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EFFECTS OF
STRATEGIC PLANNING ON THE PERFORMANCE OF SMES
CHAPTER ONE
1.1 Background To The Study
In the 20th
century, the subject of strategic planning has been particularly applied to
Organizations. It is viewed as the science and art of the formulation,
implementation and evaluation of cross-functional decisions that enable an
organization to achieve its objective.
Strategic planning applies the integration of all functional units in
the organization consisting of marketing, finance and accounting, operations
and production and management to attain organizational success. Strategic
planning constitute as an organizational process which aims at channeling both
human and other organizational resources in the profitable attainment of the
needs of customers and other principal stakeholders. Strategic planning
implementation is guided by the stated policies, mission statement and
strategic goals and objectives. The behavior of top management and other key
managers in the organization. Strategic management requires the specification
of strategic aims and objectives in the light of its internal resources and
external factors. It specifies the target customers to serve with the right
product and services through the effective and efficient allocation of
resources (Cole, 1997).Strategic planning as explain by Lamb (1984)
indispensable for SMES to be more proactive and secure the future. The research
therefore seek to investigate Effects of strategic planning on the performance
of SMES in south-west Nigeria
1.2 Statement of the Problem
The growing
significance of SMES cannot be overemphasized in view of its contribution to
the economic growth of the country through the provision of employment for a
large segment of the population and revenue derivation.
However SMES
are faced with challenges in respect of formulating and implementing strategic
plans. The inability to be proactive and secure the future with success has
been the reason for many folding up of SMES and as well as their inability to
grow rapidly. Consequently management experts have advocated the need for SMES
to deploy strategic planning as a measure to ensure the effective and efficient
channeling of resources to profitably meet the growing needs of customers with
innovative products and services. Many of the growing challenges encountered by
SMES in the evolution and implementation of strategic planning include
management inability to support strategy, lack of adequate resources, no
alignment of activities with strategy and inability to manage change and lack
of human resources to implement strategic plans. Consequently the problem
confronting the research is to appraise Effects of strategic planning on the
performance of SMES in south-west Nigeria
1.3 Objectives of the Study
To appraise
the nature and effect of strategic planning on SMES performance.
To determine
the Effects of strategic planning on the performance of SMES in south-west
Nigeria
Strategic
planning applies the integration of all functional units in the organization
consisting of marketing, finance and accounting, operations and production and
management to attain organizational success. Strategic planning constitute as
an organizational process which aims at channeling both human and other
organizational resources in the profitable attainment of the needs of customers
and other principal stakeholders. Strategic planning implementation is guided
by the stated policies, mission statement and strategic goals and objectives.
The behavior of top management and other key managers in the organization.
Strategic management requires the specification of strategic aims and
objectives in the light of its internal resources and external factors. It
specifies the target customers to serve with the right product and services
through the effective and efficient allocation of resources (Cole, 1997)
1.4 Research Questions
What is the
strategic planning?
What is the
effect of strategic planning on SMES performance
What is the
effect of strategic planning on SME performance in south- west Nigeria?
1.5 Significance of the Study
The study
provides an avenue for SMES to understand the tools of strategic planning and
strategic management towards facilitating the improvement of their performance.
The growing
significance of SMES cannot be overemphasized in view of its contribution to
the economic growth of the country through the provision of employment for a
large segment of the population and revenue derivation.
However SMES
are faced with challenges in respect of formulating and implementing strategic
plans. The inability to be proactive and secure the future with success has
been the reason for many folding up of SMES and as well as their inability to
grow rapidly. Consequently management experts have advocated the need for SMES
to deploy strategic planning as a measure to ensure the effective and efficient
channeling of resources to profitably meet the growing needs of customers with
innovative products and services.
1.6 Research Hypothesis
Ho The
Effects of strategic planning on the performance of SMES in south-west Nigeria
is low
Hi The
Effects of strategic planning on the performance of SMES in south-west Nigeria
is high
1.7 Scope of the Study
The study
focuses the appraisal of Effects of strategic planning on the performance of
SMES in south-west Nigeria
1.8 Limitations of the Study
The study
was confronted with some constraints including logistics and geographical
factors
1.9 Definition of Terms
INTERNAL
ENVIRONMENT
The internal
environment of the firm consist of the factors within the firm
Comprising
of its strengths and weaknesses, resources, culture and structure (Beal, 2000)
PERFORMANCE
MEASURE
Performance
measurement consist of the informative
methodology of what to measure and how to measure it
OBJECTIVE
DEFINED
The
Objectives of the firm is regarded as the outcome or result of the planned activities of the firm
which must be consistent with the mission, targets and objectives of the
firm. (Johnson et al., 2007).
STRATEGIC
PLANNING DEFINED
It is viewed
as the science and art of the formulation, implementation and evaluation of
cross-functional decisions that enable an organization to achieve its
objective. Strategic planning applies the integration of all functional units
in the organization consisting of marketing, finance and accounting, operations
and production and management to attain organizational success.
STRATEGIC
MANAGEMENT DEFINED
Strategic management consist of those managerial decisions and actions which
channels the resources of the firm towards the attainment of the long term
objectives of the firm taking into consideration both the internal and external
factors of external opportunities and
threats and organization‘s strengths and
weaknesses . Wheelen and Hungers‘study (2006),
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