International Journal of Research Studies in Management
CollabWritive Special Issue
2024 Volume 12 Issue 10
Available Online: 15 August 2024
Author/s:
Ylagan, Niko Lawrence Harina
Graduate School, Lyceum of the Philippines University – Batangas, Philippines (ylagan.niko.dvm@gmail.com)
Abstract:
This research explored the relationship involving financial literacy and business performance within the setting of local pet clinic owners. With the animal healthcare industry witnessing substantial growth in recent years, understanding the financial acumen of business owners becomes pivotal for sustained success. Utilizing a mixed-methods approach, quantitative survey and descriptive research were conducted on pet clinic owners nationwide. Following the purposive sampling technique, a total of 385 veterinary clinic owner respondents provided their feedback. Statistical tests and analysis revealed significant correlations between the various indicators used for financial literacy and business performance. Furthermore, insights from the gathered data and obtained results shed light on the financial challenges experienced by local pet clinic owners. The information derived was used as a guide in formulating effective business strategies and applicable plans of action. The outcomes of this investigation highlight the inherent importance of enhancing financial literacy among pet clinic owners to optimize business operations and ensure long-term viability in this dynamic industry landscape. Recommendations for tailored financial education programs and managerial interventions are suggested to empower pet clinic owners in navigating financial complexities and fostering sustainable business growth. Finally, this study is a baseline reference for future investigations related to financial and business-related topics among local animal health enterprises.
Keywords: financial literacy, business performance, pet clinic owners, veterinary clinic, animal healthcare
DOI: https://doi.org/10.5861/ijrsm.2024.1231
Cite this article:
Ylagan, N. L. H. (2024). Financial literacy and business performance among pet clinic enterprise owner. International Journal of Research Studies in Management, 12(10), 1-14. https://doi.org/10.5861/ijrsm.2024.1231