Financial planning and business growth

Chapter one

The Problem and its scope

1.0 Introduction

This chapter will study: the background to the study, statement of the study problem,
purpose of the study, objective of the study, research questions, scope of the study,
which includes the conceptual scope, geographical scope, and time scope and finally
the significance of the study.

1.1 BACKGROUND OF THE STUDY

In globally Financial planning is a relatively new activity providing financial advice to
individuals. Its origins stem from a meeting in Chicago in 1969 (Brandon Jr. &
Welch, 2009). The predominant global mark of Professionalism in this field is the
CFP marks. FPSB has ownership of these marks outside the United States.
FPSBs mission is to grow the numbers of its affiliate organizations representing
different countries as a way of providing penetration of the CFP marks globally.
The concepts of profession and professionalism are widely used among many
contemporary Occupation groups. Professions Australia (2010), a national
organization of professional associations and Promotes professionalism, defined a
profession as: Financial planning has emerged as a new occupation that is seeking
to be recognized as a profession.
In This paper, financial planning and financial planners have been investigated
against the traditional concepts of Profession and professionalism. Notwithstanding
the arguments of traditional trait theories of professions, such as exclusivity and
closure theory which explains their monopolistic practices, financial planning can be
labelled as a profession by exhibiting many of the characteristics of the sociology of
post-professionalism.( Alderson (1967, p. 567).

In this period of post-professionalism characterized by the changing nature of work

and the ease of use of knowledge via the Internet, the role of professional

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associations has become more important. The FPSB affiliate members are non-profit
organizations around the world which essentially operate as professional
Associations.
Professional association is a key feature of how financial planning is being defined
through its Growing body of knowledge and its exclusivity in terms of who qualifies to
call themselves a financial planning Professional.
Financial planning meets most, if not all the generally agreed criteria that sociologists
have used in defining the terms professional and professionalism. The increasing
democratization of the worlds people is also another reason that financial planning
has emerged as a new occupation. Financial planning as a new Occupation has
struggled to establish its credibility, not only in the eyes of government and
regulators but more importantly by those to which is serves, its clientele.
This paper commences with positioning financial planning in the literature on
professions, followed by an examination of the body of knowledge which is emerging
in financial planning. The paper then discusses the role of the FPSB and its
education standards framework that it requires of its affiliate member organizations
for assessing individuals as Certified Financial Planners. Finally global financial
planning standards set under the International Organization for Standardization [ISO]
and their relevance to the CFP standards are discussed.
The global body of financial planning knowledge is embedded in Personal financial
Planning Requirements for personal financial planners. The standard describes both
the context and process Of personal financial planning. The process includes (but is
not limited to) the same step process espoused by the CFP Board of Standards and
the FPSB and all its affiliate organizations as underpinning CFP certification. The
general and specific requirements for competence are all described. The specific
requirements cover each of the six steps and are broken down into
knowledge/understanding and skills. (Arslan & Staubl 2013).

The standard further describes ethical principles and experience requirements both
of which are not incompatible with Requirements for CFP certification.
The team of technical experts assembled to develop the ISO standard on personal
financial planning has not developed anything markedly different from the standards
which underpin the Certified Financial Planner Marks. Studies (e.g. Pfeiffer 1977;
Meindl, Ehrlich & Dukerich 1985)
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In Africa of financial planning the monetary approaches to Africa balance of
payments during the period 1980 to 1991 and it tests the validity of the hypothesis
that under the fixed exchange rate system, changes in the nation's demand for
money relative to its supply led to changes in international reserves. It also examines
whether excess money supply played a role as a disturbance using multivariate co
integration and error-correcting modelling.
(Dolabi & et al, 2008). The empirical results suggest that money played a significant
role in determining the balance of payments. The one-to-one negative relationship
and strong link between domestic credit and the flow of international reserves is
established. The policy conclusion is that, given a stable demand for money function,
balance of payments disequilibrium can be corrected through appropriate financial
planning and monetary targeting
In Somalia the financial planning institute of Somalia (FPS) qualifications authority
recognised professional association for financial planners in Somalia. It is the only
institution in Somalia to offer the (CFP) certification, as well as an approved
examination body for the regulatory examinations people who engage in
comprehensive financial planning feel closer to achieving their life goals. Because
you need to find a trusted, experienced person who can help you plan and manage
your financial life, visit this section put create a comprehensive financial plan tailored
to your needs. (Mises, 1966,)

In the world, businesses growth greatly in the last century and within this century
Business growth is important of the economic growth therefore, the countries use
business growth planning which falls into two major categories operational plans (the
physical requirements), and financial plans (how to pay for your growth, Only the
business owners can do the operational planning, since no one knows their business
like they do. Private companies have different approaches to planning their
operational growth compared to other owners of a similar business. (Marhaba,
2008).The companies are dependent on global growth of the labour market. Each
market outside of location poses their unique challenges. However, growth into these
new markets was allowed less dependence on home or foreign based business to
achieve growth goals.( (Yil1993).

