Small And Medium Scale Enterprises Research Articles

Marketing Strategies and Performance of Small and Medium Scale Enterprises (SMEs) in Ikare Akoko Ondo State

Marketing strategies has been a functional desire and a method for attaining all-inclusive business success. This paper examined effect of marketing strategies on the performance of Small and Medium Enterprises in Ikare Akoko. A descriptive research design was employed. Sample size of 350 was drawn from a population of 2825 which comprised selected registered SMEs owners in Ikare Akoko. Multiple Regression Technique was used to test research hypothesis. The findings obtained revealed that marketing strategy (promotion marketing strategy, price marketing strategy, place marketing strategy, and product marketing strategy) significantly influence performance of SMEs in Ikare Akoko. The research concluded that marketing strategy (product strategies, promotion strategies, price strategies and place strategies) have a significant and positive impact on performance of SMEs in Ikare Akoko. Hence, the paper recommended that SMEs in Nigeria should establish varieties of quality products with new features and design. This will increase many customers to patronize their products. They should also charge equitable price, position suitably to the final consumers. More so, Management of the SMEs in Ikare Akoko should ensure that they increase effort in product advertisement in order to enhance promotional strategy in the organisation. Finally, SMEs should continually ensure goods and services produced reach final consumers or users by locating convenient place for their varieties products. Keywords: Marketing Strategies, Performance, Price Strategies, Promotion Strategies, SMEs,

Navigating economic crisis: Factors shaping resilience in Sri Lankan construction SME supply chains

In today’s construction industry, supply chains are subject to much greater disruption than they were in the past, resulting in a greater need for resilience. However, there is a gap in the literature that examines the resilience of construction small and medium scale Enterprises (SMEs) specifically focusing on developing countries. This article is a step towards identifying the factors influencing the resilience of construction SME supply chains taking the case of Sri Lanka: a developing country which is currently amidst a major economic crisis. This research study adopted a mixed-method approach, employing 08 structured interviews with employees ranging from executive level to top level management of 08 construction SMEs followed by a questionnaire survey considering a sample of 195 construction SMEs also with executive level to top level management of each construction SME. The findings indicated that Collaboration, Entrepreneurial Orientation (EO), Internal Integration, and Outsourcing have a positive significant impact on the resilience of Sri Lankan construction SMEs’ supply chains during an economic crisis, while ‘collaboration’ and ‘EO’ are the most influential factors respectively. Therefore, construction SMEs must prioritize and enhance collaboration and EO when devising supply chain strategies to strengthen resilience during economic crises. This paper contributes to filling the research gap by investigating factors influencing construction SME supply chains in a developing country during an economic crisis. Moreover, it contributes to the knowledge by being one of the latest empirical studies focusing on the construction SME supply chains in Sri Lanka. The findings provide a valuable reference for both policymakers and practitioners seeking to improve the resilience of construction SME supply chains.

Analyzing the Impact of Data Analytics on Performance Metrics in SMEs

In any volatile scenario of the small and medium scaled enterprises (SMEs), data analytics which is considered as a transformatory factor is no exception, thus impacting a number of performance parameters. This paper has a look at data analytics in the micro-small and medium enterprises sorting companies and how they not only enhance the operational efficiency but also drive the decision making and strategic planning which drives the sustainable growth. Taking into account a mixed-methods strategy, the study reflects a holistic cross-sectional demonstration of SMEs belonging to different markets, accentuating the positive outcomes and tradeoffs resulting from the introduction of data analytics. These study findings showed that, after all, data analytics stands out as a powerful tool that brings about several improvements in critical success factors, such as retention of customers, operational efficiency and profitability. Empowered SMEs that are equipped with advanced analytics, in turn, improve decision-making effectiveness and liking by over 50%, which places them in superior competitive positions in the markets. But between its advantages and challenges, the transition to technological change is not that simple. The researches point out that there are the significant issues such as resource shortage, knowledge deficit which limit the performance of the SMEs and also the cultural issue that impede the learning process. The highlighted case studies that are set by this article are analysis implementations that help SMEs to overcome their difficulties and a make data-driven insights well-used. This study comes to the strategic end by offering SMEs a roadmap for mastering the eternity of data analytics adoption, and at the same time, future research directions are suggested so as to delve deeper into the scalability of analytics tools in an attempt to improve performance in SMEs.

