Factors impacting Strategic Management Practices Among SMEs in Nigeria

Ekon, Bassey; Isayas, Bemnet

doi:10.53790/aemr.v2i1.31

Cited by 4 publications

(3 citation statements)

References 16 publications

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“…Every business's goal is to be a "going concern," which means that it will continue to exist for an undetermined amount of time. A plan or strategy allows an organisation to survive and advance (Ekon and Isayas 2022). Going through a strategic management process allows an organisation to identify its challenges and opportunities and develop a competitive advantage over rivals to achieve its goals (Karadag 2015).…”

Section: Introductionmentioning

confidence: 99%

Contributing Elements and Issues to Strategic Management in the Construction Industry Among Small and Medium Enterprises: A Case Study in South Africa's eThekwini Region

Rambaruth

Adam

Krishna

2022

JCBM

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Small and medium-sized enterprises (SMEs) are vital to the economy and have helped it grow, but they still have a high failure rate. Many businesses fail within the first few months of operation due to a lack of strategic planning. This study aimed to identify persuading factors that contribute to strategic management to improve performance and categorise challenges faced by SMEs in implementing a strategic plan in the eThekwini region of South Africa. The study adopted a quantitative research approach, and the population of interest for the research includes small and medium construction companies, which were sourced via the Construction Industry Development Board (cidb) registry. An online survey tool was used to distribute the questionnaire to 145 small and medium businesses. The data were analysed using descriptive and inferential statistical tools and exploratory factor analysis (EFA). The study's findings reveal that most eThekwini-based SMEs in the construction industry use strategic management practices to improve their business performance. The key factors for strategic management in SMEs, such as improving decision-making processes, increasing productivity, and gaining a competitive advantage, demonstrated high levels of agreement among participants regarding improving business performance. This study also found widespread agreement on the challenges of implementing a strategic plan in an organisation. Therefore, small and medium-sized enterprises (SMEs) must develop procedures and policies to deal with the difficulties that arise when drafting a strategic plan. This will ensure that strategic planning works in their operations. This can be accomplished by implementing strategic management into SMEs training programs offered by government and tertiary institutions that support SMEs. The government should also improve education and broaden its business skills curriculum. Keywords: Business, Construction, Performance, Planning, Strategy, South Africa.

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Section: Introductionmentioning

confidence: 99%

Contributing Elements and Issues to Strategic Management in the Construction Industry Among Small and Medium Enterprises: A Case Study in South Africa's eThekwini Region

Rambaruth

Adam

Krishna

2022

JCBM

View full text Add to dashboard Cite

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“…One of such is the application strategic management practices. A number of studies linked strategic management practices and organisational performance (Chungyas and Trinidad, 2022;Dahir and Paul, 2019;Ekon and Bemnet, 2022;Langat and Wainaima, 2019). Strategic management practices deal with strategic planning concerned with linking plans to objectives and organizational resources, governance that is open to employees' suggestions and input in decision making and policy affairs, strategic staffing that is concerned with getting the right people for the right roles, and stability of financial resources and facilities which transform inputs into outputs (Bryson, 2018).…”

Section: Organisational Performancementioning

confidence: 99%

Impact of Strategic Management Practices on Public Organisational Performance: A Mediatory Analysis of Organisational Commitment and Teamwork in UAE

Kamalrudin,

KHALIFA ALDHAHERI,

Hakimi

2024

IJARBSS

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“…They contribute to improved income distribution, are a stimulant to economic progress, offer many job possibilities, reduce severe poverty, and are highlighted as a crucial indication of an economy's overall success (Shuaib & He, 2021). Similarly, in developing nations, SMEs account for many businesses globally, and they play an essential role in employment creation and global economic growth (Ekon & Isayas, 2022). Despite this, around 5 out of every 10 SMEs fail during the first ten years of existence (Ofeimun, Nwakoby, & Izekor, 2018).…”

Section: Introductionmentioning

confidence: 99%

Resource Allocation and Innovativeness of Selected SMEs in Lagos State, Nigeria.

Odusote¹,

Akpa²

2022

JSM

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Purpose: Small and medium scale enterprises (SMEs) play an essential role in the maintenance of a stable and viable economy, such as continuous employment creation. Besides, by cooperation, SMEs play a significant role in the production process by providing raw materials for large organisations to aid smooth operations. To support SMEs, efforts have been tailored towards ensuring that SMEs can compete favourably amongst themselves and perform at par if not better than their counterparts in other countries. However, in developing countries such as Nigeria, SMEs are seen to be struggling with poor innovativeness. It is observed that the innovativeness of Nigerian SMEs has been in a huge decline and has been attributed to factors such as poor resource allocation. Therefore, this study examined how resource allocation affects innovativeness of SMEs in Lagos State, Nigeria. Methodology: The study adopted a survey research design. The population of the study was 8,396 owners and managers which is the total number of registered SMEs in Lagos State, Nigeria. A sample size of 481 owner/managers of SMEs sampled using the researcher advisors table of sampling. Data was collected using a valid and reliable questionnaire with a Cronbach alpha value greater than 0.7. Data were analyzed using both descriptive and inferential tools. Linear, Multiple and Hierarchical Regression Analysis were used to determine the effect of the variables using Statistical Package for Social Science (SPSS) version 25.0. Findings: The study revealed that resource allocation had significant effect on innovativeness in selected SMEs in Lagos State, Nigeria (β = .290, t = 7.163, R2 = 0.098, p < 0.05). The study concluded that resource allocation affects innovativeness in selected small and medium scale enterprises in Lagos, State, Nigeria. Recommendation: The study recommended that SMEs should focus on a better approach to managing and allocating their resources. This will help to ensure that innovation is resource-driven and can have the tendency on ensuring productivity improvement.

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Factors impacting Strategic Management Practices Among SMEs in Nigeria

Cited by 4 publications

References 16 publications

Contributing Elements and Issues to Strategic Management in the Construction Industry Among Small and Medium Enterprises: A Case Study in South Africa's eThekwini Region

Contributing Elements and Issues to Strategic Management in the Construction Industry Among Small and Medium Enterprises: A Case Study in South Africa's eThekwini Region

Impact of Strategic Management Practices on Public Organisational Performance: A Mediatory Analysis of Organisational Commitment and Teamwork in UAE

Resource Allocation and Innovativeness of Selected SMEs in Lagos State, Nigeria.

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