Capital Budgeting And Investment Analysis
 
Capital Budgeting
 Capital Budgeting Popular Approaches
Cash Flow
Investment Analysis
Types of Investments
Return on Investement (ROI)
Financial Metrics
Comparing Financial Metrics
References
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Capital Budgeting

Capital budgeting is a long term planning for replacement of an old inefficient equipment and /or additional equipment or physical plant when growing business conditions warrant. Capital budgeting will determine when the organization is able to afford the purchase of the equipment. Capital budgeting involves setting aside moneys each year for large investments that night need to be made. For example, purchasing costly equipment or machines, expanding or relocating the business premise, instituting a complete internal reorganization, developing and launching a new product. Therefore, planning, evaluating budgetary alternatives is very important. Here are some important “money concepts” to keep in mind:

Capital budgeting is a serious process as most small businesses resources are quite limited, therefore the owner need to devote seriously to the capital budgeting process. Capital budgeting is the planning of expenditures on capital assets (i.e., assets with a useful life or returns on which are expected to extend beyond one year). Capital budgeting compares present operations with a proposed project, or several alternatives based on the costs and revenues of each option.  These comparisons are made using selected financial measurement tools to help determine the relative value of each. Option, keeping on mind the cost of business capital. The followings are some of the popular approaches of capital budgeting which are pay back period and net present value methods.
References
Burstiner, Irving. (1994). Small Business Handbook. USA: Simon Schuster Inc.

Lasser, K. J. (1994). How to run a small business. McGraw Hill Book Co.

Kyambalesa, Henry. (1994). Success in managing a small business. England: Avebury

Phelan, Donald J. (1995). Success, happiness, independence: own your own business. USA: Glenbridge, Publishing Ltd.

http://es.epa.gov/new/business/sbdc/sbdc21.htm
 
 

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Capital Budgeting Popular Approaches
a) PAYBACK PERIOD METHOD
Payback Period Method works on the length of time it will take to recover the cost of the purchase from earned net income (after taxes). For example, replacing old equipment with a newer model-total cost will amount $28,000, you’re convinced that it should help you turn out about 30% more units per week than the old equipment. After working up all the necessary figures, you reach the conclusion that the additional production should bring you annually, after taxes –about $9200 in additional profit. By dividing the cost ($28,000) by the annual earnings ($9200), you can assume that the original outlay will be repaid in a little over three years. Chances are, then, that you wold decide to purchase the new machine. Rather than wait nine years or longer to recoup your investment, you would be better off placing that money in, say, a long-term savings account at a good rate of interest.

A decision to purchase a particular machine or to purchase at all, must be based in fact and provide satisfactory business-related answers to two fundamental questions. How much will be saved in terms of production costs, or what additional income can be generated through this purchase?

Vacationing to a particular place is usually a question of what/afford versus personal enjoyment, and it is a personal goal. To reach that personal vacation goal, small business owner must often count on the profits from the business. Profits hinge on asset investment rates of return. Equipment or facility purchase decisions require the balancing of a need for profit against cost to attain. There are a number of sophisticated record- keeping schemes and formulas to predict equipment replacement. However, many small business owners require nothing more than a simple approach.

For example, consider an old and inefficient piece of production equipment. Repair costs during the year amounted to $2000. In downtime, four production days were lost, which idled $800 in labor. A replacement model will save one main-day of labor or $400 in each quarter of a year. Total annual savings of $3200 through purchase could, theoretically, be attained. Since depreciation is a noncash expense, it is not customarily figured into the analysis. Cost of the replacement model is discovered to be $10,000, with a useful life expectancy of six years. Salvage value is estimated by the manufacturer to be 10%  or $1000. Does it make business sense to pay $10000 to receive $3200 for a period of six years? A quick answer is found by calculating the payback period.

 Payback = Equipment Cost /Est. Annual saving=$10000/$3200=3.13 years

In just over three of the six useful life years the equipment will be paid off  and will provide an estimated $1000 salvage value toward value the equipment’s sixth year replacement. The approximate rate of return in this instance is 25%, which was estimated through use of a present value table, which can be obtained from the business section of almost any bookstore.
 
b) NET PRESENT VALUE METHOD
Net present value method is preferable to the payback period method because it recognizes that, over time, the value of money depreciates (in the face of inflation). It calls for adjusting the expected inflow of income according to value tables that show the discounting of one dollar at different specified rates over the expected number of “payback years”. For instance, NPV consistently maximizes shareholders’ wealth. NPV of a project represents the expected increase in the value of the firm as a result of adopting the project. The NPV technique is consistent with the goal of wealth maximization. However, practitioners seem to place less emphasis on the NPV than any other capital budgeting techniques. The NPV considers the timing and magnitude of all the cash flows and assumes that these cash flows from the project are reinvested at the firm’s required rate of return.
 
