The identification of several problems in financial management and issues in obtaining financing for SMEs as discussed in previous sections is necessary in order to solve these problems so that adequate resources are available for SMEs to operate efficiently especially in periods of economic downturn. SMEs need to focus on implementing strategies that are beneficial on a long term basis rather than short term. Financial management systems need to be implemented in a manner which not only benefits the current organisational structure but also adapts to any future changes in the organisational structure or financial needs of the organisation.
SMEs need to focus on presenting financial information in an appropriate manner and strive for higher profits as this would help in acquiring finance from external sources such as debt and equity from financial institutions, banks and investors. SMEs also need to apply strategies in order to make themselves more attractive to these entities and venture capitalists.
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