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Globalization has become one of the most important business growths (Yip 1995).
As such, it is critical to understand different aspects of the globalization process: for
Example, companies globalization motivations, strategic intents, and resulting
Competitive dynamics but, these aspects are not separate: in fact, all of them are
closely linked with each other (Bartlett and Goshen 1989)
In Africa, the businesses made little growth compared to the other continents. Africa
is the richest continent in terms of the natural resources but the poorest at side of
human resources this made the continents private companies are not effective.
Small and medium scale businesses one of the major reasons of this poor growths
bad governance, corruption, bribery and lack of loyal investment from abroad.
(Greenleaf 1977).
But small and medium scale businesses have made great growth Private enterprise
is the epitome of development. Responding to the profit motive, entrepreneurs invest
in facilities and ideas and open up opportunities for people to employ their
talent and improve their general well-being. Firms provide goods and services that
are necessary for sustaining and improving standards of living. Furthermore, firms
and their workers are the main sources of tax revenue used in financing health and
education. Simon Chesterman (2001: 231).

In Somalia, a growth private sector allows new investments that increase the flow of
goods and services, creates employment and increases incomes. The flow of
goods and services is important for improving the quality of life, while more
employment and higher incomes reduce poverty. New investment encourages
people to inject capital in education and skills, so that they can take
advantage of better jobs arising within the Private Sector.( Simon
Chesterman1992).

Financial planning is the process of meeting your life goals through the proper
management of your finances. Or business growth is the way you increasing
Business scope or financial planning is a task of determining how a business was
afforded to achieve its strategic goals and objectives (Banz 1981).

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Business growth is the growth and increasing of a business product and service
quality offering (Jorn lee 1988). Or business growth contributes the well being of the
society (Wilson and Bryant 1997).

1.2 STATEMENT OF PROBLEM

The success of the company depends on the financial planning that determines the
growth it makes but poor financial planning and lack of skilled manpower resulted in
the growth of the business to be decreased within the banking in Bossaso Puntland
Somalia. It is therefore great obstacle to companies because without growth the
companies was not make profit and this may finally bring about the bankrupt of the
firms that encounter problems like this.
These problems caused unemployment, poor economic growth and reduced
investments. It is from this background that forced the researcher to carry research
on financial planning practices and customer business growth in Dahabshil Bank
Bosaso.

1.3 Purposes of study

The purpose of study to examine and analysis the relationship between financial
planning and business growth in DahabShiil Bank Bosaso, puntland, Somalia and
how financial planning activities influence the growth of the business of punt lands .

This study reveals a clear picture about existing state of financial planning practices
Bank industry.

1.4 Objectives of the study

The study was attempt to achieve specific objectives

1. To determine the profile of the respondents in terms of gender, age, education

level experience, position in help the company.
2. To determine the level of financial planning.

3. To determine the level of business growth.

4. To determine if there is a significant difference between in the level of
Business growth, and financial planning.

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 5. To determine if there is a significant relationship between the Business growth
and financial planning.

1.5 RESEARCH QUESTIONS

1. What is the profile of the respondent the in terms of age, sex, marital
status, educational level?
2. What is the level of financial planning?
3. What is the level of business growth?
4. What is the significant difference between in the level of business growth
and financial planning?
5. What is the significant relationship between the business growth and
financial planning?

1.6 RESEARCH HYPOTHESIS

Ho1 There is no significant different between in the level of financial planning and
business growth.

Ho2: There is no significant relationship between financial planning and business

growth.

1.7 SCOPE OF THE STUDY

The study was being restricted to financial planning and business growth within
Dahabshiil Bank Bossaso Punt land Somalia.

1.7.1 GEOGRAPHICAL SCOPE

The study was being limited to Bossaso Puntland Somalia. It is located in Bari region
of north eastern Somalia. It borders with Gulf of Aden in the north, Armo district in
the south and Gandala district in the east.

