Survival Strategies and Sustainability of Small and Medium Enterprises in a Volatile Environment

Adebisi, Sunday Abayomi; Bakare, Nimota Adefunke

doi:10.25019/mdke/7.4.07

Cited by 15 publications

(11 citation statements)

References 43 publications

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“…Previously, sustainable survival has been addressed from various perspectives. For instance, the role of corporate social responsibility in a family firm's sustainable survival (Ahmad et al, 2020); family involvement in a firm's survival (Ahmad et al, 2021); technology adoption in SMEs survival (Das et al, 2020); survival strategies in enhancing SMEs long term survival (Adebisi & Bakare, 2019); the role of creativity in enhancing SME's resilience (Zutshi et al, 2021); networking abilities in the survival of SMEs (Shah et al, 2019;Baloch & Rashid, 2022); managerial skills on SMEs' success (Ismail & Naqshbandi, 2022;Khan et al, 2022). These recent studies have revealed different factors that enhance the survival of SMEs.…”

Section: The Role Of Management Accounting In Strategic Thinkingmentioning

confidence: 99%

Role of Management Accounting Systems in Sustainable Survival of SMEs in Pakistan: A Conceptual Framework

Latif¹,

Salleh²,

Ghani³

2022

SAMR

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This conceptual paper proposes a new framework for ensuring Pakistani SMEs' sustainable survival. SME owners always strive to survive in the long run, but most SMEs cannot sustain themselves due to resource constraints. In the ensuing survival of SMEs, the role of management accounting is critical. Management accounting provides financial and non-financial information for planning, controlling and decision-making. This information can persuade SME owners to think in a strategic way which can enhance their strategic thinking. Arguably, management accounting can cognitively engage SME owners by enhancing their strategic thinking, leading SMEs to enhance sustainable survival. Based on these arguments, a conceptual framework has been proposed in which strategic thinking mediates the relationship between management accounting systems and sustainable survival. This conceptual paper has endeavored to advance the understanding of strategic thinking in management accounting scholarship. Furthermore, this paper has also provided practical guidelines for SME owners to concentrate on sustainable survival by developing management accounting systems and focusing on strategic thinking.

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Section: The Role Of Management Accounting In Strategic Thinkingmentioning

confidence: 99%

Role of Management Accounting Systems in Sustainable Survival of SMEs in Pakistan: A Conceptual Framework

Latif¹,

Salleh²,

Ghani³

2022

SAMR

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“…TCT forms an integral part of organising the modern hierarchy progress of moving products from supplier, manufacturer, wholesaler, and retailer to the ultimate consumer. The theory provides a base on which supply chain activities can be structured, organised, executed, and evaluated in a modern and innovative way to meet the express objectives of SCM (Wong & Ngai, 2022;Adebisi & Bakare, 2019). The decisions on how to undertake supply chain transactions (traditional or e-commerce), how and with whom to collaborate and integrate along the supply chain, how to evaluate suppliers and distribute goods, the make or buy decisions, application of JIT and how to make customers become an active part of firm's production process is one of the SCIPs that should be addressed from the fundamental aspects of TCT.…”

Section: Theoretical Underpinningsmentioning

confidence: 99%

Enhancing Customer Retention in Manufacturing SMEs through Supply Chain Innovative Practices

Israel

2022

Management Dynamics in the Knowledge Economy

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Firms have realised that they cannot compete successfully in a marketplace without considering their customers. The impact of Supply Chain Innovative Practices (SCIPs) on customer retention in manufacturing SMEs is not well recognized. This paper aims to examine the extent to which manufacturing SMEs embrace SCIPs and their impact on customer retention. A simple random sampling technique and cross-sectional research design were used. Data were collected from 168 SME owners in Mwanza-Tanzania using a questionnaire survey to test the relevance of transactional cost theory in ascertaining the impact of SCIPs on customer retention. To determine the relationship between SCIPs and customer retention, Multiple Linear Regression was used. The study spotted e-supply chain, customisation, just in time, collaborative SC, reverse logistics, SC configurations, green supply chain, outsourcing and cross-docking as the most SCIPs adopted in manufacturing SMEs. The spotted SCIPs showed a positive link and significant impact on customer retention in Tanzania’s manufacturing SMEs. Only reverse logistics had a non-significant impact. SCIPs are important tools for customer retention. Therefore, all actors along the supply chain of manufacturing SMEs should aim at adopting SCIPs to improve performance, satisfy and retain customers. The study enriches the literature by documenting the role of SCIPs in customer retention in manufacturing SMEs.

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“…These businesses account for a sizable portion of GDP. In Morocco, for example, SMEs account for 93 percent of industrial enterprises, accounting for 38 percent of production, 33 percent of investment, and 30 percent of exports (Adebisi & Bakare, 2019). In South Africa, the contribution of SMEs is far larger.…”

Section: Introductionmentioning

confidence: 99%

“…However, it remains to examine and confirm the applicability of the concept of SCRM specifically in manufacturing industries and in developing countries. (Adebisi & Bakare, 2019).…”

Section: Introductionmentioning

confidence: 99%

Strategic Customer Relationship Management and Sustainable Competitive Advantage of Small and Medium-Sized Enterprises in Ogun State, Nigeria

SHODUNKE,

AKPA,

MAKINDE (PhD)

et al. 2022

strategicjournals.com

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Small and medium-sized firms are increasingly facing competition not just from their peers, but also from giant corporations operating in specialist areas that were formerly thought to be exclusive to small businesses. Inadequate planning, wrong finance, and bad management have also been identified as the primary causes of SMEs failing, which has a detrimental impact on SMEs' competitive advantage, sales growth, innovativeness and profitability. SMEs in the southern part of Nigeria are constantly confronted with issues such as difficulty managing firm's advertising, lack of adequate marketing research, unawareness of competition, poor branding and packaging, low level of knowledge on business market analysis, poor promotion, poor segmentation strategy, poor pricing technique, and unplanned distribution. This study examined the effect of strategic customer relationship management on performance of small and mediumsized enterprises in Ogun State, Nigeria. The study adopted a survey research design. The population was 2,465 registered small and medium scale enterprises in Ogun State, Nigeria. A sample size of 432 was determined using Cochran formula. Proportionate stratified sampling technique was adopted. A validated questionnaire was used to collect data. Cronbach's alpha reliability coefficients for the constructs ranged from 0.79 to 0.92. The response rate was 87.9%. Data were analyzed using descriptive and inferential statistics. Findings revealed that strategic customer relationship management components had significant effect on sustainable competitive advantage of Nigeria (Adj.R 2 = 0.764; F (3,407) = 444.412, p < 0.05). The study concluded that strategic customer relationship management had a significant effect on the performance of SMEs in Ogun state, Nigeria. The study recommended that to increase the overall performance of SMEs, owners/managers need to be intentional in adequately adopting customer relationship management strategies with continued value creation so as to continuously record higher growth.

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Survival Strategies and Sustainability of Small and Medium Enterprises in a Volatile Environment

Cited by 15 publications

References 43 publications

Role of Management Accounting Systems in Sustainable Survival of SMEs in Pakistan: A Conceptual Framework

Role of Management Accounting Systems in Sustainable Survival of SMEs in Pakistan: A Conceptual Framework

Enhancing Customer Retention in Manufacturing SMEs through Supply Chain Innovative Practices

Strategic Customer Relationship Management and Sustainable Competitive Advantage of Small and Medium-Sized Enterprises in Ogun State, Nigeria

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