Abstract All successful businesses need a sound financial management system that ensures efficient use of financial resources and effective management of day-to-day financial transactions. The concept and practice of strategic financial management includes all major financial decisions and practices to be made by owners or managers in the management structure of an enterprise. Past research shows that economic planning, financial record keeping, external professional advice and financial security have a positive relationship with success in businesses. Although the importance of effective and efficient financial management on growth and profitability, which are the main goals of enterprises, is generally recognized, there is a limited number of studies in the financial management literature on strategic financial management applications in enterprises. The number of studies on the growth and competitiveness of these practices in enterprises is equally small.

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