Select Currency
Translate this page

EFFECTS OF STRATEGIC PLANNING ON THE PERFORMANCE OF SMES

Format: MS WORD  |  Chapter: 1-5  |  Pages: 75  |  1341 Users found this project useful  |  Price NGN3,000

  DOWNLOAD THE FULL PROJECT

EFFECTS OF STRATEGIC PLANNING ON THE PERFORMANCE OF SMES

 

CHAPTER ONE

INTRODUCTION

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 constitutes 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 explained by Lamb (1984) indispensable for SMES to be more proactive and secure the future.

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 constitutes 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). The research therefore seeks to investigate effect 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 effect of strategic planning on the performance of SMES in south-west Nigeria.

1.3       Research Objectives

The main objective of this study is to evaluate the effect of strategic planning on the performance of SMEs in South-West Region of Nigeria. Specific objectives include:

i.            To find out factors which influenced SMEs to adopt strategic planning in their operations.

ii.            To describe the contribution of the strategic planning in SMEs to improve performance.

iii.            To examine factors influencing effectiveness of strategic planning in enabling the SMEs to improve performance to achieve their goals.

iv.            To determine challenges faced by SMEs in the adoption and implementation of strategic planning.

1.4       Research questions

i.            What are the factors which influenced SMEs to adopt strategic planning in their operations?

ii.            Has strategic planning contributed in improving performance of SMEs?

iii.            What are the factors influencing effectiveness of strategic planning in enabling the SMEs to improve performance?

iv.            What are the challenges faced by SMEs in the adoption and implementation of strategic planning?

1.5       Research Hypothesis

Ho:      There is no significant effects of strategic planning on the performance of SMES in south-west Nigeria.

Hi:       There is no significant effects of strategic planning on the performance of SMES in south-west Nigeria.

1.6       Significance of the Study

Research on effectiveness of strategic planning in the performance of SMEs is crucial because it is of much importance to different people at different levels of SMEs and other business organizations as explained below;

i.                 It will enable owner-managers in most of the SMEs and entrepreneurs in different businesses to understand and take into consideration effective strategic planning as a tool for greater performance and goal achievement. This study will create awareness on the contributions of effective strategic plan which can motivate more persons to adopt it in their operations.

ii.               This study also aims to increase awareness to all the employees in the SMEs used as a case study and other organizations in the business industry on factors which can influence the success of their strategic plans so as to put more effort in the formulation and implementation. Through this study they might be committed in the whole process and its achievement because strategic plan is not all about how many things are done but how they are done to achieve the organization goals.

iii.             Also, it adds value to the body of knowledge as many practitioners are aware of the strategic planning but they do not know the reasons some organizations fail to achieve their desired goals while they have a strategic plan guiding them. Through this study they shall be able to understand the factors which can contribute in making the strategic plan successful in achieving the goals and improving performance by different organizations.

iv.             In addition, this study provides useful reference material for researchers who are interested in pursuing further research on effectiveness of strategic plan in achieving goals by an organization. 

1.7       Scope of the Study

The study focuses the effect of strategic planning on the performance of SMEs. The study will be conducted in South-West Region of Nigeria.

1.8       Limitations of the Study

The demanding schedule of respondents at work made it very difficult getting the respondents to participate in the survey. As a result, retrieving copies of questionnaire in timely fashion was very challenging. Also, the researcher is a student and therefore has limited time as well as resources in covering extensive literature available in conducting this research. Information provided by the researcher may not hold true for all businesses or organizations but is restricted to the selected organization used as a study in this research especially in the locality where this study is being conducted. Finally, the researcher is restricted only to the evidence provided by the participants in the research and therefore cannot determine the reliability and accuracy of the information provided. Other constraints include:

Financial constraint: Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).

Time constraint: The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.

1.9       Definition of Terms

Internal Environment: The internal environment of the firm consists 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 are 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).

  DOWNLOAD THE FULL PROJECT

Not What You Are Looking For?



For Quick Help Chat with Us Now!

