Critical Factors for the Successful Implementation of a Strategic Business Plan among Small and Medium Size Enterprises

Paul Saah
Additional contact information
Paul Saah: North-West University, Mahikeng Campus, Private Bag X2046, Mmabatho, 2745, South Africa.

International Review of Management and Marketing, 2022, vol. 12, issue 4, 19-28

Abstract: In today's dynamic and competitive business world, small and medium-sized enterprises require strategic planning as a business tool. The purpose of this study was to determine requirements that a small business must meet to successfully implement a strategic business plan. The study employs a qualitative research approach for collecting and analysing data. A non-probability sampling method was used to select the 20 small business owners and managers who participated in the study. The data collection was done through the conduction of interviews and thematic analysis was carry out to analyse the data. The findings demonstrate that strategic business planning helps small businesses in analysing their existing contexts, examining how current trends could affect them, and determining best practices to overcome potential barriers to success. The study equally portrays those small businesses that implement strategic business planning into their operations have a higher chance of success than those that do not.

Keywords: Critical Factors; Strategic Business Plan; SMEs; Implementation; Success (search for similar items in EconPapers)
JEL-codes: M13 M21 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.econjournals.com/index.php/irmm/article/download/13280/6820 (application/pdf)
https://www.econjournals.com/index.php/irmm/article/view/13280 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eco:journ3:2022-04-3

Access Statistics for this article

International Review of Management and Marketing is currently edited by Ilhan Ozturk

More articles in International Review of Management and Marketing from Econjournals
Bibliographic data for series maintained by Ilhan Ozturk ().