Impact of Strategic Management Practices on the Business Performance of SMEs in Pakistan

Abstract

Small and Medium Enterprises (SMEs) in Pakistan are playing a significant role in the economic development, and performance of these SMEs is very crucial to the country. Therefore, the aim of current research is to check the significance of strategic management practices in the SMEs operating in the South Punjab of Pakistan. Three variables were created from the existing literature (strategy development,strategy implementation, and strategy evaluation). Convenient sampling has been used to collect primary data through self-administrative questionnaires. By exercising different Inferential Statistical Techniques, this paper has found a significant link between all the strategic management functions and business performance of selected SMEs in the South Punjab of Pakistan.For this purpose, IBM SPSS Statistics software has been applied.This research has recommended that owners as well as management of SMEs should regularly evaluate and take corrective measures on schedule and the progress of various strategies.