The Role of the Igbo Apprenticeship System in Entrepreneurship Development in Nigeria

The growth of entrepreneurship is vital for Nigeria's economic development, with Small and Medium-scale Enterprises (SMEs) playing a key role. This study examines the impact of the Igbo Apprenticeship System on entrepreneurship development and youth employment in Nigeria. Through semi-structured interviews with 50 Igbo business owners at Dugbe market in Ibadan, Oyo State, a significant market in South-Western Nigeria, the research highlights the system's role in establishing small businesses and imparting entrepreneurial skills to apprentices. The study confirms that the apprenticeship system is well-established within the community, with all respondents familiar with it. It highlights the system's critical role in entrepreneurship development in Nigeria, noting that 98% of respondents have participated in the system, and over 60% have sustained their businesses for more than ten years. The system also positively impacts youth employment by providing young people with the skills necessary to start and run their own businesses. However, it shows limited success in empowering females, and challenges such as financial settlement issues and a hostile work environment persist. The study recommends restructuring the system to shift from an individualistic focus to one that promotes teamwork, collaboration, and mutual support, with a particular emphasis on enhancing inclusivity for women.

Chief Executive Officer (CEO) Characteristics and Performance of Small and Medium-scale Enterprises (SMEs) in Ghana

Chief Executive Officer (CEO) Characteristics and Performance of Small and Medium-scale Enterprises (SMEs) in Ghana

Financial Technology Innovation and Business Growth of Small and Medium-Scale Enterprises in Port Harcourt, Rivers State, Nigeria

This study empirically examined the relationship between financial technology (FinTech - proxied by Internet Banking and Mobile Payment) innovation and business growth (proxied by productivity and operational efficiency) of Small and Medium-Scale Enterprises (SMEs) in Port Harcourt. The study was underpinned by the theory of Technology Acceptance Model (TAM) and the Diffusion of Innovation Theory (DIT). The study adopted a cross-sectional research design and the population was the 1016 registered SMEs in Port Harcourt with a sample size of 287. Spearman’s Rank Correlation and Partial Correlation were used to test the five hypotheses that guided the study. The findings showed a positive and significant relationship exists between financial technology innovation and business growth. Based on these findings, the research concluded that financial technology innovation is a business solution and a formidable management strategy that SMEs can deploy to improve their business growth. It recommends therefore that SMEs who want to improve their business growth should invest more in FinTech innovations such as Internet banking and mobile payment, as these digital solutions have a significant impact in improving productivity and operational efficiency (business growth).

Auditing Services and SME Financial Performance: The Moderating Role of Information Technology

Abstract According to numerous studies, small and medium businesses are more financially limited than large businesses due to the lack of audited financial accounts. This study investigates the effects of Audit services on SMEs' financial performance. As a result, to obtain the necessary data for the project, the study used a quantitative strategy and a survey method. The study's participants are registered SMEs from the Registrar General's Department. The sample size was determined using a list of 6,000 registered small and medium businesses. The SMEs were chosen through a systematic selection process and were given questionnaires. The PLS-SEM Software was used to analyse the data collected from the respondents. The findings indicate that the use of audit services results in the avoidance and detection of financial irregularities, resulting in an improvement in SMEs' financial performance. The study also found a positive relationship between information technology and the financial performance of SMEs. Keywords: Audit Services, Small and Medium Scale Enterprise (SME), Financial Performance, information technology.

The Impact of Technology and Management Competence on the Growth of Small and Medium Scale Enterprises’ Growth in Ado Ekiti Metropolis, Nigeria

Considering the enormous contributions of Small and Medium Scale Enterprises’ (SMEs) towards economic growth, employment generation and poverty alleviation across nations of the world, makes it impossible to de-emphasize its significant roles in bringing about desired development within an economy despite the various challenges confronting this sector. This study therefore seeks to investigate the determinants of the growth of small and medium scale enterprises in Ado-Ekiti Metropolis. The objectives of the study include assessing influence of technology and managerial competence on Small and Medium Scale Enterprises (SMEs) growth. Descriptive research design and ordinary least square techniques were used in analysing the primary data generated through the administered copies of questionnaire. Results obtained indicated that both technology and managerial competence positively impacted on the growth of SMEs in Ado-Ekiti. It is therefore concluded that technology and managerial competence have contributed to the growth of SMEs in Ado-Ekiti Metropolis but not as much as projected. Hence, it is recommended that improved technology should be adopted by SMEs coupled with competent management team to enable them produce at optimal level and to further engender their growth. SUMMARY OF THE ARTICLE The study explored the determinants of SMEs Growth in Ado-Ekiti Metropolis, Ekiti State, Nigeria. Simple percentages and Ordinary Least Squares technique of estimation were used in achieving the objectives of the study which are finding out if managerial competence can stimulate SMEs growth and likewise if technology impacts. From the study it was found that both factors significantly and positively impact the growth of the SMEs within the metropolis. Business registration and SMEs growth were found to be directly related implying that any business that is registered has the potential of growing faster than those that are not. It therefore follows that private small business owners should be ready to invest more on the training and development of their personnel so as to further boost their productivity and ultimately the growth of SMEs. In the same manner, they should embrace the use of modern technology either locally invented where available or foreign technology in the absence of the former. Moreover, SMEs desirous of business expansion should formalise their business activities to enhance their greater acceptability in business world.