1.7.2 THEORETICAL SCOPE

The study was also examine analyse that Business growth contributes the well
being of the society (Wilson and Bryant 1997).

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1.7.3 TIME SCOPE

The result based on between November2016-may 2017.

1.8 SIGNIFICANCE OF THE STUDY

The study was being useful to policy makers on how to make financial planning
policies in the banking industry.

It was further be useful to administrators on how to increase business activities

through effective financial planning in Dahabshil Bank.

It was further act as a spring board to academicians who want to carry research on
the topic related with relationship management practices.

To the researchers, it was help them to act as a reference for future research.

the findings of this study may be benefit country government local community,
researchers and the academic students, also the study finding of the research will
contribute to the general knowledge and what its impact on the development.

1.9 OPERATIONAL DEFINITIONS OF KEY TERMS

Financial planning: A financial plan is a comprehensive evaluation of an

investor's current and future financial state by using currently known variables
to predict future cash flows, asset values and withdrawal plans.
Business growth: is a rate of enlargement of small business to reach grown
to full size and strength.

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 CHAPTER TWO
REVIEW OF RELATED LITERATURE
2.0 Introduction
This chapter provides existing literature about financial planning and business.
It highlights concepts, ideas and opinions from authors/ experts. The first
section presents the concept. This is followed by a detained presentation of
theoretical review of financial planning and business. a review of related
studies.

2.1 CONCEPT, Idea and Opinions from Author and Experts.

Financial Planning and is the estimation of value of a variable or set of variables at

some future point. A Forecasting exercise is usually carried out in order to provide an
aid to decision making and planning in the future. Business Forecasting is an
estimate or prediction of future developments in business such as Sales,
Expenditures and profits. Given the wide swings in economic activity and the drastic
effects these fluctuations can have on profit margins, business forecasting has
emerged as one of the most important aspects of corporate planning. Theory (Shane
and Venkataraman, 2000; Van de Ven & Poole, 1995).

According to (JOHN WESLEY) financial planning and forecasting represents a

blueprint of what a firm proposes to-do in the future. So, naturally planning over such
horizon tends to be fairly in aggregative terms. While there are considerable
variations in the scope, degree of formality and level of sophistication in financial
planning across firms, we need to focus on common elements which include
Economic assumptions, Sales forecast, Pro forma statements, Asset requirements
and the mode of financing the investments. In general usage; a financial plan can
be a budget, a plan for spending and saving Future income. This plan allocates
future income to various types of expenses, such as rent or utilities, and also
reserves some income for short-term and long-term savings. A financial plan can
also be an investment plan, which allocates savings to various assets or projects
expected to produce future income, such as a new business or product line, shares
in an existing business, or real estate.

According to (MECHAEL RECHERSON) or financial plan can also refer to an annual

projection of income and expenses for a company, division or department. A

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financial plan can also be an estimation of cash needs and a decision on how to
raise the cash, such as through borrowing or issuing additional shares in a company.

Because the subject of financial planning was being discussed in various places in
this chapter, we need to start out with an important warning: Growth, by itself, is not
an appropriate goal for the financial manager. Clothing retailer J. Peterman Co.,
whose quirky catalogs were made famous on the TV show Seinfeld, learned this
lesson the hard way.

Despite its strong brand name and years of explosive revenue growth, the company
filed for bank- ruptcy in 1999, the victim of an overly ambitious, growth-oriented,
financial plan. Amazon.com, the big online retailer, is another example. At one time,
Amazons motto seemed to be growth at any cost. Unfortunately, what really grew
rapidly for the companies were losses? By 2001, Amazon had refocused its
business, explicitly sac- refining growth in the hope of achieving profitability.

It is often useful for planning purposes to think of the future as having a short run and
a long run. The short run, in practice, is usually the coming 12 months. We focus
ourat-tention on financial planning over the long run, which is usually taken to be the
coming two to five years. This time period is called the planning horizon, and it is the
first di-mension of the planning process that must be established. In drawing up a
financial plan, all of the individual projects and investments the firm was undertaken
are combined to determine the total needed investment. In effect, the smaller
investment proposals of each operational unit are added up, and the sum is treated
as one big project.

1. A worst case. This plan would require making relatively pessimistic assumptions
about the companys products and the state of the economy. This kind of disaster
planning would emphasize a divisions ability to withstand significant economic
adversity, and it would require details concerning cost cutting, and even divestiture
and liquidation. For example, the bottom was dropping out of the PC market in 2001.
That left big manufacturers like Compaq, Dell, and Gateway locked in a price war,
fighting for market share at a time when sales were stagnant.

