ABSTRACT
A research was set out to
evaluate strategic approach as a management tool for the small and medium
enterprises with a view to help them achieve a more predictable and stable
growth, over the long term. Emphasis had been directed on the threat aspects, which
most Small-scale Business enterprises had taken for granted. SMEs are also
urged to take a hard look at some of the strategic tools: Finance, production,
marketing and personnel which had not gained much popularity or acceptance.
Empirical evidence in the forms
of survey research was adopted. In getting first hand information, samples of
50 respondents were drawn from a questionnaire consisting of twenty-two
questions which were randomly selected, printed and administered to the entire
employee as focus point. This however forms the main data collection instrument
employed in the study. Data were sourced from different books on management by
notable authors, theories relevant to the study were carefully examined, and
views of different authors/ professionals were considered to reconcile the
documentary research, in arriving at the final conclusions. Care was also taken
to maintain objectivity, which could be easily affected with the Research's
problems on the field. The conclusion is that strategic management is largely
relevant to Small-scale Business enterprises. And so long as due attention is
paid to threats and crisis handling, the vulnerability of Small-scale Business
enterprises should be reduced. That leaves only the last problem to deal with -
time constraint among Small-scale Business enterprises which is said to be
limiting their application of strategic management. To partly solve the
problem, the training and re-training of personnel, along some priority and
relevance guidelines, suiting to the operating reality of the Small-scale
Business enterprises must be taking into cognizance. However, considering the
universal laws of cause and effect, Small-scale Business enterprises must
recognize the inevitability to apply as many techniques as possible, in order
to get the maximum results. To use time and workload as a convenient excuse can
often be a good justification for not strategizing; overcoming the temptation
to do so leads to a more rewarding and satisfying venture for the
entrepreneurs. The choice is up to each SME.
TABLE OF CONTENTS
CHAPTER ONE
Introduction
1.1 Historical Background of the Study
1.2 Statement of Problem
1.3 Objectives of Study
1.4 Research Questions
1.5 Research Hypothesis
1.6 Research Methodology
1.7 Significance of the Study
1.8 Scope and Limitation of the Study
1.9 Definition of Terms
References
CHAPTER TWO
Literature Review
2.1 Introduction
2.1 The Concept of Strategy
2.2 Strategies in Functional Areas
2.2.0 Finance Strategies
2.2.1 Production Strategies
2.2.2 Marketing Strategies
2.2.3 Personnel Strategies
2.3 Strategic Management An-Overview
2.4 Small and Medium Enterprise and Overview
2.5 Role of Small Scale Business Enterprise in
Nigerian Economy
2.6
Characteristic of Small Scale Business
Enterprises
in Nigeria
2.7 Challenges of the Small Scale Business
Enterprises
References
CHAPTER THREE
Research
Methodology
3.1 Research Design
3.2 Area of Study
3.3 Population of the Study
3.4 Determination of Sample Size
3.5 Instrument of Data Collection
3.6 Validity of Research Instrument
3.7 Reliability of Research Instrument
3.8 Method of Data Analysis
CHAPTER FOUR
Presentation
and Data Analysis
4.1 Data Presentation
4.2 Analysis and Discussion
4.2 Hypothesis Presentation
CHAPTER FIVE
Summary
of Findings, Conclusion and Recommendation
5.1 Summary of Findings
5.2 Conclusion
5.3 Recommendations
Bibliography
Appendix
CHAPTER ONE
INTRODUCTION
1.1 HISTORICAL
BACKGROUND OF THE STUDY
Small-Scale Business Enterprises play a very
important role in a nation’s economy. This is true for both developed and
developing countries as Small-Scale Business Enterprises also constitute a high
proportion of a nation’s business activities and generate more employment
opportunities than the large corporations in recent years.
Nigeria, like every other nation’s has instituted
assistance programs to aid its own Small Scale Business Enterprises, the
entrepreneurs’ efforts count most in determining the performance of this
industry. After all, assistance programs are no more than tools available for
the Small-Scale Business Enterprises. It is the careful selection and correct
application of such tools that determine entrepreneurial success. Strategic
Approach to management of this vital sector in any economy becomes imperative.
It is felt that strategic management, a key pillar
for corporate survival, may be adapted and applied to ensure better Small-Scale
Business Enterprises performance, on a more consistent basis. Strategic
management materials, on the other hand, appear to be written primarily for
larger corporations. They suggest elaborate involvement, high cost and complex
architecture as prerequisites. The reaction of Small-Scale Business Enterprise
is naturally one of being intimidated; and therefore they prefer to operate in
the usual manner and mindset. Where there is no change, different results
cannot be expected. Anthony Robbins, the most famous Neurolinguistic
Programming specialist, once remarked: To
keep on doing the same thing and expect a different result is a form of
insanity.
For reasons stated above, a research on strategic
approach to management of Small-Scale Business Enterprises is therefore
proposed.
1.2 STATEMENT
OF PROBLEM
Entrepreneurs are people who organize other
factors of production, develop and introduce new product, raise the necessary
funds and risk failure and loss of investment against the chance of earning a
profit. However, to be able to achieve this, the need for planning becomes imperative.
This, many business fails to do. Its importance can be deduced from the popular
saying; He, who fails to plan, plans to
fail. Consequently, the motivating factor of this study is to examine to
strategically position a small business enterprise to effectively achieve its
set objectives, solve its problems and contribute to the development of
National Economy.
In fact, the study is expected to, among other
things, try to answer the following questions: -
i.
What are the Strategic Management concepts
and techniques Small Scale
Business Enterprises need to make it achieve its
aims and objectives?
ii.
What is the place of education/ acquiring
strategic management ideas and skills to Small Scale Business Enterprises and
Evarmila Nigeria Enterprises in particular?
iii.
