Assessment of Strategic Leadership Practices in Small Business Settings

Faith O. Sivili and Peter A. Boateng
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Faith O. Sivili: Public Administration Department, Business College, Adventist University of West Africa, Liberia.
Peter A. Boateng: Management and Marketing Department, School of Business, Valley View University, P. O. Box AF 595, Adenta, Accra Ghana

International Journal of Research and Innovation in Social Science, 2023, vol. 7, issue 5, 424-433

Abstract: Scholars have considered strategic leadership as a 21st-century imperative. The new millennium seems to have been characterized by a complex competitive business landscape in the organization’s internal and external environments. Strategic leadership has been discussed and considered the way forward. There is extensive leadership literature but with emphasis on how large and medium size businesses should reposition strategically for success. Despite their numerous efforts, small businesses do not seem to have gained enough mastery within their environments and have been marked with limited success. The study assessed strategic leadership practices within small business settings. This was achieved by reviewing relevant literature on leadership practices in small businesses. The review focused on the relationships between the themes and ideas connected to the study. The outcome indicates that the failure of small businesses partly seems to be a result of the minimal application of strategic leadership principles and practices. Major strategic leadership practices found to be effective for small businesses include the need to plan strategically through the visioning and setting of achievable goals, effective allocation of resources, attracting and retaining the right talent, managing risk, fostering innovation, managing stakeholder relationships, and learning continuously. These discoveries served as major recommendations for consideration by small business owners and strategic leaders.

Date: 2023
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