Leveraging Social Media For Enhanced Profitability and Growth: Evidence From Small and Medium Scale Enterprises (SMEs) in Ghana

Leveraging Social Media For Enhanced Profitability and Growth: Evidence From Small and Medium Scale Enterprises (SMEs) in Ghana

The Import Substitution Practices of Russia as a Model for the Nigerian Soft Drinks Market

The present study focuses on the issues of import substitution practices in Russia and Nigeria that can be useful in the current reality of the world economy. However, the Nigerian economy has great potential for import substitution in the current process of de-globalization. However, it is crucial to use the Russian experience. The study revealed that the comparison of Nigerian and Russian Soft drink markets is an excellent example of the drawbacks that can occur upon realizing protectionism governmental policies. Therefore, the paper recommends for import substitution policy that will promote economic diversification that supports local production and increases exports. The research concludes that import substitution policy can be successfully implemented if it is focused on economic growth and development of Small and Medium Scale Enterprises (SMEs) in the partnering countries.

Internal control systems of SMEs in Nigeria: a proactive or reactive strategy against employees’ fraud?

Purpose The purpose of this study is to determine the strategy adopted by small- and medium-scale enterprise (SME) owners in setting up internal control systems, examine the relationship between the numbers of employees’ fraud and strategy adopted in setting up internal control and evaluate the difference between proactive and reactive strategies in employee’s fraud prevention among SMEs. Design/methodology/approach A survey research approach was adopted to determine whether proactive or reactive strategies were adopted by the SME owners. Specifically, a survey questionnaire was used to gather primary data from selected respondents in Lagos and Oyo States. Descriptive statistics, Spearman correlation and the Mann–Whitney test were used to analyse the primary data. Findings The study found that most of the SME owners used reactive internal control strategies in setting up their internal control systems after they suffered financial losses occasioned by employees’ fraud. Also, the study found a positive relationship between the number of employees’ fraud and reactive strategy. Finally, the study found a significant difference in the number of employees’ fraud occurrences between proactive and reactive internal control strategies in SMEs. Research limitations/implications The study provides further confirmation that where internal control is properly set up and strengthened, a lower number of employee frauds will occur. Thus, giving credence to the fraud theory. The study was, however, conducted in six selected local government areas in two states. Practical implications The study provides recommendations on the adoption of a proactive strategy for curbing employees’ fraud at the onset of business operations and not until devastating events of employees’ fraud become a reality. Originality/value The study is original, as it focuses on the strategy adopted by SME owners in setting up internal control systems, which is rare in fraud empirical studies, particularly for studies conducted in emerging markets like Nigeria. It provides the need for the sustainability of SMEs as engine of growth and employment through the adoption of appropriate strategies in setting up internal control systems.

Financial Management Practices and Small and Medium-scale Enterprises' Performance in Sri Lanka

Small and Medium-scale Enterprises (SMEs) add value to an economy by creating employment, contributing to Gross Domestic Production (GDP), making innovations, and minimising poverty. They are partnering with the development of the country. Most small and medium-scale enterprises face issues like lack of knowledge, outdated skills, fear of taxation, adoption of accounting standards, and accounting information records. Therefore, this study aims to identify the relationship between financial management practices and SMEs' performance in the southern province of Sri Lanka. This study measures financial management practices using financial reporting analysis, working capital management, fixed asset management, and accounting information systems. SME performance was measured by the profitability of SMEs using return on assets. Considering data constraints, time constraints, and the COVID-19 situation, 107 Small and Medium Enterprises operating in the manufacturing and service sectors were selected as samples. A questionnaire was chosen as the primary data-gathering method. The sample was chosen using a convenience sampling procedure, and the data were analysed using the Statistical Package for Social Scientists (SPSS) software. Multiple regression analysis was done to examine the hypothetical association. This study found that financial management techniques such as fixed asset management, working capital management, accounting information systems, and financial performance of SMEs have a significant association with performance. The findings support aiding investors, workers, and policymakers in making effective decisions.