2. A normal case. This plan would require making the most likely assumptions about
the company and the economy.

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3. A best case. Each division would be required to work out a case based on
optimistic assumptions. It could involve new products and expansion and would then
detail the financing needed to fund the growth. Theory (Bass & Avolio, 1995).

Firm Demography concerns the different stages in a firms life cycle. Firms appear in
the market, survive, grow and eventually die, transferring their knowledge and
information to surviving firms. In this sense, firm growth acts how the firm evolves
and adapts to its environment. Changes in size are therefore extremely important
events In Firm Demography. Wissen (2002).

Business growth has been one of most widely studied topics in economic literature.
Several arguments highlight the crucial importance of this field. First, firm growth is
related very closely to firm survival. Specifically, firm growth is positively correlated

With the likely hood of survival. Or Moreover, a study of firm growth can shed light on
the importance of the Selection process after a firm has entered the market
(Audretsch and Mata, 1995). Once a firm enters a market a selection process takes
place (Jovanovic, 1982) whereby less efficient firms decrease in size and disappear
and more efficient ones survive and grow. The analysis of firm growth was therefore
show how firms behave once they enter the market, their market opportunities,
turbulence and level of efficiency.

Another important characteristic of this topic is that business growth has practical
consequences for policy-makers decisions (Wagner, 1992). Business can increase
employment and economic activity and policy-makers can control these
macroeconomic variables using firm growth policies. However, as the

Growth is heterogeneous between firms; it is crucial to know the internal and

external characteristics of firms that affect their performance in the market. An ample
knowledge of these features was enhancing the effectiveness of public policies as
well as their impact.

Because of these important reasons, much of the literature has focused on the
business growth process. However, there has been no convergence of the theories.
As Correa et al. (2003) pointed out; these varied approaches may be due to the
Complexity involved in defining the firm. Contributions from classic economic theory,

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the behaviourist, the stochastic growth theory and the learning models have helped
to perceive the causes and effects of firm growth.

Our interest is to highlight contributions to the literature of stochastic firm growth.

Since Gibrans study (1931), several articles have sought to explain the relationship
between firm growth and firm size. This approach characterizes firm growth as a
constant probability for a firm to grow independently of its initial size. As Simon and
Bonini (1958) pointed out, the main consequence is that firm distribution has a
skewed tail. Hence, the vast majority of firms in the market were be small and
medium sized while a few firms was have the majority of the employees in the
industry. Gibrats Law, or the Law of Proportionate effect, is an alternative theory to
classical economic theory which postulates that there is an optimal firm size. Classic
economists found it difficult to explain the presence of firms with heterogeneous
sizes. In this sense, Gibrans Law explains the empirical evidence better.

Firm growth is one of the most analyzed fields in economics. Its impact on
employment, industry concentration, firm survival and economic activity are reasons
enough for it to be considered an issue of crucialinterest. However, there is no single
theory to analyse the impact, causes or evolution of firm growth. As Correa (1999)
pointed out, this may be because the definition of the firm is multiple and complex.

This complexity has led to the emergence of scholars with different perspectives
and, more importantly, with different predictions of the evolution of growth. This is
clearly seen from the variables used in the literature to measure firm growth and its
determinants. Some theories focus on average size, some focus on internal
characteristics and others focus on random variables. However, the classical and the
stochastic theories offer different explanations for a firms expansion and its
performance in the market.

As we intend to analyze the behaviour of firms, I shall describe what the literature
understands by a firm, a definition that has evolved over the years. From the black
box where a set of inputs enters production and transforms them into a set of
outputs, the definition of the firm has widened its perspective and adopted a more
ecological perspective in which firms interact with the other agents in society and
have their own internal function. Here, we present the most relevant contributions
and determine what our perspective was be. (Avolio & Bass, 2004).

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First, a firm can be considered as the internal process superseded by the external
price mechanism. In this sense, the firm is defined by the boundary from where the
output leaves the production system and enters the market; at this point the firm
does not have control of the output. Seminal contribution considers that firms are
created because of friction in the price mechanism. Firms are limited by a marginal
rule and internalize activities up to the point where internal management costs equal
the costs of transacting in the markets.

