Study of strategies and guidelines for developing financial management systems of clothing retail businesses namfashionkanka store phayao province

Abstract

          This research aims to investigate the causes of problems, obstacles, and the business environment, and to formulate strategies for the business to aid in decision-making. Additionally, it seeks to explore solutions to the financial data management challenges and identify appropriate methods for managing financial information for a fashion retail business in Phayao Province. This study is qualitative in nature, utilizing questionnaires as a tool for data collection from the business owner and three employees. SWOT and TOWS Matrix analyses were performed to determine strategies and provide recommendations for financial data management. The results of this study are intended to serve as a basis for measuring business performance clearly and as a reference for business decision-making, improving the efficiency and effectiveness of the fashion retail business in Phayao.

          The findings of the research revealed that, based on the SWOT analysis of the operations and financial aspects of the business, and the subsequent TOWS Matrix strategy analysis, the business fell into the weakness (W) and threat (T) quadrant. The results suggested that the business should implement a Retrenchment Strategy to decide the direction of its operations and use a Turnaround Strategy for business recovery. Based on this analysis, the researcher proposed guidelines for improving financial management, which could assist the business owner in refining management practices. The Turnaround Strategy focuses on improving operational efficiency during times when the business faces challenges but has not yet reached a crisis stage. This can be achieved by reducing costs in all areas, enhancing the efficiency of accounting practices, and sourcing products and services in line with the purchasing power and demand of consumers.