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Strategic management planning has been found to be necessary if organizations are to succeed and perform. This study set out to investigate strategic management in Small and Medium Scale Enterprises and its implication for performance. This study employed case study research design making use of questionnaires to collect quantitative data. Hundred research participants were selected using simple random sampling by lottery method from ten purposively selected Small and Medium Scale Enterprises in South-West, Nigeria. Questionnaires were used to collect data and were quantitatively analyzed. The study found that SMEs do implement strategic management practices. When these strategic management practices were subjected to the on sample t-test statistics, almost all of the practices proved significant at alpha level of 0.05. However, planning to put the business in the foreseeable years was not significant at the set alpha level. The study also found that the strategic management implementation faces challenges such as inability to manage change and top managers not supporting strategy. Based on these findings among others, it was recommended that the goals of, and incentives for, the workforce along with the allocation of resources should be aligned with the strategy of the organization.
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 Effects of strategic planning on the performance of SMES in south-west Nigeria.
1.2 Statement of 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
The study primarily aimed at assessing the effects of strategic planning on the performance of some selected SMEs in South-West, Nigeria.
Specifically, this study sought to;
1. Examine strategic planning activities of selected SMEs in South-West, Nigeria.
2. Assess the performance of selected SMEs in South-West, Nigeria.
3. Investigate the effects of strategic planning on selected SMEs in South-West, Nigeria.
4. Identify challenges in strategic planning facing selected SMEs in South-West, Nigeria.
1.4 Research Questions
1. What strategic management activities are undertaken by selected SMEs in
2. How is the performance of selected SMEs in South-West, Nigeria?
3. What are the effects of strategic planning on selected SMEs in South-West, Nigeria?
4. What are the challenges in strategic planning facing selected SMEs in South-West, Nigeria?
1.5 Significance of the Study
This study will be of importance to three main groups of people. Firstly, it will serve those in industry and the economy as a whole. The findings from this study will serve to inform the policy and decisions regarding the SMEs in the country. This will help create an enabling environment for SMEs to operate.
In academia, this study will benefit other scholars who are engaging in studies related to strategic planning in general and strategic planning related to SMEs in particular. This work will serve as a reference guide to such studies for them to build upon.
Lastly, this study will benefit SMEs in Nigeria. The findings of this study can be used by these SMEs in devising plans and strategies so that they can perform in their business environments.
1.6 Scope of the Study
The scope of this study covered the role of strategic management in Small and Medium Scale Enterprises in Nigeria with particular interest on some randomly selected SMEs operating in the South-West, Nigeria metropolis. By choosing different SMEs, which engaged in different businesses, the researcher was able to assess the role of strategic management process and its implication for organizational performance across different environments. The study stayed within the scope of SMEs and strategic planning and the implications thereof.
1.7 Limitations to the Study
Any research work inevitably is expected to encounter some basic limitations and this study is no exception. Time frame for the completion of this research was a major limiting factor which affected the conduct of a comprehensive research. Lack of readily available organise data was also a major limiting factor. This is because most Nigerian businesses particularly, the Small and Medium scale Enterprises have not developed the culture of proper records keeping and updates. However, within the constraints, all attempts were made to undertake a valid and comprehensive study.
1.8 Organization of the Study
The project shall be structured in five (5) chapters. The Chapter One shall be the general introduction which will include the background of the study, the objectives of the study, research questions, justification of the study, the scope of the study, and so on. Chapter
Two shall be on literature review which will spell out other works on the subject area Chapter Three will discuss the methodologies used or what the research design is all about. Chapter Four look at the presentation of the research findings and analysis. Chapter Five of the report shall look at the summary of the findings, limitations recommendations and conclusion.
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