Factors impacting Strategic Management Practices Among SMEs in Nigeria
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Abstract
The study investigated the relationship between strategic management practices and the performances of SMEs in Nigeria using a quantitative research approach. Specifically, the study adopted a descriptive survey research method where questionnaire was used to collect data from 150 SMEs in 30 randomly selected enumeration areas in Lagos state Nigeria. The study specifically revealed that strategic management practices like scanning the environment from opportunities, strategy formulation, strategy implementation, and strategy evaluation have a significant impact on organization performance within the sampled period. The study further revealed that most of the SMEs in Nigeria have embraced strategic management practices but are wrongly implemented and evaluated explaining why strategic management practices have not reflected in improved competitive advantages of the SMEs in Nigeria in the global scene. As such, the study concludes that for the benefits of strategic management practices to be reflected in the SMEs performances in Nigeria, firms must be able to implement and evaluate strategy formulated.
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