which can be positively directed with proper financial management and direction.
We agree with Flores (2004-a) and the Pacific Research Institute (2002), when they establish that the State must promote the technological modernization of the business fabric of these companies and the development of the market for technological services as supporting elements of a continuous national innovation system. The National Council of Science and Technology –CONCYTEC- should promote, articulate and operationalize technological research and innovation among Universities and Research Centers with this type of companies.
According to the Pacific Research Institute (2004) and Flores (2004-b), the state must promote the access of micro and small companies to the financial market and the capital market, promoting the expansion, solidity and decentralization of these markets.. The State promotes the strengthening of microfinance institutions supervised by the Superintendency of Banking and Insurance. The State, through the Development Finance Corporation –COFIDE- fully promotes and articulates the financing, diversifying, decentralizing and increasing the coverage of the offer of services of the financial and capital markets in benefits of these companies.
In accordance with Law 28015, the State encourages the formalization of these companies by simplifying the various registration, supervision, registration and subsequent verification procedures. The Municipality, in a period not exceeding seven (7) business days, grants in a single act the provisional operating license, subject to the zoning and compatibility of the corresponding use.
In accordance with Law 28015, the tax regime of these companies will facilitate taxation in a way that allows a greater number of taxpayers to join the formality. For these purposes, the State must promote dissemination campaigns on the tax regime and SUNAT must adopt the technical, regulatory, operational and administrative measures necessary to strengthen and fulfill its role as administrator, collector and inspector of taxes of this type of tax. Business.
Through Law 28015, a special labor regime is created aimed at promoting the formalization and development of micro-enterprises. The small ones must apply the common labor regime.
Interpreting Gitman (1986) and Van Horne (1980), so that micro and small companies can achieve competitiveness, formalization and development; increase sustainable employment, its productivity and profitability, its contribution to the Gross Domestic Product, the expansion of the internal market and exports, and its contribution to tax collection; they have to have effective business management, otherwise they will always be in a vicious circle that does not allow them to grow or develop.
Analyzing Figueroa (2004), the author agrees with the opinion of Gross Herbert (2000) who believes that the first managerial or managerial duty of a micro and small company is to create, and then direct, a whole series of relationships between his company and its workers, suppliers, banks and clients. The first step in creating the desired relationships is to set goals, discussing those goals you want to set with those who should achieve them. In setting these goals it should be such that the outcome can be approached in measurable terms. Any modification to them must have the appropriate means. Finally, it is necessary to test them continuously since their intention at a certain moment may not be feasible to achieve it.
According to Bellido (1989) and Castin (1996), the organization of the typical micro and small business is usually established depending on the circumstances. The owner is the main engine. Most of the things that need to be done or are done by himself or under his direct control. This is true in the first years of the company's life. It is to be expected that a person committed to this task does not have to apply proven organizational principles to his business, when necessary due to its expansion, and in this sense a point is reached that exceeds the possibilities of anyone to direct it. In any case, in every small and medium-sized company, there comes a time when the owner or manager has to delegate responsibility for decisions to someone else.It is at this point that he begins to put into practice what is called organization.
Intertwining ideas, it can be indicated that the effective management of micro and small companies is carried out within the framework of planning, organization, integration of resources, direction and financial management, in this regard Koontz & O'Donnell (2004), indicates that the planning includes the selection of objectives, strategies, policies, programs and procedures. Planning is therefore decision-making, because it includes choosing one among several alternatives. The organizationincludes the establishment of an organizational and functional structure, through the determination of the activities required to achieve the goals of the company and each of its parts, the grouping of these activities, the assignment of such groups of activities to a boss, the delegation of authority to carry them out and the provision of the means for horizontal and vertical coordination of information and authority relations within the organization's structure. Sometimes all these factors are included in the term organizational structure, other times they are called administrative authority relationships. In any case, the totality of such activities and the relations of authority are what constitute the function of organization. the integrationit is the provision of personnel to the positions provided by the organizational structure. Therefore, it requires the definition of the workforce that will be necessary to achieve the objectives, and includes inventorying, evaluating and selecting the suitable candidates for such positions; compensating and training or otherwise developing both candidates and people who already occupy their positions in the organization to achieve the objectives and tasks effectively. Regarding direction and leadership, an author like Terry (2004) says that although this function seems simple, the methods of direction and leadership can be of extraordinary complexity. The bosses instill in their work a clear appreciation of the institutions' traditions, objectives and policies. Workers become familiar with the structure of the organization, with the interdepartmental relationships of activities and personalities, and with their duties and authority.
