THE EFFECT OF PLANNING ON THE SUCCESS OF SMALL BUSINESS ENTERPRISES
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 3000
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.
Related Project Materials
THE IMPACT OF CULTURAL DIFFERENCES ON FINANCIAL REPORTING PRACTICES
This study explores the impact of cultural differences on financial reporting practices in Lagos State, Nigeria. The objectives are to: (1) assess...
ASSESSMENT OF INNOVATIONS IN PROMOTING DIGITAL CITIZENSHIP IN VOCATIONAL TRAINING
ABSTRACT: This study explores innovations in promoting digital citizenship in vocational training, focusing on preparing students for responsi...
ANALYSIS OF GOVERNANCE MECHANISM AND ITS IMPACT ON TAX AGGRESSIVENESS
EXCERPT FROM THE STUDY
This concept may have multiple conceptualizations, references and even different ways to measure,...
HERBS, HEALTH INFORMATION AND USERS’ HEALTH BELIEF- A STUDY OF HERBAL DRUG USERS IN SOUTHEAST NIGERIA
Background to the Study
Over centuries, the development and mass production of chemically synthesized drugs have revolutionised healthcar...
BACTERIOLOGICAL ANALYSIS OF WATER IN HALLS OF RESIDENCE IN UNIVERSITY OF BENIN
EXCERPT FROM THE STUDY
In this research, the mean total bacteria counts were 32.0 × 104 cfu/ml in Borehole water at Hall 1, in...
THE EFFECT OF SCHOOL LOCATION IN THE ACADEMIC PERFORMANCE OF SECONDARY SCHOOL STUDENTS IN NIGERIA
ABSTRACT
This study was carried out to examine the effect of school location on the academic perfor...
INVESTIGATION OF CULTURAL COMPETENCY IN VOCATIONAL EDUCATION PROGRAMS
ABSTRACT: This study examines the importance of addressing cultural competency in vocational education programs, aiming to prepare students fo...
HUMAN RIGHTS ABUSES IN THE NIGERIAN PRISON SYSTEM: A CASE STUDY OF NIGER STATE PRISON
ABSTRACT
Prisoners in Nigeria are often perceived and categorized as “outcast”. The belief of many is that, once you are a pr...
THE EFFECT OF HOSPITALITY AND TOURISM INDUSTRY ON EMPLOYMENT RATE
Abstract
The study aimed at assessing the effect of hospitality and tourism industry on employment rate. The population...
PHYSIOCHEMICAL PROPERTIES OF SACHET WATER IN ABA
ABSTRACT
In spite of the varying levels of contamination widely reported, sachet water is still well accepted. This...
