Developing a strategic planning framework for Small and Medium Enterprises (SMES)

Lal, Santosh, Mani, Hemalatha, K L, Meera, Sharma, Anupam, Sasidharan, Aghila and Radha, T (2023) Developing a strategic planning framework for Small and Medium Enterprises (SMES). European Chemical Bulletin, 12 (5). pp. 460-469. ISSN 2063-5346

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Abstract

Albeit small and medium-sized organizations make huge commitments to a country's economy, they are portrayed by horrible showing and a high disappointment rate, which are regularly credited to an absence of assets including cash, land, and experienced work. Numerous business management specialists fight that some SMEs by the by fizzle for absence of strategic planning in any event, when such assets are free. This study looks into how Botswana's SMEs are doing with regard to strategic planning. The study looks into how SME owner managers view strategic planning, how much planning has been done, and what obstacles stand in the way of effective strategic planning. The study reveals that while SMEs do make an effort to implement strategic planning, most of these businesses only do so to a limited degree. This is based on semi-structured interviews with 36 small and medium-sized businesses chosen from a variety of industries. The paper also lists a number of barriers that strategic planning must overcome. For instance, the review reveals that the majority of SME proprietors and managers lack significant strategic planning expertise. Some asserted that due of the greatness of the firm, they don't design. In any case, others recognized that they actually think in a conventional manner, where most business choices are made exclusively on instinct. The aftereffects of this study have ramifications for directors of SME proprietors and the people who pursue strategy choices.

Item Type: Article
Keywords: Strategic Planning | Small Enterprises | Medium Enterprises | Success Factors | Risk Management
Subjects: Social Sciences and humanities > Social Sciences > Social Sciences (General)
JGU School/Centre: Jindal Global Business School
Depositing User: Amees Mohammad
Date Deposited: 11 May 2023 10:34
Last Modified: 11 May 2023 10:34
Official URL: https://www.eurchembull.com/uploads/paper/746f7a7c...
URI: https://pure.jgu.edu.in/id/eprint/5978

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