+234 814 010 7220

+233 541 351 187


Here's what our amazing customers are saying

Emmanuel Essential
Kogi state University
I actually took the risk,you know first time stuff But i was suprised i received as requested. I love you guys 🌟 🌟 🌟 🌟
Very Good
Azeez Abiodun
Moshood Abiola polytechnic
I actually googled and saw about iproject master, copied the number and contacted them through WhatsApp to ask for the availability of the material and to my luck they have it. So there was a delay with the project due to the covid19 pandemic. I was really scared before making the payment cause I’ve been scammed twice, they attended so well to me and that made me trust the process and made the payment and provided them with proof, I got my material in less than 10minutes
Very Good
Gbadamosi Solomon Oluwabunmi
Lasu
Swift delivery within 9 minutes of payment. Thank you project master
Excellent
JONNAH EHIS
Ajayi Crowther University, Oyo
I was scared at first when I saw your website but I decided to risk my last 3k and surprisingly I got my complete project in my email box instantly. This is so nice!!!
Excellent
MATTHEW NGBEDE
Ahmadu Bello University
I wish I knew you guys when I wrote my first degree project, it took so much time and effort then. Now, with just a click of a button, I got my complete project in less than 15 minutes. You guys are too amazing!
Excellent
Temitayo Ayodele
Obafemi Awolowo University
My friend told me about iprojectmaster website, I doubted her until I saw her download her full project instantly, I tried mine too and got it instantly, right now, am telling everyone in my school about iprojectmaster.com, no one has to suffer any more writing their project. Thank you for making life easy for me and my fellow students... Keep up the good work
Very Good
Stancy M
Abia State University, Uturu
I did not see my project topic on your website so I decided to call your customer care number, the attention I got was epic! I got help from the beginning to the end of my project in just 3 days, they even taught me how to defend my project and I got a 'B' at the end. Thank you so much iprojectmaster, infact, I owe my graduating well today to you guys...
Excellent
Ibrahim Muhammad Muhammad
Usmanu danfodiyo university, sokoto
It's a site that give researcher student's to gain access work,easier,affordable and understandable. I appreciate the iproject master teams for making my project work fast and available .I will surely,recommend this site to my friends.thanks a lot..!
Excellent
Dau Mohammed Kabiru
Kaduna State College of Education Gidan Waya
This is my first time..Your service is superb. But because I was pressed for time, I became jittery when I did not receive feedbackd. I will do more business with you and I will recommend you to my friends. Thank you.
Very Good
Joseph M. Yohanna
Thanks a lot, am really grateful and will surely tell my friends about your website.
Excellent

HOW TO GET YOUR COMPLETE PROJECT INSTANTLY

  • Select 3 Project Topics of your choice from your Department.
  • Submit the 3 topics to your Supervisor for Approval.
  • Call Our Instant Help Desk on +234 814 010 7220 and Get Your Complete Project Material Instantly.
  • All project materials on this website are well researched by professionals with high level of professionalism.

FREQUENTLY ASKED QUESTIONS

How do i choose a Project Topic?

Look for your department and select any topic of your choice

I have a fresh topic that is not on your website. How do I go about it?

How fast can i get a complete project from your website?

Within 15 minutes if the exact project topic is on our website

Is it a complete research project or just materials?

It is a Complete Research Project i.e Chapters 1-5, Abstract, Table of Contents, Full References, Questionnaires / Secondary Data

One of your topics suites my project, but the case study is different. What do i do?

Call Our Instant Help Desk Now: +234 814 010 7220 and you will be responded to immediately

How do i get my complete project?

Your Complete Project Material will be sent to your Email Address in Ms Word document format

Can I get my Complete Project through WhatsApp?

Yes! We can send your Complete Research Project to your WhatsApp Number

What if my Project Supervisor made some changes to a topic i picked from your website?

Call Our Instant Help Desk Now: +234 814 010 7220 and you will be responded to immediately

Do you assist students with Assignment and Project Proposal?

Yes! Call Our Instant Help Desk Now: +234 814 010 7220 and you will be responded to immediately

What if i do not have any project topic idea at all?

Smiles! We've Got You Covered. Chat with us on WhatsApp Now to Get Instant Help: +234 814 010 7220

How can i trust this site?

We are well aware of fraudulent activities that have been happening on the internet. It is regrettable, but hopefully declining. However, we wish to reinstate to our esteemed clients that we are genuine and duly registered with the Corporate Affairs Commission as "PRIMEDGE TECHNOLOGY". This site runs on Secure Sockets Layer (SSL), therefore all transactions on this site are HIGHLY secure and safe!