Once the workers have been oriented, the boss has an ongoing responsibility to clarify their assignments, to guide them towards improving the execution and performance of their tasks, and to motivate them to work with zeal and confidence. There is a coincidence between the opinion of Koontz & O´Donnell (2004) and Porter (1997), when they refer to control as part of the effective management process, in this regard they indicate that control, is the evaluation and correction of the activities of the subordinates to make sure that what is done is in accordance with the plans. In this way, it measures performance in relation to goals and projects, shows where there are negative deviations and, by setting in motion the necessary actions to correct such deviations, contributes to ensuring compliance with the plans. Although planning must precede control, plans are not self-fulfilling. The plan guides the boss so that at the appropriate time he applies the resources that will be necessary to achieve specific goals. The activities are then measures to determine if they fit the planned action
Interpreting Johnson and Scholes (1999), just as effective management is relevant to remain in the market and achieve competitiveness, so is effective control applied to the rational use of resources used by small and medium-sized companies. Control is the punctual and continuous process that aims to check whether the programming and management of small and medium-sized companies, carried out by management, has been carried out in accordance with what was planned and achieved the programmed objectives. Control is punctual, when it is eventually applied to certain areas, functions, activities or people. Control is continuous when applied permanently. Includes prior, concurrent and subsequent control. Control is effective,when it does not hinder the administrative and operational functions of the management of small and medium-sized companies and also when the suggestions and recommendations of the bodies responsible for it are taken into account and when the necessary corrective measures are applied to optimize business management.
Interpreting Andrade (1999), we determine the following theory: Effective control consists of evaluating a set of financial, economic, and social propositions, in order to determine if the goals, objectives, policies, strategies, budgets, programs, and investment projects emanated from the management are being fulfilled as planned.
For Bahamonde (2000), effective control is the verification process aimed at determining whether or not the plans are followed, whether or not progress is being made towards the achievement of the proposed objectives and the action process, if necessary, to correct any deviation. Effective control is the organization plan and the set of methods and procedures that serve to help management in the best performance of its functions.
According to COSO, internal control systems operate at different levels of effectiveness. In the same way, a given system can work differently at different times. When a control system meets the standard below, it can be considered an effective system. Control can be considered effective if: i) The entity's operational objectives are being achieved; ii) They have adequate information to the point of achieving the entity's operational objectives; iii) If the entity's financial, economic and equity information is prepared in a reasonable manner; and, iv) If the applicable laws and regulations are complied with. For COSO, while control is a process, its effectiveness is a state or condition of the process at a given moment,The same that when exceeding the established standards facilitates the effectiveness of business management. The determination of whether a control system is effective or not and its influence on the effectiveness of the management of small and medium-sized enterprises constitutes a subjective stance that results from the analysis of whether the five components are present and operating effectively.: control environment, risk assessment, control activities, information and communication and supervision. Its effective operation provides a reasonable degree of assurance that one or more of the stated goal categories will be met. Accordingly, these components are also criteria for determining whether internal control is effective.
Interpreting Ross (1995), business management is related to the fulfillment of the actions, policies, goals, objectives, mission and vision of the company; as established by modern business management. Effective management is the process undertaken by one or more people to coordinate the work activities of other people in order to achieve high quality results that a person could not achieve on their own. Competitiveness comes into play in this framework, which is defined as the extent to which a company, under free market conditions, is capable of producing goods and services that pass the market test, while maintaining or expanding real income from your employees and partners. Quality is also conceived in this framework,which is the totality of the features and characteristics of a product or service that refer to its ability to satisfy expressed or implicit needs. Effective management is the set of actions that allow you to obtain the maximum performance from the activities carried out by the company. Effective management, which means that the members of a company work together with greater productivity, that they enjoy their work, that they develop their skills and abilities and that they are good representatives of the company, presents a great challenge for its managers.is to make the members of a company work together with greater productivity, that they enjoy their work, that they develop their skills and abilities and that they are good representatives of the company, it presents a great challenge for the company's managers.is to make the members of a company work together with greater productivity, that they enjoy their work, that they develop their skills and abilities and that they are good representatives of the company, it presents a great challenge for the company's managers.
4.4.1.4. BUSINESS EFFECTIVENESS
Interpreting Stoner (2000), the effectiveness of micro and small companies is referred to the efficiency, effectiveness and economy in the financial process of these companies. To be effective is to make plans and achieve the desired objectives despite all the circumstances. It is to achieve the full development of the potential of managers, owners, managers, workers and the community. Micro and small companies must display effectiveness in their internal processes, in order to ensure that they reflect or produce the quality that the customer wants.
Johnson (1999) and Gitman (1986) establish that Efficiency refers to the relationship between the goods or services produced or delivered and the resources used for that purpose (productivity), compared to an established performance standard; while Effectiveness refers to the degree to which an entity achieves its objectives and goals or other benefits that were intended to be achieved, provided for in legislation or set by another authority; and the Economy, is related to the terms and conditions under which entities acquire resources, be they financial, human, physical or technological (computerized information systems), obtaining the required quantity, at the reasonable level of quality, in the opportunity and appropriate place and at the best possible cost.
