1.8 Conceptual Frame Work
Firm characteristics
Financial Performance
Budget planning
Firm size



Define budget objectives
 Access
No ofandfull-time
employees
analysis historical
data
Develop base budget
Firm age


Number of years since started
Management Education

Formal & business education
Board size

Total number of board members
Figure 1:
Conceptual Framework of the Firm Characteristics and Financial
Performance of SME’S
Sales Growth