THE IMPACT OF STRATEGIC PLANNING ON FINANCIAL PERFORMANCE OF SMALL AND MEDIUM SCALE ENTERPRISES
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- NGN 3000
ABSTRACT
Strategic planning process determines the long-term objectives of an organization by developing and implementing decisions is critical for the survival of most institutions. Financial performance of small and medium scale enterprises in Nigeria has been found to be affected by strategic planning processes. This research purposed to study the impact of strategic planning on financial performance of small and medium scale enterprises in Nigeria. The current research made use of a descriptive survey design. The population consisted of all the registered small and medium scale enterprises operating in pel-extra industry, Lagos, Nigeria, 90 of them was sampled out for the study. Primary data was used in this research work. The primary data was collected through questionnaires. Raw data was analyzed majorly by way of inferential, descriptive, and frequencies techniques. Results from the study indicated that mission and objectives, environmental scanning, strategy formulation, strategy implementation and strategy evaluation all had an impact on financial performance as indicated by majority of the respondents. Correlation results also indicated that mission and objectives, environmental scanning, strategy formulation, strategy implementation and strategy evaluation were positively associated with financial performance. Regression findings indicated that mission and objectives, environmental scanning, strategy formulation, strategy implementation and strategy evaluation were statistically significant predictor of financial performance. The researcher concluded that mission and objectives, environmental scanning, strategy formulation, strategy implementation and strategy evaluation did have an impact on financial performance and that mission and objectives was an important determinant of financial performance in small and medium scale firms in Nigeria. As a suggestion for further studies, another study on strategic planning process can be done in a different sector like the private sector, manufacturing sector, agricultural sector, etc. to find out whether there will be consistency in findings and results.
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