Effect of Bootstrapping dimensions moderated by Cost of Doing Business on Performance of Small and Medium Scale Enterprises (SMEs) in South-West, Nigeria

The role Small and Medium Scale Enterprises (SMEs) can never be overemphasised in the has economic drivers in either developed and developing countries of the world. However, contract to immense contribution of SMEs to nation economic growth, most SMEs in Nigeria struggle to survive beyond five years due to poor performance. The major challenge SMEs in Nigeria include developing creative ways of acquiring resources in non-traditional ways cum cost of doing business which to greater extent affect SMEs performance. Thus, this study investigated the effect of Bootstrapping dimension moderated by cost of doing business on the performance of Small and Medium Enterprises in South-West, Nigeria. The study adopted survey research design and the population of the study comprised 14, 527 owner/managers of small and medium scale enterprises (SMEs) enterprises in Lagos and Oyo States. The study utilized stratified simple random sampling technique with a sample size of 750 owner/managers of SMEs determined using Cochran’s (1977) formula and data were analyzed using regression analyses. The findings revealed that cost of doing business (β = 0.003, ΔR2 = 0.021, ΔF = 14.820, p < 0.05) significantly moderated the effect of bootstrapping measure by owner’s financing, subsidy financing, delayed payment, joint utilization, and social capital on the performance of SMEs in South-West, Nigeria. The study concluded that bootstrapping improved performance of SMEs in South-West, Nigeria, cost of doing business significantly moderated effect of bootstrapping on the performance of SMEs in South-West, Nigeria. It was recommended that management of small and medium scale enterprises in South-West, Nigeria should pay more attention on subsidy financing, delayed payment, social capital with less attention on joint utilization in order to improve their performance. Keywords: Cost of Doing Business, Delayed Payment, Joint Utilisation, Owner Financing SME Performance, Social Capital, Subsidy Financing

Risk-Taking Ability and Organizational Resilience among Small Scale Business in Lagos State

One major feature of a successful entrepreneur is the ability to take risk in business and not just any risk but calculated risk that will improve the business organization financially. Thes study examined the impact of risk-taking ability on organizational resilience among Small and Medium- sized Enterprises (SMEs) operating in Lagos State, Nigeria. One of the major drivers of economic growth in any nation is the small and medium scale enterprise sector. This study adopts a descriptive research design using a sample size of 500 business owners from various SME sectors a self-structured questionnaire was used as the research instrument. The finding of this study shows that there is a positive correlation between risk taking ability of a business organization and organizational resilience. This implies that risk taking positively influence organizational resilience among small and medium scale enterprises in Lagos state. For business development to take place, a calculated level of risk has to be taken. Risk-taking, Organizational Resilience, Small and Medium Scale Enterprises (SMEs)

Effect of logistics management practices on marketing performance of small and medium scale enetrprises in Calabar, Cross River

The study examined the effect of logistics management practices in Calabar. The specific objectives were to investigate the effect of warehouse management, inventory, transportation and order processing on marketing performance of SMSEs in Calabar, Cross River State. The research design used for this study is the survey method. Primary data were collected from small and medium scale enterprises (SMSEs) in Calabar using questionnaire. The data were analysed using inferential and descriptive statistical tools. Based on the results, it was revealed that warehouse management, inventory management, transportation management and order processing have a significant effect on marketing performance of SMSEs in Calabar. On the basis of the findings, it was concluded that logistics and supply chain managers should encourage effective and efficient logistics management practices in their organizations to enhance their marketing performance.

Effects of Business Intelligence, Organisation Learning and Innovation on the Performance of Small and Medium Scale Enterprises (SMEs) in South-West Nigeria

Business Intelligence (BI), both in process and product, is one of the methods used by organizations to develop and access useful information or intelligence that can help enhance their performance. This paper therefore evaluates the effect of business intelligence (BI), organizational learning (OL) and innovation (IN) on the performance of SMEs in the South West Nigeria. Ex-post facto design of descriptive survey was adopted for the study. Primary data were collected on SMEs from Southwest Nigeria. A structured questionnaire (r=0.77) was used to elicit information from selected respondents. The sample size of 400 was adopted as derived from Cochran sample size formula out of the population size of 299,401. The data obtained were analyzed using statistical and econometric techniques. The findings from the analysis through logistic regression showed that only Business Intelligent (organization learning and innovation) has a significant influence on firm performance. The study therefore concluded that firm performance could be boosted by the integration of business intelligence, organizational learning and innovation. Hence, it is suggested that Nigerian small and medium scale businesses that are yet to incorporate business intelligence-driven innovation into any part of their production and delivery processes should make a quick effort to do so.