4.4.2. CONCEPTUAL FRAMEWORK
MAKING EFFECTIVE FINANCIAL DECISIONS:
The owners, managers and / or officials of the micro and small companies must decide what goods (current or capital) they should buy and how these acquisitions should be financed. Asset investment decisions depend on two factors: expected rates of return and risk. In order to estimate the expected returns of a project, program or activity, detailed analyzes are carried out on the forecasts of potential income, expenses and expected benefits of the investment. The risk depends on the uncertainty that the entity has regarding the annual benefits that it can obtain. Financial decisions depend on the type of financial contract that minimizes the financial costs for the entity. As with asset investment decisions,financial costs are expressed based on the annual interest rate.
FINANCING DECISIONS:
According to Weston (1990), the financing of the financial capital of an entity can be short, medium or long term. The issuance of short-term debt must be amortized in less than a year. Bank loans are the most common example of short-term debt. These lines of credit are usually not backed by a guarantee. Banks also offer two or three-year loans, but these are usually guaranteed by the entity's inventories or callable assets if they are not repaid within the specified period. There are three other types of short-term financing, which are promissory notes, pledges and factoring. The promissory notes are a debt issued by a company that has a maturity of less than one year. They are only issued by large companies, financially solvent,and they have a slightly lower cost of interest than bank loans for investments with lower risks. Pledge and factoring are used by smaller companies with less financial strength. Factoring is the physical sale of accounts receivable from customers or users. The pledge is a loan guaranteed with accounts receivable from company clients. Since they carry a higher risk, pledging and factoring force the entity to pay higher interest than those paid on the notes. Normally, long-term financing is carried out by issuing bonds or by leasing with an option to buy. Bonds that are not guaranteed by an asset are often called obligations. Given the risk involved,the obligations imply a higher rate of return. The issuance of covered bonds implies that they are backed by an asset, so they pay less interest. A lease with a purchase option is similar to the issuance of a debt, with the difference that the title to the asset is not transferred to the company that makes the lease. This type of financing is increasing thanks to its greater tax advantages, which other means of financing do not possess. On some occasions, the issuance of long-term bonds allows the buyer to subsequently acquire ordinary shares in the company. These convertible bonds allow the holder of the bonds to exchange them for a certain number of ordinary shares.Some obligations allow the bondholder to purchase ordinary shares at a lower price. From the company's point of view, convertible bonds lead to a capital increase upon maturity, while preferred bonds will remain a debt but will also lead to a capital increase in the future. Preferred stocks are somewhat similar to bonds. They are sold at a certain value (at par), a certain amount is paid annually and, in the event of bankruptcy, they grant the right to go to the liquidation of the assets before the owners of ordinary shares. In other respects they are analogous to ordinary shares: no dividends have to be paid if the company does not have enough cash,and the dividends paid may be higher if the company's profits increase. For their part, the bonds yield a fixed and compulsory coupon every year.
The true owners of a company are the holders of ordinary shares; they receive all the benefits, discounted the interest payments on the debts and the payment of dividends to the preferred shares. These benefits are distributed in two ways: as cash, in the form of dividends to shareholders, and as an increase in the value of ordinary shares. This increase (or decrease) in the price of ordinary shares can have two causes: 1) The reinvestment of profits, to increase the growth of the company or allow the achievement of other objectives, increases the total value of the company's assets, and therefore, the value of their shares. If, for example, a certain amount of income is withheld for each share of the company, the value of each share must increase by the same amount.2) The change in the expectations of the shareholders about the future potential benefits of the company will cause the price of the shares to vary. The return obtained by a shareholder is given by the dividend received plus the gains (losses) of the value of the shares. What is concrete in all this is that in each act carried out in relation to short or long-term financing, what must be done is to make the most effective financial decisions, so that this is reflected in the development of the entity. in particular, to have maximum productivity and competitiveness.The return obtained by a shareholder is given by the dividend received plus the gains (losses) of the value of the shares. What is concrete in all this is that in each act carried out in relation to short or long-term financing, what must be done is to make the most effective financial decisions, so that this is reflected in the development of the entity. in particular, to have maximum productivity and competitiveness.The return obtained by a shareholder is given by the dividend received plus the gains (losses) of the value of the shares. What is concrete in all this is that in each act carried out in relation to short or long-term financing, what must be done is to make the most effective financial decisions, so that this is reflected in the development of the entity. in particular, to have maximum productivity and competitiveness.
INVESTMENT DECISIONS:
Gitman (1986), Van Horne (1995) and Márquez (2005) coincide when they indicate that, technically, investments are expenses to increase future wealth and enable the growth of an entity's production. The materialization of the investment depends on the decisions of the economic agent that makes it.
