Exploring the Financial Management Practices of Micro Salon Business Owners in Escalante City

This study aimed to explore the financial management practices of micro salon business owners in Escalante City. Specifically, it examined how salon owners manage cash flow, maintain financial records, utilize borrowing, repay financial obligations, and sustain their businesses through sound financial management practices. The study employed a qualitative case study research design. Purposive sampling was used to select qualified micro salon business owners who met the established inclusion criteria as participants. Data were gathered through semi-structured interviews and analyzed using Creswell’s seven-step qualitative data analysis procedure. To ensure the rigor and trustworthiness of the findings, the study observed the criteria of credibility, dependability, confirmability, and transferability The findings generated five major themes: Cash Flow Management and Income Utilization Practices; Record-Keeping and Financial Documentation Practices; Borrowing Behavior and Financial Dependency Management; Loan Repayment Strategies and Financial Discipline; and Financial Sustainability and Support Mechanisms. The results revealed that participants managed their finances by prioritizing operational and household expenses, practicing simple record-keeping, using loans to address cash flow shortages, allocating income for timely loan repayment, and maintaining financial sustainability through financial discipline and the separation of personal and business finances. The study concluded that effective financial management practices contribute to the sustainability and continuity of micro salon businesses despite challenges related to limited capital, inconsistent record-keeping, and reliance on borrowing. It is recommended that financial literacy programs, improved bookkeeping practices, responsible financial planning, and greater access to government and institutional support be strengthened to enhance the long-term sustainability of micro salon businesses.

Financial Management Practices; Micro Salon Business Owners; Cash Flow Management

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