A Critical Analysis of the Effects of Strategic Management on Small Scale Businesses; A case study of Patent Medicine Stores in Abuja, Nigeria
Abstract:
The impact of strategic
management in businesses cannot be over-emphasised irrespective of the size or nature
of the business. The strategy provides the key to success in today’s changing business
environment; hence, the success of a business can be traced to a well-pronounced
factor, which is strategic management. As expressed by Jauch (2015), strategy formulation
is a grand plan to be followed to achieve a set objective in small-scale businesses.
For improved profitability and sustainability, small-scale businesses need to manage
their operations intentionally.
To utilise the limited
resources effectively for higher profitability, small-scale businesses need a strategy;
when resources are finite, when there is uncertainty about competitive strength
and behaviour, when decisions must be coordinated between far places and overtime,
and when there is uncertainty about control of initiative Miller (2013). However,
the study critically analysed the effect of strategic management on small-scale
businesses of Patent Medicine Stores in Abuja, Nigeria, especially in the 21st century.
The methodology comprises the research and questionnaire design, data collection
and data analysis techniques. The researcher was able to retrieve 53 questionnaires
out of 70 and test the hypothesis using the chi-square method. From the result after
the research, the researcher discovered that strategic management has a great effect
on small-scale businesses of patent medicine stores in Abuja, Nigeria.
Conclusively, business
owners and managers must formulate
policies and strategies if their businesses must continue to exist, serve and sustain
competition.
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