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ANALYSIS OF THE IMPACT OF STRATEGIC MANAGEMENT ON THE BUSINESS PERFORMANCE OF SMES IN NIGERIA
ABSTRACT
The present economic hardship has presented various businesses with high levels of turbulence that only requires the ability to turn strategies into action. Therefore, the presence of good strategic plans assists in some ways in making businesses less vulnerable to the erratic business environment. Although much has been written on business performance of SMEs, this study explored the extent to which the adoption of strategic management practices among SMEs in Nigeria has increased their transaction volumes, number of customers, market shares and consequently their business performances. Data were sourced through the use of questionnaires from 120 owners of SMEs in Lagos state, Nigeria. These were analyzed using descriptive statistics and regression analysis. SME’s competitive advantage and business strategies were found to contribute significantly to increase in their number of customers and market shares respectively. However, the result indicates that organizational structure has positive influence on SMEs’ transaction volumes but not significant.
Keywords: Strategic Management, Business Performance, SMEs, Competitive Advantage, Nigeria.