Effect of Strategic Management on SMEs Long Term Sustainability: Study of Selected SMEs in Lagos

Author(s)

Saka, Rahmon Olawale , Olowo, Rabiu Onaolapo ,

Download Full PDF Pages: 76-86 | Views: 663 | Downloads: 206 | DOI: 10.5281/zenodo.4979129

Volume 9 - September 2020 (09)

Abstract

The study examined the effects of strategic management on small and medium enterprises in Lagos State .With sudden closure of several SMEs between the first to the third stage of their existence, SMEs continuous death has negatively affected the entrepreneurs, growing economy, skyrocketed unemployment rate and dwindled revenue. In other to get this study achieved, a survey research design was employed while 382 SMEs for the study were selected randomly among the 8395 SMEs in Lagos State. A well validated questionnaire was employed for the extraction of information from the respondents. The data were analysed with regression analyses and EViews econometric package. The study found that strategic analysis positively influences SMEs revenue, also strategy formulation positively affects SMEs competitive advantage and that strategy implementation enhances SMEs profitability. The study recommended that SMEs operators and owners should incorporate strategic management practices into their activities so that better revenue can be realised, profitability generated, and competitive advantage sustained for the long term

Keywords

strategic management, entrepreneurship, SMEs, competitive advantage, long term.  

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Saka, Rahmon Olawale, Effect of Strategic Management on SMEs Long Term Sustainability: Study of Selected SMEs in Lagos, International Journal of Management Sciences and Business Research 09(2020):76-86 DOI: 10.5281/zenodo.4979129