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Babandi Ibrahim Gumel
Global Humanistic University - Curacao, and LIGS University.
Economics, Econometrics & Finance Social Sciences

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The Impact of Strategic Planning on Growth of Small Businesses in Nigeria. Babandi Ibrahim Gumel
SEISENSE Journal of Management Vol. 2 No. 1 (2019): SEISENSE Journal of Management
Publisher : SEISENSE (PRIVATE) LIMITED

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (577.663 KB) | DOI: 10.33215/sjom.v2i1.85

Abstract

Purpose- There is a need to develop a framework that will improve the understandings of business planning and performance and its effects on growth particularly during the stages of small business development. The study attempted to fill in the gap stated. Design - The single case qualitative study relates small business growth with strategic planning where financial performance, market share, sales, and profits or instead return on investment is used to measure the growth. Existing literature fails to establish a concrete relationship between strategic planning and growth of small businesses which indicates a gap in the literature that will help understand the steps of managing the organizational transition of small business growth. Findings - The study fails to establish a significant relationship between formal planning and transitional growth, but instead found the influence of the planning process in communication the owner’s goals, vision, mission, and intentions to both internal and external stakeholders of small businesses. The study influence of the shared vision with customers on making them loyal and advertisers through word of mouth. The study revealed how customers’ word of mouth increased the customer base of small businesses thereby increasing the product demand and eventual expansion of capacity leading to the growth of small businesses. The growth of small businesses will result in an increased reduction in the unemployment rate which will reduce the poverty rate in the Nigerian economy. Practical Implications- Answering the primary and supporting questions will help small business owners to understand how strategic planning is essential in the transitional growth of their businesses.
Mitigating the Challenges of Small and Medium Enterprises in Nigeria Babandi Ibrahim Gumel
SEISENSE Journal of Management Vol. 2 No. 3 (2019): SEISENSE Journal of Management
Publisher : SEISENSE (PRIVATE) LIMITED

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (567.424 KB) | DOI: 10.33215/sjom.v2i3.129

Abstract

Purpose- The purpose of the paper is to provide owners and managers of small businesses with necessary information about the challenges facing small businesses in Nigeria and present the possible tools, policies, and strategies to mitigate them. Design/Methodology- Using the multi-case qualitative study, managers of successful small businesses narrated in an interview the tools, policies, and strategies they used to mitigate the identified challenges. The study answered the central question: what are the tools, policies, and strategies used by managers of successful small businesses to mitigate the challenges facing their firms? Findings- The findings identified continuous government intervention and support to small businesses as a major tool that reduced the challenges facing the sector. Practical Implications- The information found in this study can be used by small business managers to mitigate the challenges facing small businesses and reduce their massive failure in the economy. Mitigating the challenges facing small businesses in Nigeria will increase the number of successful small businesses, which will result in the reduced unemployment rate in the economy. A reduced unemployment rate in the Nigerian economy will increase the wellbeing of citizens, thereby reducing the unemployment rate in the economy.
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