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Effects of Strategic Planning as a Tool for the Growth and Survival of Small and Medium Scale Enterprises
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This research work titled "Effects of Strategic Planning as a Tool for the Growth and Survival of Small and Medium Scale Enterprises (A Case Study of Star Paper Mill, Aba, Abia State)" is dedicated to God for his enabling grace and to all computer enthusiasts who help to make life a pleasant experience.
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Effects of Strategic Planning as a Tool for the Growth and Survival of Small and Medium Scale Enterprises (A Case Study of Star Paper Mill, Aba, Abia State)
DATA ANALYSIS, RESULT AND DISCUSSION
SUMMARY, CONCLUSION, AND RECOMMENDATION
APPENDIX A - “QUESTIONNAIRE”
The study was carried out to investigate the Effects of Strategic Planning as a Tool for the Growth and Survival of Small and Medium Scale Enterprises. In achieving this aim, the following specific objectives were laid out as follows to: ascertain the effects of strategic planning as a tool in the growth and survival of SMEs in the country, measure the contribution of strategy planning in the enhancement of productivity and workers performance, identify the steps and processes that should be taken in implementing strategic planning in an organization, and identify the problems militating against the survival of SMEs in the country and make recommendations on how to solve these problems. Investigation revealed that the problem facing small and medium scale business as a result of the economic downfall, there are a number of bottlenecks, including services under capitalization with difficulty in gaining access to bank credits and other financial markets. The research design used in this report is descriptive design, utilizing questionnaire method to obtain information from the respondents for this project. A total of 150 (one hundred and fifty) respondents were selected for this study to represent the entire population of the study. For null hypotheses were formulated and tested using the one-way ANOVA and the t-test statistical tools at zero point zero five (0.05) level of significance. Primary data were collected from the primary source which questionnaire was used as an instrument of data collection while secondary data were sources from textbooks, journals, newspapers and the internet were employed. The data were presented on a frequency distribution table and analyzed using simple percentage, while hypothesis was tested using chi-square test. The findings of this study will be of importance to managers, employees and future researchers. The study will also determine the factors or problems limiting the effectiveness of strategic planning and control in an organization.
The small business strategic plan must communicate the vision and mission of owners to employees and customers. The study will enhance the growth of small businesses in the Nigerian economy through the understanding of the relationship between effective strategic planning and business growth. Small businesses are usually started by a small number of owners or sometimes single owner and usually with no formal procedures and operations. Owners usually manage small businesses with little skills and knowledge to the extent where the growth stage is critical requiring clear vision and mission for success.
As a prelude to other parts of this study, this chapter will discuss the background upon which this study was initiated, the statement of problems that led to this study, the Aim and Objectives of the study. Others are Significance of the study, Scope of work, Research hypothesis and questions, Limitation of the study and Definition of technical terms.
Historical facts show that prior to the late 19th century, cottage industries controlled the economy of Europe. The industrial revolution changed the status quo and introduced mass production model, which triggered an unexpected reappraisal of the role and importance of small and medium sized enterprise in the global economy. Findings by economics over the years showed that small firms and entrepreneurships play a much more important role in economic growth and development. Many economics developed and developing here come to realize the value of small business. They are seen to be characterized by dynamism, within innovations, efficiency, and their small size allow for faster decision making process.
Governments all over the world have realized the importance of this category of companies and have formulated comprehensive public policies to encourage, support and fund the establishment of SMES. Developments in small and medium enterprises are sin quo non for employment generation, solid entrepreneurial base and encouragement for the use of local raw materials and technology.
Nigeria's SMEs (general an umbrella term for firms with less than 250 employees), at present experienced a lot of problems and hardship and this is not just as a result of the economic downfall. There are a number of bottlenecks, including serious under capitalization with difficulty in gaining access to bank credits and other financial markets, corruption and a lack of transparency but most damagingly, a seemingly lack of government interest in and support for the roles that SMEs play in national economic development and competitiveness. Looking back, there has never been any real attempt on the part of government to formulate any tangible and lasting policies or programmes to support small business sector what is more damaging, however, is that this lack of support for small businesses have been negatively complemented by misplaced government intervention in what is seen as the commanding heights of the economy.
The woeful failure of such capital projects like the Iwopin paper mill, the Ajaokuta steel complex, the Bachita sugar factory and Leyland Daf, all come to mind here.But why is it important that the new Nigerian government puts small firms policy at the top of its agenda? A study done by the federal office of statistics shows that 97% all business in Nigeria employs less than 100% employees. Looking at the earlier definition of SMEs, it therefore means that 97% of all business in Nigeria are to use the umbrella term “small business”. The SMEs provides on average, 50% of Nigeria employment and 50% of its industrial output. The proportion of Nigerian SMEs and their impact on the economy is pretty much similar to those in other countries of the world especially in the advanced economics. In the UK and US, SMEs are seen as largely essential for European employment.