The definition of what are the determining factors of the level of investment is one of the most controversial issues in finance and it is there that technicality and a good nose must work to make the financial decisions that are most convenient for the development of the entity and the national public sector.
According to Brealey (1998), the so-called 'accelerator theory' links the annual investment level to the necessary changes in the capital structure of an entity due to changes in production. Another approach, is the 'neoclassical theory of investment', focuses on the study of the fixation of the equilibrium of the capital stock based on variables such as the level of activity, the prices of final goods or services, the costs of capital goods and the opportunity cost of capital (determined by the interest rate that could have been obtained by investing the same money in financial assets). The level of investment will be determined by the desire to eliminate the difference between the available capital stock and that desired for fixed values of the variables that determine the latter.The variables that determine this level of capital change constantly, and while the investment can be made over several years, the interpretation of past variations in the level of investment and its determining variables is a very complex interpretation.. Other approaches underscore the importance of the entity's expectations and that of the uncertainty associated with any investment; Other theories focus on the entity's liquidity needs. All of these theories are not mutually exclusive; Since entities vary their investment rates, as well as their amount, the analysis of the determinants of investment depends on when and under what circumstances financial decisions are made in the entities.and while the investment can be carried out over several years, the interpretation of past variations in the level of investment and in the determining variables of this is a very complex interpretation. Other approaches underscore the importance of the entity's expectations and that of the uncertainty associated with any investment; Other theories focus on the entity's liquidity needs. All of these theories are not mutually exclusive; Since entities vary their investment rates, as well as their amount, the analysis of the determinants of investment depends on when and under what circumstances financial decisions are made in the entities.and while the investment can be carried out over several years, the interpretation of past variations in the level of investment and in the determining variables of this is a very complex interpretation. Other approaches underscore the importance of the entity's expectations and that of the uncertainty associated with any investment; Other theories focus on the entity's liquidity needs. All of these theories are not mutually exclusive; Since entities vary their investment rates, as well as their amount, the analysis of the determinants of investment depends on when and under what circumstances financial decisions are made in the entities.The interpretation of past variations in the level of investment and its determining variables is a very complex interpretation. Other approaches underscore the importance of the entity's expectations and that of the uncertainty associated with any investment; Other theories focus on the entity's liquidity needs. All of these theories are not mutually exclusive; Since entities vary their investment rates, as well as their amount, the analysis of the determinants of investment depends on when and under what circumstances financial decisions are made in the entities.The interpretation of past variations in the level of investment and its determining variables is a very complex interpretation. Other approaches underscore the importance of the entity's expectations and that of the uncertainty associated with any investment; Other theories focus on the entity's liquidity needs. All of these theories are not mutually exclusive; Since entities vary their investment rates, as well as their amount, the analysis of the determinants of investment depends on when and under what circumstances financial decisions are made in the entities.Other theories focus on the entity's liquidity needs. All of these theories are not mutually exclusive; Since entities vary their investment rates, as well as their amount, the analysis of the determinants of investment depends on when and under what circumstances financial decisions are made in the entities.Other theories focus on the entity's liquidity needs. All of these theories are not mutually exclusive; Since entities vary their investment rates, as well as their amount, the analysis of the determinants of investment depends on when and under what circumstances financial decisions are made in the entities.
PRODUCTIVITY:
Productivity is the relationship between final production and productive factors (capital and labor) used in the production of goods and services. In a general way, productivity refers to that generated by work: production for each worker, production for each hour worked, or any other type of production indicator based on the factor of work. Typically, output is calculated using index numbers (related, for example, to output and hours worked), and this enables the rate at which productivity varies. The most reliable data in this regard comes from the industry, because it is in this sector where it is easier to measure production, unlike, for example, a financial services company.One of the keys to a company's success lies in knowing how to increase productivity, by making the right decisions. But for this, it is necessary to take into account the total yield of the productive activity of the factors, and not only the productivity of labor. When capital investment (purchase of machinery) is increased to reduce the needs of the labor factor (and therefore increase the productivity of this factor) the objective should be to increase the yield of all the factors. Growth in wages is usually linked to improvements in productivity. Many entities use a payment system based on the work done, so that part of the salary depends on the performance of each worker.It is also frequent that the entity that is negotiating wages with workers ensures that the wage increase will only be possible if there is an increase in production; This is a way of threatening a reduction in staff or workforce if the increase in salary is not accompanied by an increase in productivity.
