STRATEGIC APPROACH TO THE MANAGEMENT OF SMALL BUSINESS ENTERPRISES IN NIGERIA

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  • November 5, 2021
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STRATEGIC APPROACH TO THE MANAGEMENT OF SMALL BUSINESS ENTERPRISES IN NIGERIA

ABSTRACT

A research was set out to evaluate strategic approach as a management tool for the small and medium enterprises with a view to help them achieve a more predictable and stable growth, over the long term. Emphasis had been directed on the threat aspects, which most Small-scale Business enterprises had taken for granted. SMEs are also urged to take a hard look at some of the strategic tools: Finance, production, marketing and personnel which had not gained much popularity or acceptance. Empirical evidence in the forms of survey research was adopted. In getting first hand information, samples of 50 respondents were drawn from a questionnaire consisting of twenty-two questions which were randomly selected, printed and administered to the entire employee as focus point. This however forms the main data collection instrument employed in the study. Data were sourced from different books on management by notable authors, theories relevant to the study were carefully examined, and views of different authors/ professionals were considered to reconcile the documentary research, in arriving at the final conclusions. Care was also taken to maintain objectivity, which could be easily affected with the Research’s problems on the field. The conclusion is that strategic management is largely relevant to Small-scale Business enterprises. And so long as due attention is paid to threats and crisis handling, the vulnerability of Small-scale Business enterprises should be reduced. That leaves only the last problem to deal with – time constraint among Small-scale Business enterprises which is said to be limiting their application of strategic management. To partly solve the problem, the training and re-training of personnel, along some priority and relevance guidelines, suiting to the operating reality of the Small-scale Business enterprises must be taking into cognizance. However, considering the universal laws of cause and effect, Small-scale Business enterprises must recognize the inevitability to apply as many techniques as possible, in order to get the maximum results. To use time and workload as a convenient excuse can often be a good justification for not strategizing; overcoming the temptation to do so leads to a more rewarding and satisfying venture for the entrepreneurs. The choice is up to each SME.

Categories: ENTREPRENEURSHIP