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STRATEGIC PLANNING: EFFECT ON PERFORMANCE OF SMALL AND MEDIUM ENTERPRISES IN LAGOS, NIGERIA

Authors: AJIKE Emmanuel

Publication Type: Journal article

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Abstract

The study examined the relationship between the use of strategic planning and performance in SME sector. In spite of the seemingly increased interest in the running of small and medium enterprises in Nigeria, along with a greater institutional support to sustain the sector, performance appears to be below expectations. It has been indicated that such poor performance of SMEs is possibly due to varied attitudes toward strategic planning. A descriptive and regression analysis with the aid of SPSS was used for analysis purposes. The study revealed that there is a significant relationship between the use of strategic planning and SME performance (r=0.604, F1,480= 275.484, p<0.05). The percentage of variance in SME performance explained by strategic planning is about 36.5%. It was revealed that SMEs in Lagos State practiced and used formal strategic plans in their operations. The implementation of working strategic plan as indicated by the respondents has contributed to the significant growth in sales of the organization relative to the market leader in the industry (77.2% strongly agreed) and higher net profit position (79.5% strongly agreed). It was recommended that the Small and Medium Enterprises in Lagos State, Nigeria should embrace the use of strategic planning as a tool and a concept to be used in achieving organizational performance. The SME owner/manager needs to have a full understanding of the industry in which it operates so as to cut an edge for the organization.

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AJIKE,E. . (0000). STRATEGIC PLANNING: EFFECT ON PERFORMANCE OF SMALL AND MEDIUM ENTERPRISES IN LAGOS, NIGERIA, 0 (), 0-0.

AJIKE,E. . "STRATEGIC PLANNING: EFFECT ON PERFORMANCE OF SMALL AND MEDIUM ENTERPRISES IN LAGOS, NIGERIA" 0, no (), (0000): 0-0.

AJIKE,E. and . (0000). STRATEGIC PLANNING: EFFECT ON PERFORMANCE OF SMALL AND MEDIUM ENTERPRISES IN LAGOS, NIGERIA, 0 (), pp0-0.

AJIKEE, . STRATEGIC PLANNING: EFFECT ON PERFORMANCE OF SMALL AND MEDIUM ENTERPRISES IN LAGOS, NIGERIA. 0000, 0 ():0-0.

AJIKE,Emmanuel , . "STRATEGIC PLANNING: EFFECT ON PERFORMANCE OF SMALL AND MEDIUM ENTERPRISES IN LAGOS, NIGERIA", 0 . (0000) : 0-0.

A.Emmanuel , "STRATEGIC PLANNING: EFFECT ON PERFORMANCE OF SMALL AND MEDIUM ENTERPRISES IN LAGOS, NIGERIA" vol.0, no., pp. 0-0, 0000.

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