COMPETITIVENESS:
According to Porter (1997) competing is contending with each other, aspiring one and the other with determination to the same thing. It is also equal to another analogous entity, in perfection or in properties. Competitiveness can be interpreted as creating and sustaining superior performance. The author says, the competition is at the center of the success or failure of companies. Competition determines the ownership of a company's activities that can contribute to its performance, such as innovations, a cohesive culture, or good implementation. Competitive strategy is the search for a favorable position in a socioeconomic sector. Competitive strategy seeks to establish a profitable and sustainable position against the forces that determine competition in the sector. In the framework of competitiveness,The central point of this research work is how a public sector entity can really make the most efficient and effective financial decisions that influence its development, creating and maintaining a competitive advantage in its sector; In other words, the intention is to build a bridge between financial decisions and institutional development to achieve competitiveness.
Porter (1998)) mentions that in most companies, a central feature of competition is that they are mutually dependent: companies feel the effects of each other's movements and are prone to react to them. In this situation, which economists call an oligopoly, the result of a firm's competitive movement depends, at least to some degree, on the reactions of its rivals. Bad or irrational reactions from competitors - even weaker companies - often fail good strategic moves. Thus, success can only be assured if competitors choose or are influenced to respond in a non-destructive way. In an oligopoly, the company often faces a dilemma.You can seek the interests (profitability) of the sector in general (or of some subgroup of companies), thus not inciting competitive reaction, or you can seek your own interest with the risk of causing retaliation and turning the competition of the sector into a battle.
CONTINUOUS IMPROVEMENT OR CONTINUOUS IMPROVEMENT:
According to Stoner (2000), continuous improvement rather than an approach or concept is a strategy, and as such constitutes a series of general programs of action and deployment of resources to achieve full objectives, since the process must be progressive. It is not possible to go from darkness to light with a single jump. Currently, the Business System is in an improvement process that in itself constitutes an improvement program, but to the extent that it is supported by approaches used in world practice, better results will be obtained.
Throughout history there have been leaders who applied solutions that today could be perfectly accepted. However, the complexity of today's world has led experts in the most diverse branches to define theories, techniques, methods or concepts that can lead to success in Business Management. Companies have an urgent need to obtain an increasing production and with relevant efficiency as a solution to their current situation and to insertion in the international market, which requires a high degree of competitiveness, which requires implementation of a continuous improvement process.
Each word in this term has a specific message. Process implies a related sequence of actions, steps, and not just a set of ideas; Improvement means that this set of actions increases the company's profitability results, based on variables that are appreciated by the market (quality, service, etc.) and that give a differential advantage to the company in relation to its competitors; Continuous, implies that given the competitive environment where competitors make movements to gain a market position, the generation of advantages must be constant.
An improvement plan requires that a system be developed in the company that allows: Having skilled employees, trained to do the job well, to control defects, errors and perform different tasks or operations; Having motivated employees who put effort into their work, who seek to carry out operations optimally and suggest improvements; Having employees willing to change, capable and willing to adapt to new situations in the organization. The application of the improvement methodology requires certain investments. It is possible and desirable to justify these investments in economic terms through the savings and increases in productivity that will be produced by the reduction of the manufacturing cycle.Real progress in the company has only been achieved when the highest-ranking executive decides that he will personally lead the change.
4.5. JUSTIFICATION AND IMPORTANCE OF WORK
4.5.1. JUSTIFICATION
4.5.1.1. THEORETICAL JUSTIFICATION
Currently the supreme paradigm is effectiveness for competitiveness; Every day the companies in greater quantity are developing forces and resources to add production capacity of quality goods and services, they are also trying to gain position in levels of productivity and they have even been developing anticipation mechanisms to be present in the population or market that they have to compete. Micro and small companies cannot be outside this search for effectiveness; they cannot remain relegated and condemned to the negative opinions of the population;on the contrary, they should take advantage of the experiences of other countries and the national private sector and especially be prepared to make the most effective financial decisions regarding financing and investments in order to be able to develop until achieving the best impact, result and product indicators until they have of the necessary productivity that allow it to gain competitiveness. Proper financial decision-making can lead MYPES to achieve local, regional and national leadership. This leadership can add enough capacity to cover most of the population's demand and implement an orderly expansion, which is nothing other than institutional development. Effective financial decision making,It facilitates the construction of the installed capacity that the entity needs to offer additional benefits to the population. It will also make it possible to take advantage of the imbalances in supply and demand that large supermarkets cannot cover and obtain the benefits that will facilitate their development. Effective financial decisions will cause the necessary adjustments in the organizational structure and institutional strategies, which will lead to the solidification that the company needs to achieve development. Effective financial decisions serve as the basis for adjusting the financing and investment priorities necessary to produce the quality goods and services required by the population,which in one way or another means advantages over other entities in the public sector and especially over the private sector, in areas where competition is openly manifested. In order for the resources used by micro and small companies in the commerce sector to reach the goals, objectives, mission and business vision, it is necessary that they have adequate financial management and direction. The financial direction and management includes the planning, organization, execution, coordination and control of the commercial activity, by using the financial ones to achieve the objectives established in the plans.objectives, mission and business vision, it is necessary that they have adequate financial management and direction. The financial direction and management includes the planning, organization, execution, coordination and control of the commercial activity, by using the financial ones to achieve the objectives established in the plans.objectives, mission and business vision, it is necessary that they have adequate financial management and direction. The financial direction and management includes the planning, organization, execution, coordination and control of the commercial activity, by using the financial ones to achieve the objectives established in the plans.
