Strategic Planning and SME Performance in Edo State, Nigeria
Uhunamure Nosayamen Destiny
Department of Entrepreneurship, University of Benin, Benin City, NigeriaOkunbo Osahon
Department of Entrepreneurship, University of Benin, Benin City, NigeriaOkpavuerhe Oghenetega Charity
Department of Entrepreneurship, University of Benin, Benin City, NigeriaKeywords: Strategic Planning, SME Performance, SME Profitability, SME market share and competitiveness, Entrepreneurship
Abstract
This study investigates the relationship between strategic planning and the performance of Small and Medium-sized Enterprises (SMEs) in Edo State. A quantitative approach was adopted, and data were collected from 150 SMEs through a structured questionnaire. Data was analysed using simple descriptive statistics. The results reveal a significant positive correlation between strategic planning and SMEs' performance, indicating that SMEs that engage in strategic planning tend to outperform those that do not. Specifically, the study found that strategic planning has a positive impact on SMEs' financial performance, market share, and competitiveness. The study concludes that strategic planning is essential for the success and sustainability of SMEs in Nigeria and recommends that SME owners and managers prioritize strategic planning to improve their performance and remain competitive in the market.