What are measures to be put in place to
check major crisis and business failure as a result of Small Scale Business Enterprises in Nigeria
is failure to strategically located?
1.3 OBJECTIVES
OF STUDY
Our study strategic approach to the management of
Small Business Enterprise a study of
Evarmila Nigeria Enterprises, Lagos in more specific terms, the study
intends to achieve the following objectives:-
i To appraise the value of strategic management
concepts and techniques as applied to Small-Scale Business Enterprises
ii To provide some guidelines with which
Small-Scale Business Enterprises can apply the strategic management ideas and
skills, in a time-saving manner,
iii Suggest methods that may prevent major
crisis and business failures.
Based on the findings from (i-iii) above come up
with feasible proposals and recommendations for the overall improvement on how
to strategically position small business within economy like ours
1.4 RESEARCH
QUESTIONS
The following questions are pertinent to the this
work;
i. To what extent are strategic management
concepts and techniques important to Small Scale Business Enterprises and
Evarmila Nigeria Enterprises?
ii. Has Evarmila Nigeria Enterprises been able
to put in place effectively plan on how
to acquire education and strategic management ideas and skills?
iii. To what extent is Planning as a managerial
function relevant to the existence of Evarmila Nigeria Enterprises?
1.5 RESEARCH
HYPOTHESES
For the purpose of this study, it is necessary
that working hypothesis be established.
To this end, the following hypotheses are proposed:
HYPOTHESIS ONE
Ho:
Strategic approaches / concepts are not
important to the management of Small Scale Business Enterprises
H1: Strategic
approaches / concepts are important to the management of Small Scale Business
Enterprises.
HYPOTHESIS
TWO
Ho:
Acquiring strategic management
ideas/skills are not
important to management of Small Scale Business
Enterprises
H1: Acquiring strategic management ideas/skills
are important to management of Small Scale Business Enterprises
HYPOTHESIS
THREE
Ho: Planning as a managerial function is not
relevant to the existence of Small Scale Business Enterprises
H1; Planning as a managerial function is
important to the existence of Small Scale Business Enterprises
1.6 RESEARCH
METHODOLOGY
In
this study, descriptive method will be used to analyze data and also in testing
hypothesis, chi-square (X2) will be employed. Findings from this
research study will be discussed in the light of the research problem
hypothesis, purpose research questions, literatures of the research and other
relevant issues. Conclusions will be drawn and recommendations and suggestions
also will be made.
1.7 SIGNIFICANCE
OF THE STUDY
Without doubt, strategic management play an
integral role in the management of business; a managerial tool that cannot be
overlooked. Hence, the motivating factor of this work is to elucidate information
on the need to be more proactive in manager’s planning toward the sustenance of
business enterprise. Managers will find this work useful, as it will help in
their day -to -day running of their businesses. Business owner, entrepreneurs’
and Business Planners who may want to know and understand the place of planning
in managing business.
Also, dissertation writers and students will find
this work useful as it spelt out in clear term the imperative of planning,
problems if not take into note and effect on managing any business outfit.
1.8 SCOPE AND LIMITATIONS OF THE STUDY
Although the project is on Strategic Approach to
Management of Small Scale Business is designed to capture data and achieve
research objectives using Evarmila Nigeria Enterprises only. It is however
hoped that the result could be applied to other Small Scale Business
Enterprises.
Certain Limitations were encountered
in the course of this study. Key among these includes:
v Unavailability
of Data: One of the
greatest challenges the researcher encountered in this study relates to access
to and collection of hard data due to extreme data gaps and paucity.
v Another limitation of this study
relates to time, funds and logistics constraints, which limited the intensity
of the spread or area of coverage of the study.
v Resistance
of Respondents: The
researcher was also limited by the reluctance of some respondents to complete
the questionnaires promptly and those who even failed to complete them at all.
This thus limited the number of respondents involved in the study despite the
researcher’s efforts and approaches to them explaining the potential benefits
of the study to them.
1.9 DEFINITION
OF TERMS
Micro
Enterprise: A
firm, whose total cost including working capital but excluding cost of land is
not more than ten million naira (N10,000,000) and/or with a labour size of not
more than thirty (30) full-time workers and/or a turnover of less than two
million naira (N2,000,000) only.
NERFUND: National Economic and Reconstruction Fund
NASME:
Nigerian Association of Small and
Medium Enterprises, which is an umbrella association of all SMEs
MAN:
Manufacturers Association of Nigeria
is the official association of manufacturing companies in Nigeria
NIDB: Nigerian Industrial Development Bank
NACCIMA:
Nigerian Association of Chambers of
Commerce, Industry, Mines and
Agriculture is an association of various Chambers of Commerce in Nigeria
DFIs:
Development Finance Institutions are
companies involved in
project
and development finance such as the Bank of Industry (BOI)
SMEs:
Small and Medium Enterprises are those
firms, which satisfy the definitions given above
SMEDAN:
Small and Medium Enterprises
Development Agency of Nigeria
BOI: Bank of Industry, which provides
medium to long-term loans to enterprises
CBN:
Central Bank of Nigeria, the apex bank in Nigeria, which
supervises other banks
Total Quality Management (TQM): This is a concept in management which says that
every individual and division in an organization should emphasize the
satisfaction of customers and clients.
Budget: A type of plan that specifies anticipated result in numerical terms
and serves as control device for feedback evaluation and follow-up.
Forecasting: A method of predicting future business conditions for the purpose of
establishing goals and budget.
Policy: A general guide to thinking and action or decision of people to do
something through certain ways or procedures.
Rules: An inflexible guide to action such as ‘No smoking’
Objectives: Are some things management is attempting to
achieve.
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