Financial Management for Small Businesses

This assignment delves into the financial management practices essential for small businesses. Students will examine various business models through the lens of their financial statements – balance sheets and income statements. The analysis will encompass key financial ratios and metrics to assess profitability, liquidity, and solvency. Furthermore, students will explore different financing options available to businesses, evaluating their suitability based on factors such as risk, cost, and impact on future operations.

Managing Financial Resources and
Decisions

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
1.1 Identifying sources of finance available to unincorporated and incorporated businesses.....4
1.2 Assessing the implication for using internal or external sources of finance..........................5
1.3 Evaluating the most appropriate sources of finance for Clariton Antique Limited...............5
TASK 2............................................................................................................................................6
2.1 Analyzing the costs of two sources of finance.......................................................................6
2.2 Importance of financial planning for Clariton Antiques Ltd ................................................7
2.3 Assessing information need for different decision making on financing the takeover by
varied parties................................................................................................................................8
2.4 Impact of finance on financial statements.............................................................................8
TASK 3............................................................................................................................................9
3.1 Preparing and analyzing the cash budget...............................................................................9
3.2 Calculating unit cost and making pricing decision..............................................................10
3.3 Assessing the viability of project using investment appraisal tool......................................11
TASK 4..........................................................................................................................................14
4.1 Discussing the key components of financial statements......................................................14
4.2 Comparing format of financial statements used by Clariton Antiques Ltd to present their
financial statements with sole trader..........................................................................................15
....................................................................................................................................................17
4.3 Interpreting the financial statements of selecting company by using ratios.......................17
CONCLUSION..............................................................................................................................19
REFERENCES..............................................................................................................................20
Index of Tables
Table 1: Cash budget.......................................................................................................................9
Table 2: Working notes..................................................................................................................10
Table 3: Cost and price decision....................................................................................................11
Table 4: Payback period of investment 1 & 2................................................................................11
Table 5: Accounting rate of return of both investment 1 & 2........................................................12
Table 6: Net present value of investment 1 & 2............................................................................13

INTRODUCTION
Managing financial resources is the procedures to acquire important and necessary
resources for production of good quality of services to large number of buyers. It associates
varied resources through which corporation can carry out all operational activities effectively.
Present report is based on Clariton Antique Ltd is operating in London which has 2 branches and
it is planning to open its new branch by acquiring in building in Birmingham. Furthermore,
sources of finance are explained along with its implication. In addition to this, cost of each
financial sources has been analyzed along with importance of financial planning for Clariton
Antique Ltd. Apart from this, cash budget is analyzed along with decision to improve the
financial position of the business. Moreover, investment appraisal techniques are explained along
with selection of the best techniques. Furthermore, key components of financial statements are
discussed and financial performance of the firm is interpreted by using ratio analysis.
TASK 1
1.1 Identifying sources of finance available to unincorporated and incorporated businesses
The requirement of all businesses remain same but its nature makes huge different to its
access to varied sources. Here, unincorporated business are those which are having their distinct
identity and operate as their own regulations (Seeta Gupta and Bhaskar, U., 2016). On the other
hand, incorporated businesses are those which regulate on the basis of rules and regulation set by
the government. These sources of both types of businesses are explained as follows-
Unincorporated businesses
The businesses which are not registered or operating on the business of private ownership
have some restriction to access sources like issue of equity share and other similar kind of
sources. However, such kind of businesses can easily access to bank loan, bank overdraft and
financial institutions etc. Along with that, owner's saving, family & friends as well as personal
loan can be also be provided (Shaikh, 2017). These sources has different nature and accordingly
business access them to meet their long as well as short term requirement.
Incorporated businesses
Incorporated business can easily access to cost effective sources of finance such as equity
share, bank loan, debentures, leasing companies and hires purchase as well as personal loan etc.