 

References

Webster, Allen. Financial criteria, capital budgeting techniques, and risk analysis of manufacturing firms. Journal of Applied Business Research Laramie. (1996/1997).

Burstiner, Irving. (1994). Small Business Handbook. USA: Simon and Schuster Inc.

Phelan, Donald J. (1995). Success, happiness, independence: own your own business. USA: Glenbridge, Publishing Ltd.

Lasser, K. J. (1994). How to run a small business. McGraw Hill Book Co.

Kyambalesa, Henry. (1994). Success in managing a small business. England: Avebury
 
 
 

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Cash Flow
A cash flow projection is a forecast of the difference between cash coming"in" the business and cash going "out" of the business. The estimation or projection of cash flow is a powerful management tool for your business. If you were to choose one financial management tool that you use on a routine basis, the cash flow projection and cash flow analysis would be the one to choose. By knowing your cash position now and in the future, you can: Moreover, it just makes good business sense to know where you are and where you are going with your company. A cash flow projection can help you do this. For a new or growing business, the cash flow projection can make the difference between success and failure. For an ongoing business, it can make the difference between growth and stagnation.

The cash flow projection shows how cash will flow in and out of the business and enables you to budget the cash needs of the business over a period of time. The ability to predict and plan cash outlays means that you won't be forced to resort to unexpected borrowing to meet your cash needs. At a minimum, this can be more costly (as an example, using your credit card to pay unexpected bills generally costs you more in interest than say a working capital line of credit).

The lack of liquidity can be a killer -- even for profitable businesses. Lack of profits won't kill a business nearly as quickly as the lack of cash to pay your trade creditors. Remember, non-cash expenses such as depreciation can make your profits look negative, while your cash flow is positive. And you could also be showing a profit but have negative cash flow. That's why it is essential that you understand how to use a cash flow statement, and use it on a regular basis.
 

References
http://www.onlinewbc.org/docs/finance/cashplan.html

http://www.latimes.com/HOME/BUSINESS/SMALLBIZ/FININ/topstory.html
Cash Flow, nonprofit, is real Secret of Business Success

http://www.onlinewbc.org/docs/finance/cashplan.html
What is a cash flow projection?

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Investment Analysis

Capital Investments are made for two basic reasons: 1) to lower operating costs, or 2) to increase sales. Any major commitment of your firm’s funds warrants due caution and consideration on your part. Indeed, a common mistake of many small businesses is to put too many dollars into capital assets, thereby precipitating a cash crisis that can immobilize operations and even cause bankruptcy. Of course, such investments can be made directly from the company treasury through borrowed or equity capital and long-term leasing. Whatever the approach (or combination thereof), you will find the following procedure of value making decisions of this nature:

References

Burstiner, Irving. (1994). Small Business Handbook. USA: Simon and Schuster Inc.

Phelan, Donald J. (1995). Success, happiness, independence: own your own business. USA: Glenbridge, Publishing Ltd.

Lasser, K. J. (1994). How to run a small business. McGraw Hill Book Co.

Kyambalesa, Henry. (1994). Success in managing a small business. England: Avebury
 