4.5.1.2. METHODOLOGICAL JUSTIFICATION
The research starts from the existing problems in the finances of micro and small companies in the commerce sector of Metropolitan Lima. On this situation, theoretical approaches and experiences on the subject are presented, with the purpose of solving said problem. This work will analyze the financial direction and management; Then he will explain how to achieve effectiveness in micro and small companies in the commercial sector of metropolitan Lima.
4.5.1.3. PRACTICAL JUSTIFICATION
The application of financial direction and management will allow micro and small companies in the commerce sector to plan, organize, direct, integrate and control the financial resources of their business activities efficiently and effectively.
4.5.2. IMPORTANCE
This work may be used as a reference for proper financial management and direction of micro and small companies in the Trade Sector.
It is also important because it allows the knowledge and experiences in financial management and administration to be captured.
Good financial management directly benefits these types of companies; but it also indirectly benefits the State and the community.
V. OBJECTIVES
5.1. OVERALL OBJECTIVE
Identify the financial management and direction guidelines that help to obtain the short-term financing and the use in the working capital of the micro and small garment trading companies of the La Victoria District - Metropolitan Lima until reaching effectiveness.
5.2. SPECIFIC OBJECTIVES
1. Define the investment and financing policies, to facilitate the efficiency of the MYPES garment marketers of the La Victoria-Lima Metropolitan District.
2. Establish financial strategies that facilitate the continuous improvement of MYPES garment merchants in the La Victoria-Lima Metropolitan District.
SAW. HYPOTHESIS FORMULATION
6.1. MAIN HYPOTHESIS
If the micro and small clothing marketing companies of the La Victoria District - Metropolitan Lima, take into account all the guidelines of the direction and financial management; Then, they will be in a position to obtain and use short-term financing in working capital for the development of their activities, until they become effective to compete.
6.2. SPECIFIC HYPOTHESES
1. If the MYPES garment marketers of the La Victoria -Lima Metropolitana District define the investment and financing policies; then they will be in a position to achieve efficiency.
2. If the MYPES clothing marketers of the La Victoria District -Lima Metropolitana. apply financial strategies; then, they can have the continuous improvement of their business processes and procedures
6.3. VARIABLES AND INDICATORS
1. INDEPENDENT VARIABLE:
X. MANAGEMENT AND FINANCIAL MANAGEMENT
Ø INDICATORS:
X.1 Policies.
X.2. Strategies.
2. DEPENDENT VARIABLE:
And. EFFECTIVENESS OF THE MARKETING MYPES OF THE
LA VICTORIA DISTRICT - METROPOLITAN LIMA.
Ø INDICATORS:
Y.1. Efficiency
Y.2. Continuous improvement
VII.METODOLOGY
7.1. KIND OF INVESTIGATION
This research will be of the applied type, although the aspects are theorized, its scope will be practical to the extent that they are taken into account by the micro and small clothing marketing companies of the La Victoria District - Metropolitan Lima.
7.2. INVESTIGATION LEVEL
The investigation will be of the descriptive-explanatory level, since the financial direction and management in all its aspects will be described; and it will explain how to achieve effectiveness in micro and small clothing trading companies in the La Victoria District - Metropolitan Lima.
7.3. INVESTIGATION METHODS
The following methods will be used in this investigation:
1) Descriptive.- This method will describe all aspects of financial management and direction and how to achieve effectiveness in micro and small clothing trading companies in the La Victoria District - Metropolitan Lima.
2) Inductive.- To infer the information of the sample in the research population.
7.4. DESIGN OF THE INVESTIGATION
The following design will be applied:
M = Ox r Oy
Where:
M = Sample of owners and managers of Mypes.
O = Observation made
X = Financial Management and Direction
Y = Effectiveness of MYPES in the Trade Sector
r = Relationship between the dependent and independent variable
7.5. POPULATION OF THE INVESTIGATION
The research population is made up of personnel related to the MYPES garment marketers of the La Victoria District - Metropolitan Lima.
7.6. INVESTIGATION SAMPLE
The sample for this work will be made up of owners and managers of the micro and small clothing trading companies in the La Victoria District - Metropolitan Lima. Simple random sampling has been used to define the sample size and the statistical formula has been applied. for populations less than 100,000.
