Are all minibus taxi owners born of the same non-budgeting mother?

Abstract

The rapid and strong flow of economic development and competition has compelled businesses in both the informal and formal sectors to be competitive in every way. Furthermore, this rapid and strong flow has resulted in fierce rivalry, even among minibus taxi owners. Budgeting, for example, has become an important management accounting principle in this rapid and strong economic flow. This is because budgeting is a principle that is used in strategic planning that forces management or owners to evaluate future possibilities, anticipate openings in terms of opportunities and restructuring, and detect future risks. The purpose of this paper is to investigate whether minibus taxi owners use budgets as part of operating their minibus taxi business. In conducting this investigation, this paper used a quantitative research methodology in the form of an online questionnaire to gather data from a census of 500 minibus taxi owners in the Emfuleni Local Municipality. The findings show that most minibus taxi owners do not budget. The ramifications of this are seen in their chaotic and aggressive commercial practices. Besides that, this paper says that most minibus taxi owners are born from the same nonbudgeting mother, which is why the industry has so many unending taxi wars.