Second is the perspective that firms are a group of capabilities. Here we must
mention Penrose (1959) and Richardson (1972). Penrose (1959) differentiated
between resources and the services they render. Resources can provide a variety of
productive services. In turn, the provision of these services can modify the attributes
of the resources and enable the provision of new services. In this sense, the firm is
considered as a collection of productive resources the disposal of which between
different uses and over time is determined by administrative decisions (Penrose,
1959). The fact that there is heterogeneity rather than homogeneity of both human
and material productive services implies that firms are unique. Finally, the limits are
defined by the nature of the firms managerial and administrative responsibilities.
Richardson (1972) replaced the Penrosian notion of productive services with
capabilities and activities and widens the definition to the coordination of capabilities
in industrial systems. He considered the firm as a network: the boundaries of the firm
depend on the type of activities it carries out and how these activities fit with others.
This means that the corporate ownership of a firm may control several autonomous
firms that depend to some extent on the main corporation. The main examples are
the franchises that depend on the main corporation.

This process is called aggregation. The level of aggregation is the second dimension
of the planning process that needs to be determined. Once the planning horizon and
level of aggregation are established, a financial plan requires inputs in the form of
alternative sets of assumptions about important variables. For example, suppose a
company has two separate divisions: one for consumer products and one for gas
turbine engines. The financial planning process might require each di- vision to
prepare three alternative business plans for the next three years:

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2.2 THEORETICAL PROSPECTIVE

In the midst of these rising concerns, McCarthy (1982) proposed an alternative

approach to capturing information about financial planning. Rather than focusing on
debits and credits, which by design omit important data about economic events, he
recommended capturing the detail about each resource under the firms control, the
events that change the amount of each resource.

The theory that relates financial planning resume a linear progression from birth to
decline is based on the organizational life cycle, which is validated by many
companies. As organizations evolve over time they encounter opportunities and
constraints (Hayes & Wheelwright, 1979) and must therefore adapt superior
management systems and controls (Steven, 1988), and design the required
structures as well as develop measurement scales in order to determine structural
differences quantitatively (Pugh, 1973). According to Kilzer & Glausser (1984),
obstacles faced by entrepreneurs can be successfully managed through careful time
and growth planning, contingency planning, tactical planning, maintaining an
operating budget, and equitable treatment of all stakeholders.

McBride (2003) stated that managers cannot easily satisfy statutory and donor
reporting requirements such as profit and loss account, balance sheet and
customized reporting without using financial planning process. With the system in
place, this can be done quickly and with less effort. Financial planning systems ease
auditing and have better access to required information such as good managing
system, payments, and other transactions which help to reduce the time needed to
provide this type of information and documentation during business activities.
Business expansion contributes the well being of the society (Wilson and Bryant
1997).

Research revealed several factors which can be learned and measured that give rise
to expand. These factors include competitive advantage, market size, organizational
culture, psychological characteristics of the leader, and the ability and capacity to
manage growth (Eggers, 1999). Organizational expansion strategies must therefore
be aligned with the organizations internal and external environments. They must be
responsive, easily adapted to changing competitive environments, based on

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informed choices, and incorporate scenario planning for multiple contingencies.
ONiell (1983), Scott & Bruce (1987) maintain that managers need to engage in
strategic planning in order to develop a system of management that transitions with
company growth. Once the leader identifies the firms functions, promotes and trains
employees, and provides opportunities for skill development, the company was
growing.

2.3 RELATED STUDY

McBride (2000). His research scope in UK and through computerized accounting

system and financial planning the researcher found out that through computerized
accounting system and financial planning can be generated quickly. It was observed
that the quickness in generation of the reports is due to the fact that through
computerized accounting, data processing and analysis are faster and more
accurate hence managers can instantly access different information which leads to
easy and quick decision making.

Hug (2003). His research happened India on the economic growth on impact of
financial planning and his findings tell that increase of the economic improving can
reach for financial planning.

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 CHAPTER THREE

RESEARCH METHODOLOGY

3.0 Research Design

This study will primarily use to descriptive correlation design. The researcher uses
quantitative approach to quantify incidences in order to describe current conditions
and to investigate the level of financial plannig and business business growth from
selected Bosaso Dahabshil Bank using information collected from respondents
through questionnaire. The descriptive correlation quantitative design will be used to
enable establish the relationship between the independent and dependent variable
through quantifiable results Descriptive studies are non-experimental researches that
describe the characteristics of a particular individual, or of a group. It deals with the
relationship between variables, testing of hypothesis and development of
generalizations and use of theories that have universal validity.
3.1 Research population
This study would been carried out Dahabshil Bank in punt land state in Bosaso
when I was carried in this study its difficult to go full in information because in many
staffs they dont have full data after that I was done to connected the higher director
in any department then Im not satisfied at that data but I imagination to measured in
my study.

