Strategic Management Practice and Corporate Performance of Selected Small Business Enterprises in Lagos Metropolis

Strategic Management Practice and Corporate Performance of Selected Small Business Enterprises in Lagos Metropolis

Author by Dr. Babatunde Akinlabi

Journal/Publisher: International Journal Of Business And Management

Volume/Edition: 5

Language: English

Pages: 97 - 105

Abstract

Strategy is considered to be a detailed plan for a business in achieving success. Managers employ strategy to
achieve  result.  Strategic  management  practices  and  organization  performance  in  small  business  enterprises
{SBEs} goes together, but most Small business enterprises place less emphasis on making effective strategy for
improved performance. This paper examines the influence of strategic management on corporate performance in
selected  small  scale  enterprises  in  Lagos,  Nigeria.  The  paper  also  provides  how  strategy  could  be  used  for
improved performance of small scale enterprise in Nigeria. Two hypotheses were tested. They are to determine
whether: {i} there is a significant relationship between strategic management and organizational profitability; {ii}
there  is  a  significant  relationship  between  strategic  management  and  company  market  share.  Cross  sectional
survey research method was adopted for the study and 140 participants were randomly selected among SSEs in
Lagos metropolis. Pearson product moment coefficient of correlation and descriptive statistics were used for data
analysis.  Findings  revealed  that  strategic  management  practices  enhance  both  organizational  profitability  and
company  market  share.  The  study  recommends  that  investors  and  managers  should  make  use  of  strategic
management to improve their organizations actual performance at all times.


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