Strategic management and Small and Medium Enterprises Performance: Evidence from Lagos State, Nigeria
Keywords:Stakeholder, Mission, Vision, SMEs, Performance, Management, Strategic
The study examines the impact of strategic management on the performance of SMEs in Lagos State, Nigeria. A survey of two hundred and two (202) of Small and Medium Enterprises (SMEs) that have been in operation for the past ten (10) years were randomly selected from one thousand nine hundred and sixty-five (1,965) that registered with Ministry of Commerce and Industry in Lagos State. Data analysis was performed with the aid of an Ordinary Least Square method of estimation. The findings reveal that commitment to strategic management has a positive impact on SMEs’ performance but not significant, while the inclusion of members of staff in the strategic management process has a positive and significant impact on SMEs’ performance. The study concludes that for SMEs in Nigeria to achieve sustainable competitive advantages in this era of the cut-throat global competitive environment, the inclusion of all stakeholders in the strategic management process is prime importance.
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