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Effects of Strategic Planning on the Performance of SMEs

Effects of Strategic Planning on the Performance of SMEs

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DEDICATION

This research material, titled “Effects of Strategic Planning on the Performance of SMEs” is dedicated to God for His boundless grace and guidance. It is also a tribute to all computer enthusiasts whose contributions made my research journey smoother and enriched my documentation process, making the experience truly fulfilling.



ACKNOWLEDGEMENT

I am profoundly grateful to everyone who contributed to the successful completion of this project. I am especially grateful to my Supervisor (Name), the Head of Department (Name), and the Lecturers in the Department of Entrepreneurship for their invaluable guidance and support. I also acknowledge the contributions of authors and scholars whose works on Effects of Strategic Planning on the Performance of SMEs provided essential insights. Special thanks go to my study area (and any funding organizations, if applicable) for their financial assistance. I am equally thankful to stakeholders, including mentors, teachers, and colleagues, for their encouragement and support. Finally, I deeply appreciate my family and friends for their patience and unwavering support throughout this journey. Your contributions have been instrumental in making this research a reality.



TABLE OF CONTENTS

PRELIMINARY PAGES

CHAPTER ONE

INTRODUCTION

    CHAPTER TWO

    LITERATURE REVIEW

    • 2.1 Introduction
    • 2.2 Conceptual Review
    • 2.3 Theoretical Framework
    • ⋮
    • 2.4 Empirical Studies
    • 2.5 Research Gaps
    • 2.6 Summary of Literature Review

    CHAPTER THREE

    RESEARCH METHODOLOGY

    • 3.1 Introduction
    • 3.2 Research Design
    • 3.3 Population of Study
    • 3.4 Sampling and Sampling Technique
    • 3.5 Validation of Research Instrument
    • 3.6 Method of Data Collection
    • 3.7 Method of Data Analysis
    • 3.8 Questionnaire Administration
    • 3.9 Ethical Consideration
    • 3.10 Statistical Analysis

    CHAPTER FOUR

    DATA ANALYSIS, RESULT AND DISCUSSION

    • 4.1 Introduction
    • 4.2 Presentation and Analysis of Data
    • 4.3 Re-statement of Research Questions
    • 4.4 Test of Hypotheses
    • 4.5 Discussion of Findings

    CHAPTER FIVE

    SUMMARY, CONCLUSION AND RECOMMENDATION

    • 5.1 Introduction
    • 5.2 Summary of Findings
    • 5.3 Conclusion
    • 5.4 Recommendation
    • 5.5 Suggestion for Further Study

    REFERENCES

    APPENDIX A - “QUESTIONNAIRE”


    Effects of Strategic Planning on the Performance of SMEs

    CHAPTER ONE

    1.1 Background To The Study

    In the 20th century, the subject of strategic planning has been particularly applied to Organizations. It is viewed as the science and art of the formulation, implementation and evaluation of cross-functional decisions that enable an organization to achieve its objective. Strategic planning applies the integration of all functional units in the organization consisting of marketing, finance and accounting, operations and production and management to attain organizational success. Strategic planning constitute as an organizational process which aims at channeling both human and other organizational resources in the profitable attainment of the needs of customers and other principal stakeholders.

    Strategic planning implementation is guided by the stated policies, mission statement and strategic goals and objectives. The behavior of top management and other key managers in the organization. Strategic management requires the specification of strategic aims and objectives in the light of its internal resources and external factors. It specifies the target customers to serve with the right product and services through the effective and efficient allocation of resources (Cole, 1997).Strategic planning as explain by Lamb (1984) indispensable for SMES to be more proactive and secure the future. The research therefore seek to investigate the Effects of strategic planning on the performance of SMES in south-west Nigeria

    1.2 Statement of the Problem

    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.

    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 the performance of SMES in south-west Nigeria

    1.3 Objectives of the Study

    To appraise the nature and effect of strategic planning on SMES performance.

    To determine the Effects of strategic planning on the performance of SMES in south-west Nigeria

    Strategic planning applies the integration of all functional units in the organization consisting of marketing, finance and accounting, operations and production and management to attain organizational success. Strategic planning constitute as an organizational process which aims at channeling both human and other organizational resources in the profitable attainment of the needs of customers and other principal stakeholders. Strategic planning implementation is guided by the stated policies, mission statement and strategic goals and objectives. The behavior of top management and other key managers in the organization. Strategic management requires the specification of strategic aims and objectives in the light of its internal resources and external factors. It specifies the target customers to serve with the right product and services through the effective and efficient allocation of resources (Cole, 1997)

    1.4 Research Questions

    1. What is the strategic planning?
    2. What is the effect of strategic planning on SMES performance
    3. What is the effect of strategic planning on SME performance in south- west Nigeria?

    1.5 Significance of the Study

    The study provides an avenue for SMES to understand the tools of strategic planning and strategic management towards facilitating the improvement of their performance.

    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.

    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.

    1.6 Research Hypothesis

    Ho The Effects of strategic planning on the performance of SMES in south-west Nigeria is low

    Hi The Effects of strategic planning on the performance of SMES in south-west Nigeria is high

    1.7 Scope of the Study

    The study focuses the appraisal of Effects of strategic planning on the performance of SMES in south-west Nigeria

    1.8 Limitations of the Study

    The study was confronted with some constraints including logistics and geographical factors

    1.9 Definition of Terms

    Internal Environment

    The internal environment of the firm consist of the factors within the firm comprising of its strengths and weaknesses, resources, culture and structure (Beal, 2000)

    Performance Measure

    Performance measurement consist of the informative methodology of what to measure and how to measure it

    Objective

    The Objectives of the firm is regarded as the outcome or result of the planned activities of the firm which must be consistent with the mission, targets and objectives of the firm. (Johnson et al., 2007).

    Strategic Planning

    It is viewed as the science and art of the formulation, implementation and evaluation of cross-functional decisions that enable an organization to achieve its objective. Strategic planning applies the integration of all functional units in the organization consisting of marketing, finance and accounting, operations and production and management to attain organizational success.

    Strategic Management

    Strategic management consist of those managerial decisions and actions which channels the resources of the firm towards the attainment of the long term objectives of the firm taking into consideration both the internal and external factors of external opportunities and threats and organization‘s strengths and weaknesses . Wheelen and Hungers‘study (2006),

    …

    CHAPTER TWO

    2.0 Literature Review

    2.1 Introduction

    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 conceputal review, theoretical framework, the review of related literature …

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