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Types of Investments

1. DEBT INVESTMENTS
Debt investments are loans. At bottom, a loan is a simple concept—someone gives you money in exchange for your promise to pay it back. Often the lender will also want you to pay interest, and will want you to put security (collateral) in case you fail to repay the loan. While these basics concepts are simple, not everyone seems to clearly understand them. For example, some borrowers put a great deal of energy into arranging to borrow money, but think very little about the hard work that goes into repaying it. The most important thing to understand is that the lender expects you to pay the money back. It’s only fair that you honor your promise if you possibly can. One of the most common methods of loan repayment is to provide for principal and interest to be paid off in equal monthly payments for a certain number of months. Once all the payments have been made, the loan is paid off. That is called a “fully amortized loan”. For example if you borrow $10,000, for five years at 10% interest rate, you will agree to make sixty monthly payments of 212.48. Multiplying the monthly payments times sixty gives you a total repayment of $12,748.80. That means you will pay $2748.80 I interest over five years. Let’s say you borrow $10,000 for five years, but have to pay 20% interest; your monthly payments will be $264.92 and you will end up paying a total of $15,895.00. The alternative to the fully amortized is a loan which you pay smaller amounts, sometimes interest only, for some pre-established period of time and then pay the entire remaining amount off at once. This large payment is called “balloon payment”, because it’s so much larger than the others. Let say you borrow $10,000 and agree to make interest-omly payments for two years and then pay back the full principal amount at the end of the twenty-fourth month. Your monthly payment at 10% interest will be $83.33 ($10,000 x 10% = $1000/12 = $83.33) and your balloon payment will be $10,000 at the end of two years.

2. EQUITY INVESTMENTS
Business loan applicants must have a reasonable amount invested in their business. This ensures that, when combined with borrowed funds, the business can operate on a sound basis. There will be a careful examination of the debt-to-worth ratio of the applicant to understand how much money the lender is being asked to lend (debt) in relation to how much the owner(s) have invested (worth). Owners invest either assets that are applicable to the operation of the business and/or cash which can be used to acquire such assets. The value of invested assets should be substantiated by invoices or appraisals for start-up businesses, or current financial statements for existing businesses. Strong equity with a manageable debt level provide financial resiliency to help a firm weather periods of operational adversity. Minimal or non-existent equity makes a business susceptible to miscalculation and thereby increases the risk of default on -- failing to repay -- borrowed funds.  Strong equity ensures the owner(s) remains committed to the business.  Sufficient equity is particularly important for new business.  Weak equity makes a lender more hesitant to provide any financial assistance. However, low (not non-existent) equity in relation to existing and projected debt-- the loan -- can be overcome with a strong showing in all the other credit factors. Determining whether a company's level of debt is appropriate in relation to its equity requires analysis of the company's expected earnings and the viability and variability of these earnings. The stronger the support for projected profits, the greater the likelihood the loan will be approved. Applications with high debt, low equity, and unsupported projections are prime candidates for loan denial.
 

References

Burstiner, Irving. (1994). Small Business Handbook. USA: Simon and Schuster Inc.

Phelan, Donald J. (1995). Success, happiness, independence: own your own business. USA: Glenbridge, Publishing Ltd.

Lasser, K. J. (1994). How to run a small business. McGraw Hill Book Co.

Kyambalesa, Henry. (1994). Success in managing a small business. England: Avebury
 
 

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Return On Investment (ROI)
 
The term Return on Investment (ROI) is commonly used in different ways. In financial circles, the strict meaning of Return on Investment (ROI) is "Return on Invested Capital, a measure of company performance: The company’s total capital is divided into the company’s income (before interest, taxes, or dividends are subtracted). Alternatively, ROI is sometimes equated with Return on Assets: a company's income for a period divided by the value of assets used to produce that income. Most business people, however, use "ROI" simply to mean the "Return" (incremental gain) from an action, divided by the cost of that action. In this sense, an investment that costs $100 and pays back $150 after a short period of time has a 50% ROI. When "ROI" is requested, it is prudent ask specifically how that is to be calculated. Understand clearly, that is, how both the "return" and the "investment" are derived and what time period is covered. Three ways to maximize ROI. Minimize costs, maximize returns, and accelerate the returns. A relatively small improvement in all three may have a major impact on overall ROI. ROI is an appealing concept because its meaning seems self-evident and easily understood. Many factors can complicate its calculation or interpretation, however, and for that reason many business cases do not attempt to present "ROI" as a quantitative result, but focus instead on financial metrics such as Net cash flow, DCF, IRR, and payback period.

Problems with ROI include the difficulty of finding a truly appropriate investment cost figure (this may call for arbitrary cost allocation judgments or the addition of "opportunity costs," for instance). Other problems with ROI come from the passage of time. Investment costs typically come early, while returns may come years later. Thus, the time value of money (discounting) may need to enter the ROI equation; and, it may be especially difficult to match specific returns with specific costs. In brief, the simple ROI concept is probably appropriate only when both "Investment cost" and "Return" come over a short time period, are clearly tied to each other, and can be derived simply and unambiguously.
 

