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| Relevance of Strategic Planning on Performance of Small and Medium Enterprises (A Case Study of Osun State) |
Samuel, Oladele Obisesan; Popoola, Elizabeth Toluwani; Makinde-Ojo, Yetunde Adeola; Mbah, Fatima Imike; Adegbola, Muritala Makinde; Akanji, Adedeji Akinkunmi
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Abstract:
This work examines relevance of strategic planning on performance of small and medium enterprises (a case study of osun state). The specific objectives are to: determine if poor strategic planning is behind the low performance of Small and medium Enterprises in Osun State; examine how strategic planning can help in improving the operations of Small and Medium Enterprises in Osun State; and to investigate the relationship between the process of strategic planning and SMEs performance. This study employed descriptive research design. The sampling techniques employed for this study are stratified and simple random sampling methods. The instrument used for this study was obtained from primary data. The primary data was obtained through properly structured questionnaire. The statistical method used to analyze the data for the purpose of this study includes both the descriptive and inferential statistics. The descriptive statistics of frequency distribution, percentages mean and standard deviation were used to analyze and relate variables which were obtained from the administered questionnaire.. The Regression analysis was used to test hypotheses. The Pearson Product Moment Correlation was used to test the hypotheses two and three. The findings show that there is a significant relationship between poor strategic planning and Low performance of SMEs, Strategic planning has significant relationship in improving the operations of small and medium enterprises in Osun State and , a significant positive relationship is therefore existed between strategic planning and SMEs Performance. The study recommended that SMEs should learn to set long term goals with implementation plans in the management of their businesses. SMEs should vigorously carry out the various strategic planning process activities that is related to their performance
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