Where:
| N | It is the size of the sample to be taken into account for the field work. It is the variable that you want to determine. |
| P and q | They represent the probability of the population to be included or not in the sample. According to the doctrine, when this probability is not known from statistical studies, it is assumed that p and q have a value of 0.5 each. |
| Z | Represents the standard deviation units that in the normal curve define an error probability = 0.05, which is equivalent to a 95% confidence interval in the sample estimate, therefore the Z value = 1.96 |
| N | The total population. In this case 620 people considering those people who have elements to answer for the research topics to be carried out. |
| EE | Represents the standard error of the estimate, according to the doctrine, it must be 0.09 or less. In this case 0.097 has been taken |
Substituting:
n = (0.5 x 0.5 x (1.96) 2 x 620) / (((0.097) 2 x 619) + (0.5 x 0.5 x (1.96) 2))
n = 100
7.7. DATA COLLECTION TECHNIQUES
The techniques that will be used in the investigation will be the following:
1) Surveys.- It will be applied to obtain information on the garment marketers of the La Victoria District - Metropolitan Lima.
2) Documentary analysis.- It will be used to analyze the norms, bibliographic information and other aspects related to the investigation of the MYPES garment marketers of the La Victoria District - Metropolitan Lima.
7.8 DATA COLLECTION INSTRUMENTS.
The instruments that will be used in the investigation are the following: questionnaire and document analysis guide. The questionnaire will be used to carry out the survey. The documentary analysis guide is applied to organize and define the theories that will be taken into account for the theoretical framework of the research.
7.8. ANALYSIS TECHNIQUES
The following techniques will be applied:
- Documentary analysis Inquiry Data reconciliation
· Tabulation of tables with quantities and percentages
· Understanding graphics
7.9. DATA PROCESSING TECHNIQUES
The following data processing techniques will be applied:
- Sorting and classification Manual registration Computerized process with Excel Computerized process with SPSS
VIII. SCHEDULE
| ACTIVITIES | MONTHS | ||||||
| one | two | 3 | 4 | 5 | 6 | 7 | |
| THESIS PLAN: | |||||||
| Data collection | X | ||||||
| Formulation | X | ||||||
| Presentation | X | ||||||
| Approval | X | ||||||
| THESIS: | |||||||
| Data collection | X | X | X | X | |||
| Organization of info. | X | X | X | ||||
| Information processing | X | X | |||||
| Thesis writing | X | ||||||
| Presentation | X | ||||||
| Lift | X | ||||||
| Approval | X |
IX. BUDGET
| EXPENSE BUDGET | |||||
| ITEMS | QUANTITY | UNIT | UNIT PRICE | SUBTOTAL | TOTAL ITEM |
| I. ASSETS: | 770.00 | ||||
| Goods | 4 | THOUSAND | 25 | 100.00 | |
| Pencils | 5 | DOZENS | 10 | 50.00 | |
| Computer ink | 10 | UNITS | 30 | 300.00 | |
| Floppy | 3 | DOZEN | twenty | 60.00 | |
| CD | one | DOZEN | 60 | 60.00 | |
| Other assets | 200.00 | ||||
| II. SERVICES | 3,480.00 | ||||
| I support statistical work | 1,000.00 | ||||
| Secretarial support | 1,000.00 | ||||
| Mobility | 300.00 | ||||
| Viaticals | 500.00 | ||||
| Telephone | 200.00 | ||||
| Prints | 180.00 | ||||
| Photocopies | 100.00 | ||||
| Various | 200.00 | ||||
| TOTAL | 4,250.00 | ||||
X. BIBLIOGRAPHIC REFERENCES
1. Abad Gonzales, Víctor (1989) Constitution of SMEs. Lime. Editorial San Marcos.
2. Andrade E., Simón (1999) Development Planning. Lima Editorial Rhodas.
3. Bahamonde Espejo, Hernando (2000) Practical Theoretical Manual for setting up a company. Lime. Editorial San Marcos.
4. Bellido S. Pedro (1989) Financial Administration. Lime. Editorial Técnico Científica SA.
5. Brealey Richard A. (1998) Principles of Corporate Finance. Madrid. PRINTED.
6. Castin Farrero, José María (1996) Financial management in the company. Santa Fe de Bogotá - Colombia. Continental Editorial.
7. Political Constitution of Peru (1993). Lime. Editora Perú SA
8. Collazos C. Jesús (2000) Investment and Project Financing. Lime. Editorial San Marcos.
9. Díaz Bertha and Carlos, Jungbluth (1999) Total quality in the Peruvian company. Lime. Editorial Development Fund of the University of Lima.
10. Fernández Bau, Carlos (1999) Financial Management in medium and small companies. Santa Fe de Bogotá - Colombia. Continental Editorial.