References
http://www.solutionmatrix.com/faqsf.html#3
Cost of ownership, ROI, and Cost/benefit analysis: what’s the difference?

http://www.sba.gov/INV/investmenttypes.html
Investment Types

Eidleman, Gregory J. A look at to budgeting models for small business. Journal Philadelphia. (1993).
 

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Financial Metrics

1. NET CASH FLOW
Net cash flow is the heart of the financial business case, and the basis for deriving other financial metrics. Cash flow, like income, focuses on the difference between money coming in and money going out over a time period:

      Net Cash Flow = Cash Inflows - Cash Outflows

Cash flow results do not, however, include some items found in the income statement, such as depreciation expense. Depreciation expense, for example, does not represent an actual cash payment during the reporting period, but rather an accounting charge against earnings. As a result, depreciation expense is not a "cash outflow" in the above equation. The income statement tells stockholders and taxing authorities what the company is credited with earning during a period; the cash flow statement tells management how much cash they have to work with (or how much they gained or lost).

2. DISCOUNTED CASH FLOW (DCF)
The DCF is a cash flow summary that has been adjusted to reflect the time value of money. It is an important criterion in evaluating or comparing investments or purchases; other things being equal, the purchase or investment associated with the larger DCF is the better decision. Almost every manager trained in finance will ask to see cash flows on a discounted and non-discounted basis. DCF makes use of the Present Value concept, the idea that money you have now should be valued more than an identical amount you would receive in the future.Why? The money you have now you could (in principle) invest now, and gain return or interest, between now and the future time. Money you will not have until some future time cannot be used now. Therefore, the future money’s value is Discounted in financial evaluation, to reflect its lesser value. What that future money is worth today is called its Present Value, and what it will be worth when it finally arrives in the future is called not surprisingly its Future Value. Just how much present value should be discounted from future value is determined by two things: the amount of time between now and future payment, and an interest rate. (For rough estimates, think of the interest rate as the return rate we would expect if we had the money now and invested it). For a future payment coming in one year:

      Present Value = (Future Value) / (1.0 + Interest Rate)

What is the present value of $100 we will not have for a full year? If we use an annual interest rate of, say,10%, then

      Present Value = ($100)/(1.0 +0.10) = $90.91

What is the present value if the payment were not coming for 3 years? For multiple periods, the present value calculation becomes:

      Present Value = (Future Value) / (1.0 + Interest rate)n

The exponent "n" is simply the number of periods, or years, in this case 3. The present value of $100 to be received in 3 years, using a 10% interest rate is thus:

      Present Value = $100 / (1.0 +0.10)3 = $100 / (1.1) 3 = $75.13

"Periods" for these calculations can actually be years, months, or any other time. In any case, be sure that the interest rate represents interest for that period. (When calculating DCF on a monthly basis, for instance, use the annual interest rate divided by 12). As the payment gets further into the future, its present value drops. Also, as you can see, increasing the interest rate would further reduce the present value. Only where interest rates were assumed to be 0 (an economy with no investment possibility and no inflation) would present value always equal future value. In brief, a DCF view of the cash flow stream should probably appear with a business case summary when:

“The business case deals with an "investment" scenario of any kind, in which different uses for money are being compared. The business case covers long periods of time (two or more years).  Inflows and outflows change differently over time (e.g., the largest inflows come at a different time from the largest outflows). Two or more alternative cases are being compared and they differ with respect to cash flow timing within the analysis period”.

3. INTERNAL RATE OF RETURN (IRR)
Like DCF, the IRR is a cash flow summary that has been adjusted to reflect the time value of money, but its meaning is a little less obvious than DCF. Nevertheless, IRR is a widely used concept, and it is frequently an important criterion in evaluating or comparing investments or purchases. As the word "Return" indicates, the IRR view of the cash flow stream is essentially an investment view: money will be paid out in order to bring in gains. The higher an investment’s IRR, the better the investment’s return relative to its cost. In deciding whether or not to include an IRR in a business case summary, here are some points to remember:

4. PAYBACK PERIOD
Like IRR, the Payback period metric takes essentially an "Investment" view of the action, plan, or scenario, and its estimated cash flow stream. Payback period is the length of time required to recover the cost of an investment (e.g. purchase of computer Software or hardware), usually measured in years. Other things being equal, the better investment is the one with the shorter payback period. Also, payback periods are sometimes used as a way of comparing alternative investments with respect to risk: other things being equal, the investment with the shorter payback period is considered less risky. Payback period is an appealing metric because its interpretation is easily understood. Nevertheless, here are some points to keep in mind when using it:
References

http://www.solutionmatrix.com/faqsf.html#3
Cost of ownership, ROI, and Cost/benefit analysis: what’s the difference?

