FACTORS AFFECTING THE PERFORMANCE OF SMALL AND MEDIUM SCALE BUSINESSES IN NIGERIA
ABSTRACT
The study scrutinizes the Factors Affecting the Performance of Small and Medium Scale Businesses in Nigeria. In achieving this aim, the following specific objectives were laid out to ascertain the effects of strategic planning as a tool in the growth and survival of Small and Medium Scale Businesses in the Nigeria, identify the steps and processes that should be taken in implementing strategic planning in an organization and identify the problems militating against the survival of Small and Medium Scale Businesses in the Nigeria and make recommendations on how to solve these problems. The research design used in this report is descriptive design, utilizing questionnaire method to obtain information from the respondents for this project. A total of 133 (one hundred and thirty three) respondents were selected for this study to represent the entire population of the study. For null hypotheses were formulated and tested using the one-way ANOVA and the t-test statistical tools at 0.05 level of significance. Primary data were collected from the primary source which questionnaire was used as an instrument of data collection while secondary data were sources from textbooks, journals, newspapers and the internet were employed. The data were presented on a frequency distribution table and analyzed using simple percentage, while hypothesis was tested using chi-square test. This study will be of immense benefit to small and medium scale business operators in particular and other business organizations in general to determine the effective of strategic planning and control. The study will determine the factors or problems limiting the effectiveness of strategic planning and control in an organization. Also, the study looks into the problems or factors militating against the survival of small and medium scale enterprise and tends to make recommendations and suggestions on how to solve these problems.
CHAPTER ONE
1.1 Introduction
The small business strategic plan must communicate the vision and mission of owners to employees and customers. The study will enhance the growth of small businesses in the Nigerian economy through the understanding of the relationship between effective strategic planning and business growth. Small businesses are usually started by a small number of owners or sometimes single owner and usually with no formal procedures and operations. Owners usually manage small businesses with little skills and knowledge to the extent where the growth stage is critical requiring clear vision and mission for success.
As a prelude to other parts of this study, this chapter will discuss the background upon which this study was initiated, the statement of problems that led to this study, the Aim and Objectives of the study. Others are Significance of the study, Scope of work, Research hypothesis and questions, Limitations of the Study and Definition of technical terms.
1.2 Background of Study
Nigeria's SMEs (general an umbrella term for firms with less than 250 employees), at present experienced a lot of problems and hardship and this is not just as a result of the economic downfall. There are a number of bottlenecks, including serious under capitalization with difficulty in gaining access to bank credits and other financial markets, corruption and a lack of transparency but most damagingly, a seemingly lack of government interest in and support for the roles that SMEs play in national economic development and competitiveness. Looking back, there has never been any real attempt on the part of government to formulate any tangible and lasting policies or programmes to support small business sector what is more damaging, however, is that this lack of support for small businesses have been negatively complemented by misplaced government intervention in what is seen as the commanding heights of the economy.
Historical facts show that prior to the late 19th century, cottage industries controlled the economy of Europe. The industrial revolution changed the status quo and introduced mass production model, which triggered an unexpected reappraisal of the role and importance of small and medium sized enterprise in the global economy. Findings by economics over the years showed that small firms and entrepreneurships play a much more important role in economic growth and development. Many economics developed and developing here come to realize the value of small business. They are seen to be characterized by dynamism, within innovations, efficiency, and their small size allow for faster decision making process.
Governments all over the world have realized the importance of this category of companies and have formulated comprehensive public policies to encourage, support and fund the establishment of SMES. Developments in small and medium enterprises are sin quo non for employment generation, solid entrepreneurial base and encouragement for the use of local raw materials and technology.
SMEs are important for economic development of any nation because they boost commercial activities and growth. The World Bank report (2013), shows that they are a source of employment that lessens inequalities between cities and villages. They provide employment for the teaming idle youth thereby helping in generating income. Small businesses act as a bridge to foster economic growth in both developed and developing countries (Boateng & Abdulrahman, 2013). Small businesses are not only an influential force in the economic development of the country but also reduce poverty in emerging economic (Amin & Banerjee, 2011). SMEs employ local resources which do not involve high technical skills. Some reutilize by-products from other companies as inputs for their own production. SMEs also aid national output by providing raw materials for larger companies. Furthermore, they are also a source of revenue to government through taxation. SMEs further mobilize domestic savings thereby reducing production costs and increasing industrial efficiency.
Therefore, in Nigeria where the research was carried out, the activities that was conducted is to know the Factors Affecting the Performance of Small and Medium Scale Businesses.
1.3 Statement of Problems
This study has observed a problem facing small and medium scale business as a result of the economic downfall, there are a number of bottlenecks, including services under capitalization with difficulty in gaining access to bank credits and other financial markets. Looking back, there has never been any real attempt on the part of government to formulate any tangible and lasting policies or programmes to support small business sectors. This is where strategic planning and control come in place, government has to effectively plan its policies and formulate programmes that will enhance the growth and sustenance of SMEs in the country.
The existing literature fails to establish a concrete relationship between strategic planning and growth of small businesses which indicates a gap in the literature that will help understand the steps of managing the organizational transition of small business growth.
1.4 Aim and Objectives of Study
The aim of the study is to scrutinize the Factors Affecting the Performance of Small and Medium Scale Businesses in Nigeria. In achieving this aim, the following specific objectives were laid out as follows:
- To ascertain the effects of strategic planning as a tool in the growth and survival of Small and Medium Scale Businesses in the Nigeria.