This is what strategic planning and control come in place. Government has to efficiently plan its policies and formulate programmes that enhance the growth and sustenance of SMEs in the country. Thus, the effect of strategic planning as they affects the growth and development of SMEs shall be the key focus of this research work.
Historical Background Of Star Paper Mill Star paper mill limited (RC 22622) was incorporated as a paper converting company in 1977. The company has four major divisions. Star paper mill Limited also has offices in Lagos, Ibadan, Kaduna, Kano and Suleja.
The premier plants located at Aba, produces school exercise books of different types and a wide rang of stationary. It has an installed capacity of 25,000 metric tones per annum which translated into 38 million exercise books per annum in addition to 152 million envelopes of various sizes. Other products include typing sheets, duplicating paper and foolscap fly. The current percentage utilization is about 75 percent.
The second factor was commissioned in 1984 as a waste paper recycling plants, with an installed capacity of 10 metric tones of tissue paper in jumbo reels per day. By 1992, a new paper machine was installed with the capacity of 60metic tones per day. Presently, the owerrinta plant has a total capital of 60 metric tones per day. This plant utilizes waste paper and paper off- cuts as its main sources of raw material and that constitute 90% both in volume and in naira value of the plant requirement locally sourced. Just recently, a new product line sanitary towards for ladies with the brand name of “every woman” became a new addition to the stable.
Therefore, in Nigeria where the research was carried out, the activities that was conducted is to know the Effects of Strategic Planning as a Tool for the Growth and Survival of Small and Medium Scale Enterprises.
Investigation revealed that the growing significance of SMES cannot be overemphasized in view of its contribution to the economic growth of the country through the provision of employment for a large segment of the population and revenue derivation. The problem facing small and medium scale business as a result of the economic downfall, there are a number of bottlenecks, including services under capitalization with difficulty in gaining access to bank credits and other financial markets.
However SMES are faced with challenges in respect of formulating and implementing strategic plans. The inability to be proactive and secure the future with success has been the reason for many folding up of SMES and as well as their inability to grow rapidly. Consequently management experts have advocated the need for SMES to deploy strategic planning as a measure to ensure the effective and efficient channeling of resources to profitably meet the growing needs of customers with innovative products and services.
Many of the growing challenges encountered by SMES in the evolution and implementation of strategic planning include management inability to support strategy, lack of adequate resources, no alignment of activities with strategy and inability to manage change and lack of human resources to implement strategic plans. Consequently the problem confronting the research is to appraise Effects of Strategic Planning on Growth of SMEs in south-west Nigeria.
The aim of the study is to investigate the Effects of Strategic Planning as a Tool for the Growth and Survival of Small and Medium Scale Enterprises. In achieving this aim, the following specific objectives were laid out as follows:
The study came up with research questions so as to be able to ascertain the above stated objectives. The specific research questions for the study are stated below as follows:
In order to pursue the objective of this study, the following generalized statements have been designed to guide and aids in obtaining the result for the experiment to be conducted. For this work, the null hypothesis will be represented with H0 while the alternative hypothesis will be represented with hypothesis H1.
The findings of this study (when completed) will be of importance to managers, employees and future researchers.
This study will also be of immense benefit to small and medium scale business operators in particular and other business (large) organizations in general to determine the effective of strategic planning and control. The study will determine the factors or problems limiting the effectiveness of strategic planning and control in an organization. Also, the study looks into the problems or factors militating against the survival of small and medium scale enterprise and tends to make recommendations and suggestions on how to solve these problems.
The scope of this research is focused on the Effects of Strategic Planning on Growth of SMEs (Small and Medium Scale Enterprises) but because of time and cost the study was limited to Abia state with star paper mill limited Aba, as a case study.
The researcher was of the views that since the industries and firms are located in the same geographical and socio-economic conditions, the constraints and challenges affecting one, affects others.
During the course of this study, many things militated against its completion, some of which are:
To ensure that the research work is easily understood, some technical terms used will be explained.
Objectives: These are the future expectations of an individual’s cooperate body or organization. They are the targets which an organization hopes to achieve. Objectives are usually on a long term basis.
Strategic Planning: This is a process of defining organization strategic, decision and making decisions on allocation its resources, to measure this strategy, includes its capital and people.
This chapter focuses on the review of related literature. A literature review includes the current knowledge as well as theoretical and methodological contributions to a particular topic. It documents the state of the art with respect to the topic you are writing. It surveys the literature in the topic selected. In this research work the literature review includes the …