Examining the Business Growth Challenges and Prospects of Small and Medium Enterprises (SMEs): A Case Study of Garden Township Metal Fabricators, Lusaka
Journal Title: Journal of Economics, Finance and Management Studies - Year 2024, Vol 7, Issue 08
Abstract
The study was aimed at examining the business growth challenges and prospects of small and medium enterprises (SMEs) with a particular focus on metal fabricators in Garden Township, Lusaka, Zambia. In doing so, specific focus on how these businesses align with Dynamic Capabilities, and Innovation and Entrepreneurship Theories was highlighted. The research employed a qualitative approach, combining primary and secondary data collection. Primary data was gathered through in-depth interviews with 15 participants and five focus group discussions, each comprising two business owners and three welders. Secondary data was obtained from existing literature, industry reports, and academic studies. The primary objectives were to identify the major challenges hindering business growth among metal fabricators, to explore potential strategies for overcoming these challenges, and to assess awareness and accessibility of government support initiatives. Key findings revealed that financial constraints, lack of strategic knowledge, outdated technology, unreliable infrastructure, and insufficient government support are the main barriers to growth. Participants unanimously called for government intervention, emphasizing the need for easier access to loans, financial management training, modern equipment, and strategic planning workshops. The study highlighted that while government initiatives like the Citizen Economic Empowerment Commission (CEEC) and Constituency Development Fund (CDF) are recognized, practical barriers prevent SMEs from accessing these resources. This gap underscores the necessity for more effective implementation and outreach to ensure SMEs can benefit from available support. Recommendations include simplifying access to financial resources, providing strategic business education, implementing targeted support programs for the metal fabrication industry, and improving infrastructure. Future research should focus on evaluating the impact of training programs, streamlined loan processes, technology adoption, and government policy effectiveness on SME growth. Addressing these challenges through a holistic approach can enhance the dynamic capabilities and innovation strategies of metal fabricators, fostering sustainable business growth and competitiveness.
Authors and Affiliations
Clarence Mwami , Chrine C. Hapompwe,
Keywords
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- EP ID EP742327
- DOI 10.47191/jefms/v7-i8-14
- Views 35
- Downloads 0
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