This corporation do not have restriction to utilized varied resources such as retained profit etc.
Furthermore, incorporated businesses focuses to make use of issue of share which secures its
position in the marketplace ans support business to expand itself at local or national level
(Massingham, 2014).
1.2 Assessing the implication for using internal or external sources of finance
The implication of using internal or external sources of finance can be understood as
follows-
Internal sources of finance
There are varied internal sources of finance such as sale of old assets, personal loan and
retained profit as well as friends and relatives. It might be possible to assets which are sold at the
time of requirement of finance not valued correctly (Caniato and et. al., 2016). It tends to
increase loss of the business and affect its operational activities. Furthermore, use of retained
profit increase the opportunity cost of the business as company lost the chance of using the same
in current operational activities.
External sources of finance
External sources of finance like bank loan, issue of equity share increased the higher cost
for the corporation. This is because bank loan tend to affect credit rating when its installment is
not paid on right time along with interest. Furthermore, issue of equity share again increases the
obligation to pay dividend on right time (Simser, 2011). This in turn affecting entire operation of
the business. In this manner, sources like leasing companies also require to incur cost by the
Clariton Antique Limited.
1.3 Evaluating the most appropriate sources of finance for Clariton Antique Limited
According to the above evaluation different appropriate sources of finance for expansion
of Clariton Antique Limited can be selected. These are explained as follows- Bank loan-Under this Clariton Antique Limited can raise long term finance to acquire
new business and start its operation together. However, it is based on management that
how much amount they will get from bank loan but it is effective for long term finance. Retained profit-In this source of finance retained profit can be used by management of
Clariton Antique Limited as it is considered as the cost effective source. Also, the time
taken to get finance from this source is also very less. This shows that some amount of

total requirement as £0.5 million can be generate with the help of retained profit
(Bonomi, Santos and Spring, 2013).
 Leasing companies-This is another important source of finance which assists
management ensure inclusion of highly upgraded machinery. Access to this source make
it possible to start operation as it provides assets on rental basis. This is also considered
as the cost effective source of finance, hence it effective to meet expectations of all
related parties of the business (The 12 Best Sources Of Business Financing, 2017).
TASK 2
2.1 Analyzing the costs of two sources of finance
The major sources of finance are issue of equity share and bank through this firm expand
their business in order to maintain reputation and image in front of customers in the market
place.
a) Dividends - Larger companies mostly issues the equity, preference and debentures in order to
get finance and provide the dividend to its shareholders by a corporation. It is basically a
distribution of profits when a firm earn a profit or surplus, cooperation also reinvest the profit in
the business pay a proportion of profit as a dividend to shareholders it may be in cash or cheque
according their convenience (Huang, Yang and Wong, 2016). Dividend is allocated as fixed
amount per share in case of debenture holders and in case of equity dividend is provide
according to the profit earned.
b) Interest - Mostly companies takes loan from various banks in order to achieve high growth
and maintain standards by providing high quality of services to their customers may be in the
form new innovative product and services. Interest is the form of expense which one is bear by
the firm in order to achieve assigned tasks. Interest are paid on monthly basis EMI are paid on
monthly basis according to the loan amount (Danso and Adomako, 2014). Sometimes companies
takes loan for the purpose of tax benefit. Loan is a lending of money from one organization or
entity to another individual organization on collateral agreement for repayment of loan with
assigned rate of interest under specified time period.
c) Tax - Tax is a financial charge imposed upon a taxpayer entity on a legal basis by the state
govt which equivalent to public expenditures. A failure to pay tax is usually punishable by law of
governmental. Taxes may be direct or indirect taxes it may be in form of cash or labor this

amount fulfill the functions of government. Tax is certain percentage of amount on per annual
income earned. In some countries also charge tax on corporate income, dividend or distributions
are under the double taxation and the individual shareholder receives the dividend from the
company that some tax also imposed on that income (Warnier, Weppe and Lecocq, 2013).
2.2 Importance of financial planning for Clariton Antiques Ltd
Financial planning is most prior part of an any organization. It is a task For determining
how the organization will afford to achieve its strategic goals and objectives. Usually companies
makes financial plan after the vision and objectives have been determined.
a) Budget - The budget of a company is complied annually, its not a final budget it is an estimate
budget for the expected expenses under consideration of short term future. Clariton company has
hundreds and thousands of people working in various departments like operation, human
resource and marketing department to list their expected revenues and expenses in the final
budget. Budget is mainly prepare to balancing the revenue or income with the expenditures.
b) Implications of failures of financial adequacy - Finance is a life blood for an organization.
For purchase of raw material, paying wages, paying fuel and electricity/gas charges, paying
marketing and administrative (Jackson, 2010). Also used for acquisition of fixed assets plant,
machinery,tools and equipment. Working capital is used for day to day working operations so
that well budget planning should be essential for smooth functioning of day to day operations.
Financial costs are tangible costs like interest, dividends, opportunity costs and retained earning.
It is need to identify shortages and surpluses eg cash budgeting. Every organization faces issues
regarding to life cycle of a company so that proper budget should be necessary to overcome the
adequacy of financial issues.
c) Over trading - It occurs when companies expand their operations too quickly that time
companies can enter in to negative cycle, where an increase in interest expenses that time
it makes an impact on the net profit, which leads to lesser working capital and to lead the
borrowing form others which in turns leads to interest expenses and the cycle continue.
Mainly it occur at a time of excessive buying and selling of stocks. It has been arise when
newly issued security are underwritten by a firm when company is growing its sale faster
than it can finance them (Bain and Nowak, 2015).

