THE EFFECT OF PLANNING ON THE SUCCESS OF SMALL BUSINESS ENTERPRISES
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- NGN 5000
ABSTRACT
The purpose of the study was to establish the effects of planning in the success of Small and Medium Enterprises (SMEs) in Nigeria.
The study showed that that a company’s mission and vision are crucial elements of strategic management in the organization, and business vision and growth are reinforced by strategic focus on market growth and profits. The study revealed that strategic planning has helped owners/ managers establish benchmarks or milestones that show them whether or not they are meeting their goals and objectives, and SME owners/ managers include employees in the decision-making plan of their business. SME owners/ managers have developed a decision-making routine that simplifies the process of decision-making for them, and they have improved their level of understanding of competitors strategies through strategic planning.
The study revealed that the nature of SME business requires specific, predetermined behavior by means of formal direction and control to be successful, and strategic planning structures and systems in the business contribute towards building SME organizational capabilities that drive performance. The study indicated that SME owners/ managers are keen on monitoring and identifying trends or cycles of some kind in order to find patterns of the market trend, and entrepreneurs monitor their environment by collecting information in all environmental sectors, sort out relevant information and adjust their business to meet future forecasts. The study showed that, the existence of the support programmes that provide SME business with a back-up plan has ensured that SME businesses are strengthened and have realized growth, and SME businesses have an advantage in terms of making quick decisions and the willingness to take risks.
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