Burstiner, Irving. (1994). Small Business Handbook. USA: Simon and Schuster Inc.

Phelan, Donald J. (1995). Success, happiness, independence: own your own business. USA: Glenbridge, Publishing Ltd.

Lasser, K. J. (1994). How to run a small business. McGraw Hill Book Co.

Kyambalesa, Henry. (1994). Success in managing a small business. England: Avebury

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Comparing Financial Metrics

Which of these financial metrics should you use to summarize a business case? The best general approach is to develop and present all of them–if their values have meaning. The real issue then is to decide which of them should become primary decision criteria, or which should carry the most weight in comparing alternatives. There is no universal answer to that question, but here some factors to consider. The cash flow stream must have a positive net total in order for payback or internal rate of return to have meaning (or for "Return on Investment" in any sense to have meaning). If you are producing a "costs only" business case, using cost totals as your data, then PB, IRR, and ROI will no be appropriate, You may, however, create positive cost impacts such as cost savings, by building the case from cost changes relative to another scenario or "business as usual" baseline. That is the only way that a "cost only" business case can approach PB, IRR, or any form of ROI. Discounted cash flow (DCF) totals are sensitive to the interest rate (discounting rate) used in the calculation, and choice of rate is arbitrary. When using DCF, be sure to use a rate that matches your audience's common practices and expectations. (The other financial metrics–net cash flow, payback period, and internal rate of return–do not depend on arbitrarily chosen values). When the positive returns are uncertain or risky, give relatively more consideration to discounted cash flow. DCF will give relatively more weight to projected near-future returns, which are probably more certain, and relatively less weight to distant-future returns, which are probably less certain.
 

References
http://www.solutionmatrix.com/faqsf.html#3
Cost of ownership, ROI, and Cost/benefit analysis: what’s the difference?

http://www.sba.gov/starting/indexstartup.html
Financing your business start-up

 
 

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References
 
http://www.quicken.com/small_business/articles/888986624_17507
Tip: Expanding your business by raising outside capital

http://www.mdsegal.com/bud.html
Budgeting

http://www.nils.com/rupps/1122.htm
Capital budgeting

http://www.sba.gov/starting/pubs.html
Financial Management

http://es.epa.gov/new/business/sbdc/sbdc21.htm
Total Cost Assessment

http://www.morebusiness.com/running_your_business/financing/d907964881.brc
How much capital is enough? One small business capitalization model

http://www.itpolicy.gsa.gov/mke/caplan1.htm#budget
An analytical framework for capital planning and investment control for information technology foreword

http://www.isquare.com/
How to: finance your business

http://www.sba.gov/ADVO/research/rs131.html
Small business access to equity capital

http://www.onlinewbc.org/docs/finance/cashplan.html
What is a cash flow projection?

http://www.onlinewbc.org/docs/finance/budget1.html#basics
What can you do with a budget?

http://www.morebusiness.com/running_your_business/financing/vent-cap.brc#structured
How will an Investment be structured

http://www.ideacafe.com/getmoney/fgr_howmuch.html#Budgeting
Budgeting basics

http://www.onlinewbc.org/docs/finance/index3.shtml
Financing center

http://www.onlinewbc.org/ways_in_which_an_accountant_can_.html
Ways in Which an Accountant Can Help

http://www.sba.gov/INV/investmenttypes.html
Investment Types

http://www.bizoffice.com/library/files/fin.txt
Financing for small business

Other useful links
http://www.nafta.net/smallbiz.htm

http://smallbusiness.yahoo.com/smallbusiness/finance/

http://www.bizoffice.com/index.html

http://www.sba.gov/INV/sbaact.html

http://sbinformation.miningco.com/

http://quicken.webcrawler.com/small_business/search/

http://www.toolkit.cch.com/advice/budgets.stm

http://www.business.gov/

http://www.biztalk.com/

http://www.house.gov/luther/sbasbic.html

U.S. House of Rep…100th Congress. 2 session. Small business Investment Co. Prog: Hearing before the Committee on small business

U.S. General Accounting Office, Resources, Community and Economic Dept. Division. Trends in SBA’s 7a) prog (microform)
 
Julien, Pierre A.  (1998). The state of the art in small business and entrepreneurship. England: Aldershot, Hants.