2.3 Assessing information need for different decision making on financing the takeover by varied
parties
There are different parties which are involved in the decision making procedure of the
business. It enables management to take decision for different parties for operating their venture
effectively and meet expectations of all related buyers or stakeholders. According to the given
scenario, takeover will be completed with the help of partners and venture capitalist. At this
juncture, details of partners will be assessed in order to access their financial situation and other
related information. Furthermore, venture capitalist is provided detail information regarding the
aim and objectives of the business and then accordingly deal will be signed by both parties. It
aids to enter into fruitful contract so that all associated parties can get benefit (Bryan, Verles and
Santini, 2014). Furthermore, finance brother is another party which usually arrange fund for the
business in order to accomplish its business related activities and supports firms like Clariton
Antique Limited to create competitive edge of the business in the marketplace. Moreover,
management of the business ensures that information related to expectations of each party and
their interest is collected in order to keep them highly satisfied and involved in all business
related activities.
Apart from this, venture capitalist can be effectively support Clariton Antique Limited to
create its long run survival with increased rate of return. At the same time, firm ensure to include
skilled and competent personnel who can effectively contribute towards its long run success.
Owing to this, it becomes necessary to shed light on information needs of all these mentioned
parties to making or taking the fruitful decision (Collins, Hribar and Tian, 2014). This proves to
be effective to determine well being of the business and retain its all related stakeholders in an
effectual manner.
2.4 Impact of finance on financial statements
a) Venture capitalist - Venture capitalist provides funding for a new growing business.
Venture capital firms takes a high risk for funding to startup company in exchange for equity in
the startup. Financial statements of a company should be effect by taking any kind of loan from
anywhere because venture capitalist amount is shown on the liabilities side of a balance sheet
which makes credit on the venture capitalist. On the positive aspects of venture capital which

provides fund to the company for enhancing the services and helps in to generate wide range of
product to satisfy the customers and generate large volume of revenue (Evans and et. al., 2012).
b) Financial Broker - Financial intermediary may be as an institution or individual person
which act as middleman in financial transaction. Banks is also act as an intermediary which
transform the deposits into the loans. Banks get commission as an interest they get large interest
by providing the loans and provide less interest to depository amount. It also makes liabilities on
the financial intermediaries, which shows credit on the company and repayment under a
specified time period. financial intermediaries provides a channel from people who have extra
money or surplus savings to those who do not have enough money to carry out business
activities.
TASK 3
3.1 Preparing and analyzing the cash budget
The cash budget of Clariton Antique Limited is showing all the expenditure of the
business related to 6 months. This covers information related to future business activities which
tend to affect entire operational activities of the firm. The below mention cash budget of
company reflects that first three months of the firm do not have higher profitability due to
negative cash flow. However, during the last three months firm is getting positive impact in term
of cash flow generated (Khan, 2015).
Table 1: Cash budget
Particulars January February March April May June
Receipts
Revenue in the in
same month 15000 22500 30000 15000 15000 3750
Revenue in one
month 120000 240000 360000 480000 240000 240000
Revenue in two
month 22500 22500 45000 67500 90000 45000
Total receipts 157500 285000 435000 562500 345000 288750

