Corporate Planning and Sustainability of Small and Medium Scale Enterprises in Anambra State, Nigeria
Journal Title: Journal of Economics, Finance and Management Studies - Year 2023, Vol 6, Issue 05
Abstract
This study analyzed corporate planning and sustainability of Small and Medium Enterprises in Anambra State. Specifically, the study examined how strategy formulation, implementation, and evaluation affect technical innovation, competitive advantage, and operational efficiency of SMEs in Anambra State. Three research questions and hypotheses were developed to meet the study objectives. A survey research design was adopted in the study A population of 1737 Anambra State SMEs was studied. Taro Yamane formula yielded a 325-person sample. Structured Questionnaire was used as the survey instrument to elicit data from the respondents. The hypotheses were tested with the aid of SPSS version 25 using simple regression analysis. The findings revealed a significant positive effect between strategy formulation and technological innovation, strategy implementation and competitive advantage and strategy evaluation on operational efficiency of SMEs in Anambra State. The study, therefore, concludes that corporate planning has a substantial impact on SMEs’ sustainability in Anambra State, Nigeria. The study further asserts that strong corporate planning methods will help SMEs expand and sustain their firm. We recommend that SMEs need to work with a well-formulated strategy as it gives business a sense of direction and focus, implement their strategy properly to gain effectiveness and competitiveness, and regularly evaluate their business strategies to detect performance lapses and take corrective and preventive measures.
Authors and Affiliations
Ndubuisi-Okolo Purity Uzoamaka, Ph. D, Chidimma Owuamanam Yvette
Keywords
Related Articles
- EP ID EP727042
- DOI 10.47191/jefms/v6-i5-11
- Views 65
- Downloads 0
The Impact Of Brand Factor, Customer Factor, And Product Factor On Brand Loyalty Towards Motorbike Brands In Bangkok, Thailand
Thailand’s market for “big bikes”, or motorbikes larger than 400cc, has been enjoying tremendous growth especially with their attractive design and powerful engines, big bikes are a dream machine for many men and even so...
Facilitating Economic Growth by Leveraging on Infrastructure Development
To achieve most of the United Nations’ Sustainable Development Goals (SDGs) such as the elimination of poverty and hunger, the establishment of good health and well-being, provision of quality education, creation of dece...
Customer Satisfaction with Customer Care Service Quality at Baoviet Life Corporation, Vietnam
Based on relevant theoretical bases and through conducting qualitative research to build a research model with a customer care service quality scale including 22 descriptive variables for 5 components of service quality....
Banking Sector and Economic Growth in Congo-Brazzaville
This article analyzes the effects of the banking sector on economic growth in Congo-Brazzaville over the period 1990-2020. The results obtained from the AutoRegressive Distributed Lag (ARDL) model show that in the short...
Microprudential Policy in Maintaining Bank Stability
The purpose of this study was to determine the effect of microprudential policy as measured by liquidity risk (LDR), credit risk (NPF), market risk (NIM) and operational risk (BOPO) on the stability of state-owned banks...