11. Flores S. Jaime (2004-a) Financial Management: Theory and Practice. Lime. CECOF Asesores.
12. Flores S. Jaime (2004-b) Financial Administration: Theory and Practice. Lime. CECOF Asesores.
13. Gitman Lawrence J. (1986) Fundamentals of Financial Management. Mexico. Harper & Row Latinoamericana.
14. Gómez Bravo, Luis (2006) Continuous Improvement. Havana. University of Havana - Cuba.
15. Gross Herbert (2000) Small business and big market. Madrid. Ediciones Deusto SA. Fifteenth Edition. 445 Pages
16. Pacific Research Institute (2004) Financial Management and Direction. Lime. Pacific Editors.
17. El Pacífico Research Institute (2002) Management Accounting and Finance for Executives. Lime. Pacific Editors.
18. Johnson and Scholes, Kevan. (1999) Strategic Management. Madrid: Prentice May International Ltd.
19. Koontz & O´Donnell (2004) Modern Administration Course-An analysis of systems and contingencies of administrative functions. Mexico. Ingramex lithographic. SA. Twelfth Edition.
20. Márquez Rantes, Jorge (2005) Contemporary Public Finance. Lime. Editorial San Marcos.
21. Pérez Figueroa E. (2000) Organization and Administration of small business. Lime. Editing by the author. Third edition.
22. Porter Michael E. (1997) Competitive Strategy. Mexico. Compañía Editorial Continental SA de CV.
23. Porter Michael E. (1998) Competitive Advantage. Mexico. Compañía Editorial Continental SA de CV.
24. Rodríguez, Leonardo (1997) Small business planning and management. Mexico. Editorial Continental SA.
25. Ross Stephen A (2000) Corporate Finance. Mexico. IRWIN.
26. Stoner, Freeman Gilbert (2000) Administration. Mexico. Compañía Editorial Continental SA. From CV.
27. Terry, GR (2004) Principles of Administration. Mexico. Compañía Editorial Continental SA. Fifteenth Edition.
28. Van Horne, James (1980) Foundations of Financial Management. Mexico. Compañía Editorial Continental SA de CV.
29. Van Horne, James (1995) Financial Administration. Mexico. Compañía Editorial Continental SA de CV.
30. Weston J. Fred (1990) Finance. Bogotá. The Ateneo Editorial bookshop.
CONSISTENCY MATRIX
| PROBLEMS | OBJECTIVES | HYPOTHESIS | VARIABLES AND INDICATORS |
| MAIN PROBLEM:
How can financial management and direction facilitate obtaining the short-term financing needed by micro and small garment trading companies in the La Victoria-Lima Metropolitan District to dispose of working capital for their activities and thus overcome inefficiency and ineffectiveness until effectiveness is achieved? SECONDARY PROBLEMS: 1.What element of the financial management will facilitate the achievement of efficiency in the micro and small clothing trading companies of the La Victoria District - Metropolitan Lima. 2. Based on which element of financial management, the micro and small garment trading companies of the La Victoria District - Metropolitan Lima, can have continuous improvement in their business processes and procedures? |
OVERALL OBJECTIVE:
Identify the financial management and direction guidelines that help to obtain the short-term financing and the use in the working capital of the micro and small garment trading companies of the La Victoria District - Metropolitan Lima until reaching effectiveness. SPECIFIC OBJECTIVES: 1. Define the investment and financing policies, to facilitate the efficiency of the MYPES garment marketers of the La Victoria-Lima Metropolitan District. 2. Establish financial strategies that facilitate the continuous improvement of MYPES garment merchants in the La Victoria-Lima Metropolitan District. |
MAIN HYPOTHESIS:
If the micro and small clothing marketing companies of the La Victoria District - Metropolitan Lima, take into account all the guidelines of the direction and financial management; Then, they will be in a position to obtain and use short-term financing in working capital for the development of their activities, until they become effective to compete. SPECIFIC HYPOTHESES: 1. If the MYPES garment marketers of the La Victoria-Lima Metropolitan District define the investment and financing policies; then they will be in a position to achieve efficiency. 2. If the MYPES garment marketers of the La Victoria District -Lima Metropolitana. apply financial strategies; Then, they can have the continuous improvement of their business processes and procedures. |
INDEPENDENT VARIABLE:
X. MANAGEMENT AND FINANCIAL MANAGEMENT INDICATORS: X.1 Policies. X.2. Strategies. DEPENDENT VARIABLE: Y. EFFECTIVENESS OF THE MARKETING MYPES OF THE LA VICTORIA DISTRICT - METROPOLITAN LIMA. INDICATORS: Y.1. Efficiency Y.2. Continuous improvement |
Law No. 28015 - Law for the Promotion and Formalization of Micro and Small Businesses, published on 03.07.2003.
Committee of Sponsoring Organizations of the Treadway Commission (COSO).
Download the original file