Payments
Payment to suppliers 807250 137250 119750 437250 227250 219750
Shortage/Surplus -649750 147750 315250 125250 117750 69000
Opening cash
balance 110000 -539750 -392000 -76750 48500 166250
Closing cash balance -539750 -392000 -76750 48500 166250 235250
Table 2: Working notes
Months
Novem
ber
Decem
ber
Januar
y
Februa
ry March April May June July
Sales 150000 150000 300000 450000 600000 300000 300000 75000 150000
Received in
same month 15000 22500 30000 15000 15000 3750
Received in
one month 120000 240000 360000 480000 240000 240000
Received in
two months 22500 22500 45000 67500 90000 45000
It can be suggested to management of Clariton Antique Limited to have control over
indirect expenses and increase overall rate of return of the business in the marketplace.
Furthermore, excess amount of fund can be invested in profitable venture so that accordingly rate
of return can be used for its expansion.
3.2 Calculating unit cost and making pricing decision
Cost is input for production of good quality of services in order to meet the expectations
of all related buyers. However, the cost proportion of the business can be derived with the help
of adding direct or indirect cost in order to get the valid outcome. However, the pricing decision

is highly based on cost of products and services only (Gupta and Bhaskar, 2016). Without
estimating cost, it is not possible to get the value of particular product or service. Here, an
example of production of 500 units has been taken wherein firm is employing varied resources.
However, per unit cost is 50 on which margin of 20% is decided to offer the product at rate of 60
per unit.
Table 3: Cost and price decision
Particulars Amount (£)
Purchase 15000
Salaries of staff 5000
Utility expenses 3000
Others 2000
Units sold 500
Total cost per unit 50
Price 50(50*20%)=60
Profit percentage 10/60*100=16.67
In this manner, cost and pricing decision are taken effectively for deriving valid outcome
and accomplishing long as well as short term objectives in the firm effectively. Furthermore,
Clariton Antique Limited recovers its cost of production and accordingly get higher rate of
return. It would be effective to create competitive edge of the business and offer products and
services on the affordable prices. However, management of Clariton Antique Limited earn
greater profitability whereby it becomes easy to manage all business activities and handle
operation related to its expansion in the marketplace (Shaikh, 2017).
3.3 Assessing the viability of project using investment appraisal tool
Investment appraisal techniques consists of payback period, net present value and
accounting rate of return. These techniques are used by business to derive the value of particular
project and made the investment in the same. These different techniques are explained as
follows-
 Payback period method-This is considered as the most easiest technique to assess value
of particular project. Here, business shed light on calculating the time required to recover
cost of each project (Massingham, 2014). The below mentioned table reflects that

investment 2 should be made as its cost can be recovered in relatively short time span. On
the other hand, investment 1 is taking extensive time so it will not be selected.
Table 4: Payback period of investment 1 & 2
Particulars
Investment 1
(£m)
Cumulativ
e Cash
inflow Investment2 (£m)
Cumulative cash
inflow
Initial
Years/inves
tment 8.6 4.4
1 1.6 1.6 0.8 0.800
2 2.8 4.4 1.4 2.200
3 3.4 7.8 2 4.200
4 3.6 11.4 2.4 6.600
5 4 15.4 2.3 8.900
6 4.2 19.6 2.6 11.500
Payback
period
3 + (8.6 – 7.8) /
3.6=3.2 years
3 + (4.4 – 4.2) / 2.4
= 3.01 Years
 Accounting rate of return-It is another method to calculate the cost of project in which
business get to know about the return generated from each project. On the basis of below
mentioned table, investment 2 has return worth 43.40% whereas investment 1 generated
only 37.90%. It indicated that investment 2 is more profitable for the firm and
accordingly firm can increase its overall rate of return in the marketplace (Accounting
Rate of return, 2017).
Table 5: Accounting rate of return of both investment 1 & 2
Particulars Cash inflow (£ m) Investment 1 Investment 2 (£ m)
Initial 8.6 4.4

investment
1 1.6 0.8
2 2.8 1.4
3 3.4 2
4 3.6 2.4
5 4 2.3
6 4.2 2.6
Average cash
flow 3.26 1.91
Average initial
investment 8.6 4.4
Accounting
rate of return 37.90% 43.40%
 Net present value method-Net present value method assess the viability of project on the
basis of return according to present value. It would be effective Clariton Antique Limited
to effectively utilize their limited resources and make the investment in most effective
project. On the basis of following table, investment 2 should be selected as it has higher
net present value in comparison to other one (Bain and Nowak, 2015).
Table 6: Net present value of investment 1 & 2
Particulars
Cash
inflow (£
m)
Investment
1
PV factor
@14% Present value
Investment
2 (£ m) PV @14%
Present
value