Showing the target respondents to be used in the study

Population Population name Target Sample size
category population

Top level Employees 5 4

Middle level Employees 8 9

Low level Employees 14 12

Total 27 25

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3.2 Sample size
In view of the nature of the target population was staff of this company; a sample
was to be taken from each category. Table 1 shows the respondents of the study.
The Slovenes formula is used to determine the minimum sample size

.
N
N =
1+N(e2)
3.3 Sampling Procedures
The target population of 27 respondents will be large, a sample of 25 respondents
will be use, get using stratified random sampling to reduce costs, time of doing
research and to increase the degree of accuracy of the study . Regarding sample
size, in Bosasso will be stratified according to departments in selected Dahabshil
Bank Puntland, Somalia. Then proportionate systematic random samples will be
chosen from the respective.
3.4 Research Instruments

The research tools that will be utilized in this study include the following: (1) Section
A to gather data on the respondents demographic characteristics (gender, age,
qualifications); (2) researcher devised questionnaires to determine the levels of
Financial planning and Business growth . The response modes and scoring are as
follows: - strongly agree (1); agree (2); disagree (3); strongly disagree (4).

3.5 VALIDITY AND RELIABILITY OF RESEARCH INSTRUMENT

Validity.
A pilot study will be conducted among the sampled population. The purpose will to
access the worthiness of the instruments to generate correct data so that items
discovered to be in appropriate in answering the research questions and attaining
the research objectives will be modified to improve the quality and the
appropriateness of the instruments or be discarded. The researcher also will use the
content validity index to check the validity of the instruments before using them.

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Reliability

Reliability refers to the consistency that an instrument demonstrates when applied

repeatedly under similar conditions .The reliability of the research instruments would
be established by the researcher before analysis and consequent presentation. This
would be achieved by comparing the pilot and final data collected. The same
instruments would be presented to experts from East Africa University in Bosaso
inclusive of the supervisors for careful study.

3.6 Data Collection

3.6.0 before the administration of the questionnaires
The researcher will requested for an introduction letter from the East Africa
University for the Researcher to solicit approval to conduct the study from respective
managers.
When approved, the researcher was secured a list of the qualified respondents from
the authorities in charge and select through systematic random sampling from this
list to arrive at the minimum sample size.
The respondents were to be explained about the study and were to be requested to
sign the Informed Consent Form (Appendix 3).Reproduce more than enough
questionnaires for distribution.
Select research assistants who would assist in the data collection; brief and orient
them in order to be consistent in administering the questionnaires.
3.6.1 During the administration of the questionnaires
1. The respondents will be requested to answer completely and not to leave any
part of the questionnaires unanswered.
2. The researcher and assistants will emphasize retrieval of the questionnaires
within four days from the date of distribution.
3. On retrieval, all returned questionnaires will be checked if all are answered.
3.6.2 After the administration of the questionnaires

The data gathered will be collated, encoded into the computer and statistically
treated using the Statistical Package for Social Sciences (SPSS).

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3.7 DATA ANALYSIS

Ms Excel will be used in the study for the purpose of analysis and presentation of
results. Descriptive statistics based on frequency tables and percentages will be
used to provide information on demographic variables, because findings of this
objective will be interpolated. The information will later recorded in term of
percentage as if will enter in computer package is called Microsoft excel for analysis.

3.8 ETHICAL CONSIDERATIONS

The researcher would be very keen on Ethical measures and principles the
researcher would seek permission from the East Africa University University in
Bosaso to begin the research later to get permission from the Dahabshil Bank ethics
committee before began the study. The researcher hopes to give adequate
information to the respondents to enable them make an informed decision on
whether they want to be part of the research or not. The researcher would not used
any concealed media or lure the respondents to took part in the study. All information
gave would be kept confidential used for academic purposes only and no sources
would be released any other person because this study is so difficult when you
collected some information to got that is reason.

3.9 Limitations of the Study

The study had certain limitations including:

1. Employees were suspicious of the possible results and findings of the study
because of the investigation of the management of the bank.
2. The researcher being alone had limitations in moving to many areas of different
departments in the bank, but the researcher solved it by distributing
questionnaire in faculties since they were found at a central place.
3. Some employee of the Bank was busy and it was difficult to collect
questionnaires from it.

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