Sustainability performance reporting in Ghana: the views of SMEs

ABSTRACT The study examines the perspectives of small and medium-scale enterprises (SMEs) on sustainability performance reporting in Ghana and also determines the impact of the barriers and motivations on SMEs’ decisions to engage in sustainability performance reporting. The study is based on cross-sectional data from 183 SMEs using a structured questionnaire as the research instrument. The study reveals that the extent of sustainability performance reporting of SMEs in Ghana is 38.3%. The results also show that financial constraints, lack of knowledge and awareness, lack of expertise, absence of legal/regulatory requirements and lack of motivation are some of the main barriers perceived as impeding SMEs from engaging in sustainability performance reporting. The study validates the propositions of the resource-based view theory. The findings of the study have important implications for considerations by the key stakeholders in trying to encourage SMEs to adopt or improve sustainability performance reporting behaviour in Ghana.

Effect of Tax Compliance Costs on Tax Evasion by Small and Medium Enterprises

This study examined the effect of tax compliance costs on tax evasion by small and medium scale enterprises (SMEs) in Akwa Ibom State. Survey research design was adopted in realising the objectives of the study. The population (1,887) of the study consists of all SMEs in Akwa Ibom, from where a sample size of 330 was drawn using Taro Yamane model. 330 copies of questionnaire were administered to Accountants and owner/managers of the selected SMEs across the three senatorial districts of Akwa Ibom State. The questionnaire was constructed on a 5-point Likert scale and was analysed using non-parametric tests such as mean, standard deviation and percentages. The questions in the questionnaire centred around tax evasion as dependent variable while independent variables were proxied as cost of registration for tax purposes; cost incurred in engaging tax professionals; complexity in the tax system; cost incurred in keeping books and accounting records for tax purposes; cost incurred in obtaining tax education information and changes in tax policy; time spent for tax purposes and cost implication of such time element. The findings of the study shows that 90% of the respondents agreed that the cost incurred by SMEs in registration for tax purposes is high and that this high costs leads to tax evasion. Also, 91% are in agreed that the complexity in the tax system is the reason why SMEs engage the services of external tax professionals to assist in tax matters and this leads to high compliance cost and the attendant tax evasion. 88% of the respondents agreed that high costs of keeping books and accounting records for tax purpose while those on obtaining information on tax policy is 94%. Also, 93% of the respondents agreed that the time spent by SMEs exclusively for tax purposes encourages tax evasion Finally, 89% of the respondents agree that the combined effect of all costs, other than tax liability, and the time spent in tax processes contributed to tax evasion by SMEs. Based on these findings it was concluded that there is a strong indication that compliance costs greatly affect tax evasion. It was recommended that Government should simplify tax policies in order to reduce compliance costs incurred by SMEs and tax professionals should reduce their charges for SMEs as a way of reducing their compliance costs.

Inflation and Small and Medium-Scale Enterprises (SMES) Growth in Nigeria

Small Medium Enterprises (SMEs) are important to the economy because they help achieve macroeconomic goals. This has led monetary authorities to adopt policies that foster SMEs’ development and success. This has made the study focus on Inflation and Small and Medium-Scale Enterprises (SMEs) Growth in Nigeria. The objectives of the study are to examine how inflation rates, interest rates and exchange rates have affected SMEs growth in Nigeria, secondary data that spanned from 2001 to 2022 used for the study analysis were sourced from Central Bank of Nigeria (CBN) and the Federal Office of Statistics (FOS). The variables’ stationarity was tested using unit root tests to test the time series data. Cointegration, Ordinary Least Square (OLS) and Error Correction Model (ECM) were used for analysis. Many diagnostic tests were performed on the study residuals. The interest rate positively and statistically significantly affects Nigerian SMEs’ funding. In contrast, inflation has a negative impact on Nigerian SMEs’ funding. The exchange rate had no effect on SMEs funding, according to the research. The study recommended that the monetary authorities should implement policies to reduce inflation and prioritize SMEs growth in Nigeria by establishing dedicated channels via different financial institutions to provide them with low-interest loans. This will boost their growth and help reduce inflation.

A Comparative analysis of service supply chain performance using analytic hierarchy process methodology

The study aims to provide a comprehensive analysis of the service supply chain (SSC) of small and medium scale enterprises (SMEs) and to offer insights to improve its supply chain performance. The study employs mixed methods, to analyse the data collected from SMEs. The findings highlight several key metrics of effective supply chain management in a service firm such as utilisation and flexibility of service capacity, inventory, order lead times, relationships between the organisation, its suppliers and customers, the importance of effective demand forecasting and inventory management as valuable attributes to improve the supply chain performance of service firms. Inventory lead time is presented as a fundamental metric useful in determining the service supply chain performance of SMEs.