Initial
investment 8.6 4.4
1 1.6 0.877 1 0.8 0.877 1
2 2.8 0.769 2 1.4 0.769 1
3 3.4 0.675 2 2 0.675 1
4 3.6 0.592 2 2.4 0.592 1
5 4 0.519 2 2.3 0.519 1
6 4.2 0.456 2 2.6 0.456 1
Total present
value 11 7
Initial
investment 8.6 4.4
NPV (Total
present value-
initial
investment) 2.4 2.6
TASK 4
4.1 Discussing the key components of financial statements
It is important for every company to maintain their financial information to cater need of
different parties and meet their expectations effectively so as to produce valid outcome.
According to the given scenario Clariton Antique is operating as the registered business. Here
components of different financial statements are explained as follows- Income statement-This is the basic financial statement under which information related
to income and expenses is recorded. The general expenses covered in income statement
are; carriage inward, wages, salaries, insurance as well as interest paid. Along with that,
depreciation, rates and taxes as well as advertisement etc are also covered. Furthers,

income section covers rent, dividend and interest earned (Bryan, Verles and Santini,
2014). Statement of cash flow-Cash flow statement of business covers three different activities
such as income from operating, financial and investment activities. The investment
activities showcase the changes in the investment related activities and its direct impact
on the profitability of business. Similarly, issue of share, payment of loan are covered in
the financial activities whereas operating activities have record related to profitability and
rate of return (Evans and et. al., 2012).
 Balance sheet-The major components of balance sheet are assets and liabilities under
which former consists of building, land and machinery as well as other related current
assets. Furthermore, liabilities aside of the balance sheet shows creditors, outstanding liabilities
related to other activities of the business. Statement of changes in equity and gains-This financial statement shows that whether
equity or gain ratio of Clariton Antique Limited is going down or up. This is helpful to
reflect information to shareholders that how much profit is generated for them.
 Notes of financial statement-Financial notes are placed at the end of the statements
under which Clariton Antique Limited ensure to include any special announcement
regarding dividend or any other qualitative factor (Warnier, Weppe and Lecocq, 2013).
4.2 Comparing format of financial statements used by Clariton Antiques Ltd to present their
financial statements with sole trader
There are different types of businesses which operate their business in accordance with
specific requirement so a to meet expectations of all related stakeholders and create competitive
edge of the business in the marketplace. These businesses can be public limited business, sole
trader and partnership. Generally, income statement are prepared by all kind of businesses such
as public limited and sole trader as well as partnership. According to the given scenario, Clariton
Antiques Ltd is operating as public limited organization hence it follows International Financial
Reporting Standards and accordingly important financial statements such as balance sheet,
income statement and cash flow are prepared (Khan, 2015). On the contrary, sole trader operates
at lower level which has to meet its own requirement only. It is the main reason that it is not
important for sole trader to keep all financial statement as only income statement is enough to

cater requirement of business effectively. In addition to this, sole trader tend to focus on
preparing only income statement to keep record related to all income and expenditure of the
business.
Illustration 1: Balance sheet for public limited business
The above mentioned balance sheet reflects that Clariton Antique Ltd record all related
information about current and fixed assets as well liabilities. On the other hand, income
statement kept by sole trader has been explained as follows. This tends to derive the amount of
gross and net profitability through which all available assets can be utilized to generated higher
rate of return. In this manner, different businesses follow the financial statements in accordance
with their specific requirement.

Illustration 2: Income statement for sole trader
4.3 Interpreting the financial statements of selecting company by using ratios
The ratio analysis is done with the help of assessment of financial statement of the
business. Under this, at first management of the business assess the relevant information such as

sales turnover, profitability and gross profit etc. Hence, following table has been mentioned with
detail information of Clariton Antique Limited.
Particulars Formula 2016 2015
Gross profit 178 175
Net sales 1255 1220
Net profit 33 23
Gross profit ratio Gross profit / net sales * 100
(178/1255*100)
14.18% 14.34%
Net profit ratio Net profit / net sales * 100
(33/1255*100)
3.00% 2.00%
Current assets 105 71
Current liabilities 317 309
Current ratio Current assets / current
liabilities
(105/317)
0.33 0.23
Debt 317 309
Equity 301 276
Debt-equity ratio Debt / equity
(317/301)
1.05 1.12
According to the above table, gross profit of the business was 14.34% in 2015 which was
decreased in the next year by 14.18%. This shows that indirect or direct expenses of corporation
has increased which create issue for business to manage its overall rate of return effectively in
the marketplace. Furthermore, net profit ratio of the business was 3% in 2016 which was lower
in previous financial year as 2. In addition to this, current ratio of the business in 2016 was .33
which was lower in previous financial year as .23. Moreover, debt-equity ratio for the
corporation in financial year 2016 was 1.05 which was lower in previous year as 1.12. Hence,