Gerber,  Michael. (1998). The E-myth manager : why management doesn't work and what to do about it.
New York : HarperBusiness

Kelly, Patrick and Case, John. (1998). Faster company : building the world's nuttiest, turn-on-a-dime, home-grown, billion dollar business. New York: Wiley.

Steingold, Fred S. (1998). The legal guide for starting & running a small business. Berkeley, CA : Nolo Press.

Read, Lauren. (1998). The financing of small business : a comparative study of male and female business
owners. London ; New York: Routledge.

Camenson, Blythe. (1997). Careers for self-starters and other entrepreneurial types. Lincolnwood, Ill.: VGM Career Horizons

Edwards, Paul and Benzel Rick. (1997). Teaming up : the small-business guide to collaborating with others to boost your earnings and expand your horizons. New York : J.P. Putnam's Sons.

Bisk ,Leonard. (1997). Entrepreneur magazine: guide to professional services. New York : Wiley.

Nelson, Reed E. (1997).  Organizational troubleshooting : asking the right questions, finding the right answers. Westport, Conn.: Quorum Books.

Shachtman, Tom. (1997).  Around the block : the business of a neighborhood. New York : Harcourt Brace,

Rye, David E. and Hickman, Craig R. (1997). Starting up: an interactive adventure that challenges your entrepreneurial skills. Paramus, N.J.: Prentice Hall.

Behrendt, Siegfried et al. (1997). Life cycle design : a manual for small and medium-sized enterprises.
New York: Springer.

Hallett, Anthony and Diane. (1997). Entrepreneur magazine : encyclopedia of entrepreneurs
New York: Wiley.

Fallek, Max. (1997). How to set up your own small business. Minneapolis, Minn.: American Institute of Small Business.

Brattina, Anita F. (1996). Diary of a small business owner : a personal account of how I built a profitable business. New York: AMACOM.

Gudmundson, Donald E. (1996). Research strategies for small businesses. New York: Garland Publications.
 
Hermann, Simon. (1996). Hidden champions : lessons from 500 of the world's best unknown companies. Boston, Mass.: Harvard Business School Press.

Brenner, George D et al. Smart asset: turning your business into a wealth machine. Chicago : Irwin Professional Pub.

Heath, Gibson. (1996). Getting the money you need: practical solutions for financing your small business.
Chicago: Irwin Professional Pub.

Phelan, Donald J. (1995). Success, happiness, independence: own your own business. Lakewood, CO : Glenbridge Publishing Ltd.

Blum, Laurie. (1995). Free money for small businesses and entrepreneurs. New York: Wiley.

Lister, Kate. (1995). Finding money: the small business guide to financing. New York: J. Wiley.

Yegge, Wilbur M. (1995). Self-defense finance for small businesses. New York: J. Wiley.

Buckland, Roger and Davis, Edward W. (1995). Finance for growing enterprises. London; New York: Routledge.
 
Hall, Graham. (1995). Surviving and prospering in the small firm sector. London; New York: Routledge.

Bushong, Joe Gregory. (1995). Accounting and auditing of small businesses. New York: Garland.

J.K. Lasser Institute (1994). How to run a small business. New York: McGraw-Hill.

A. Hughes and Storey, D. J. (1994). Finance and the small firm. London; New York: Routledge.

Buckland, Roger and Davis, Edward W. (1995). Finance for growing enterprises. London; New York: Routledge.

Fallek, Max. (1994). Finding money for your small business. Chicago, Ill.: Enterprise Dearborn.
 
Kyambalesa, Henry (1994). Success in managing a small business. Aldershot, Hants, England; Brookfield, Vt., USA: Avebury.

Kishel, Gregory F. (1993). How to start, run, and stay in business. New York: Wiley

 Mancuso, Joseph. (1993). How to start, finance, and manage your own small business.New York : Random House Electronic Publishing.
 
 

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