current performance of the business ins comparatively good. However, some of the aspects such
as net profitability is low which can be improved with implementation of suitable promotional
techniques (Bain and Nowak, 2015).
CONCLUSION
The aforementioned report concludes that appropriate management of financial resources
leads to accomplish long as well as short term objectives of the business and ensure its long run
survival in the marketplace with increased rate of return. It can also be concluded that,
application of investment appraisal techniques facilitates to select the most suitable project and
support corporation to reduce cost of production. Moreover, ratio analysis is the most important
technique whereby business or investors can gather quantitative information of the firm and take
decision accordingly. In addition to this, financial planning is effective made possible with the
help of budgeting and other related techniques.

REFERENCES
Journals and books
Bain, P.L. and Nowak, K., 2015. Sole Proprietorships. NY Practice Guide: Business and
Commercial. 8(5). pp.90-99.
Brunninge, O. and Melander, A., 2015. Family Firm Longevity and Resource Management:
Financial and Social-Emotional Wealth Rationalizes, inCharmine E. J. Härtel,Wilfred J.
Zerbe,Neal M. Ashkanasy(ed.)New Ways of Studying Emotions in Organizations
(Research on Emotion in Organizations, 11)Emerald Group Publishing Limited. pp.173 -
213.
Bryan, S., Verles, M. and Santini, M., 2014. Scaling up household energy projects through
climate and carbon finance: the potential of regional incubation facilities. Boiling Point.
63(8). pp.9-12.
Caniato, F., Gelsomino, L. M., Perego, A. and Ronchi, S., 2016. Does finance solve the supply
chain financing problem? An International Journal. 21(5). pp.534 - 549.
Collins, D.W., Hribar, P. and Tian, X.S., 2014. Cash flow asymmetry: Causes and implications
for conditional conservatism research. Journal of Accounting and Economics. 58(2).
pp.173-200.
Danso, A. and Adomako, S., 2014. The financing behavior of firms and financial crisis.
Managerial Finance. 40(12). pp.1159 - 1174.
Evans, N. and et. al., 2012. Strategic Management for Travel and Tourism. Taylor & Francis
Huang, Y. C., Yang, M. L. and Wong, Y. J., 2016. Institutional pressures, resources
commitment, and returns management. An International Journal. 21(3). pp.398 - 416.
Jackson, L. A., 2010. Enterprise resource planning systems: revolutionizing lodging human
resources management. Worldwide Hospitality and Tourism Themes. 2(1). pp.20 - 29.
Khan, S., 2015. Impact of sources of finance on the growth of SMEs: evidence from Pakistan.
Decision. 42(1). pp.3-10.
Massingham, P., 2014. An evaluation of knowledge management tools: Part 1 – managing
knowledge resources. Journal of Knowledge Management. 18(6). pp.1075 - 1100.
Santos, J. B. and Spring, M., 2013. New service development: managing the dynamic between
services and operations resources. International Journal of Operations & Production
Management. 33(7). pp.800 - 827.
Seeta Gupta, S. and Bhaskar, U., 2016. Doing business in India: cross-cultural issues in
managing human resources Cross Cultural & Strategic Management. 23(1). pp.184 - 204.
Shaikh, S. A., 2017. Poverty alleviation through financing microenterprises with equity finance.
Journal of Islamic Accounting and Business Research. 8(1). pp.87 - 99.
Simser, J., 2011. Terrorism financing and the threat to financial institutions. Journal of Money
Laundering Control. 14(4). pp.334 - 345

Warnier, V., Weppe, X. and Lecocq, X., 2013. Extending resource-based theory: considering
strategic, ordinary and junk resources. Management Decision. 51(7). pp.1359 - 1379.
Online
Accounting Rate of return. 2017. [Online]. Available through:
<http://www.accountingformanagement.org/accounting-rate-of-return-method/>.
[Accessed on 17th February 2017].
The 12 Best Sources Of Business Financing. 2017. [Online]. Available through:
<http://www.forbes.com/2010/07/06/best-funding-sources-for-small-business-
entrepreneurs-finance-dileep-rao.html>. [Accessed on 17th February 2017].