- To measure the contribution of strategy planning in the enhancement of productivity and workers performance.
- To identify the steps and processes that should be taken in implementing strategic planning in an organization.
- To identify the problems militating against the survival of Small and Medium Scale Businesses in the Nigeria and make recommendations on how to solve these problems.
1.5 Research Questions
The study came up with research questions so as to be able to ascertain the above stated objectives. The specific research questions for the study are stated below as follows:
- What roles do strategic planning have to play in the survival of small and medium scale businesses?
- Does strategic planning play any role in the growth and survival of small and medium businesses in the Nigeria?
- Have strategic planning lead to the achievement of corporate objectives?
- Have strategic planning enhances the productivity of small scale businesses?
- What are the problems militating against the survival of SMEs in the country and how can these problems be solved?
CHAPTER TWO
2.0 Literature Review
2.1 Introduction
The review of relevant literature is the main topic of this chapter. A literature review covers theoretical and methodological contributions to a certain issue in addition to the state of knowledge at the time of writing. It provides information about the state of the art in relation to the subject you are writing about. It examines the body of work on the chosen subject. The literature evaluation in this study comprises the …
Procedure for Downloading the PDF (Docx) Material
Factors Affecting the Performance of Small and Medium Scale Businesses in Nigeria can be downloaded by requesting the full set of materials at the project or seminar cost. The document will be sent via Microsoft Word (MS-Word) format via WhatsApp (e-mail) following payment confirmation.
| Seminar Material Cost ₦3,000 | Project Material Cost ₦5,000 |
Request Complete Material
 | Click here to request the Complete Material via WhatsApp including;
|
TABLE OF CONTENTSPRELIMINARY PAGES
- Title page
- Approval page
- Dedication
- Acknowledgement
- Table of Contents
- Abstract
INTRODUCTION
- 1.1 Introduction
- 1.2 Background of Study
- 1.3 Statement of Problems
- 1.4 Aim and Objectives of Study
- 1.5 Research Questions
- 1.6 Research Hypothesis
- 1.7 Significance of Study
- 1.8 Scope of Study
- 1.9 Limitations of the Study
- 1.10 Definition of Terms
LITERATURE REVIEW
- 2.1 Introduction
- 2.2 Conceptual Framework
- 2.2.1 Financial Impact Assessment Theory
- 2.3 Performance of Small and Medium Enterprises
- 2.4 Performance Measurement
- 2.4.1 Models of Performance Measurement
- 2.4.2 Theory and Practice of Venture Capital
- 2.5 Theoretical Framework
- 2.6 Venture Capital Investment Process
- 2.6.1 The Influence of Venture Capital on Growth of SMEs
- 2.6.2 Influence of Venture Capital on Financial Management of SMEs
- 2.6.3 Influence of Venture Capital on Management Styles of SMEs
- 2.7 SMEs Funding Challenges and Interventions
- 2.8 Problems of SMEs in Nigeria
- 2.9 Empirical Studies
RESEARCH METHODOLOGY
- 3.1 Introduction
- 3.2 Research Design
- 3.3 Population of Study
- 3.4 Sampling and Sampling Technique
- 3.5 Validation of Research Instrument
- 3.6 Method of Data Collection
- 3.7 Method of Data Analysis
- 3.8 Questionnaire
- 3.8.1 Interview
- 3.8.2 Key Informants Interview
- 3.8.3 Observation
- 3.9 Statistical Analysis
DATA ANALYSIS, RESULT AND DISCUSSION
- 4.1 Introduction
- 4.2 Presentation and Analysis of Data
- 4.3 Test of Hypothesis 1
- 4.4 Discussion of Findings
SUMMARY, CONCLUSION AND RECOMMENDATION
- 5.1 Introduction
- 5.2 Summary
- 5.3 Conclusion
- 5.4 Recommendation
REFERENCES
APPENDIX A - “QUESTIONNAIRE”
Disclaimer for Complete Material Utilization
The displayed research work titled "Factors Affecting the Performance of Small and Medium Scale Businesses in Nigeria" is stated as a research guideline towards accomplishing your assigned project / seminar research work. All the research materials on this website are ONLY for research purposes and should be used as a guideline in developing your research work. For no reason should you copy word for word as projectlist.com.ng will not be liable for any who copied the material. By ordering the complete research guideline, it signifies that you've accepted our terms of service.
PRELIMINARY PAGES
- Title page
- Approval page
- Dedication
- Acknowledgement
- Table of Contents
- Abstract
INTRODUCTION
- 1.1 Introduction
- 1.2 Background of Study
- 1.3 Statement of Problems
- 1.4 Aim and Objectives of Study
- 1.5 Research Questions
- 1.6 Research Hypothesis
- 1.7 Significance of Study
- 1.8 Scope of Study
- 1.9 Limitations of the Study
- 1.10 Definition of Terms
LITERATURE REVIEW
- 2.1 Introduction
- 2.2 Conceptual Framework
- 2.2.1 Financial Impact Assessment Theory
- 2.3 Performance of Small and Medium Enterprises
- 2.4 Performance Measurement
- 2.4.1 Models of Performance Measurement
- 2.4.2 Theory and Practice of Venture Capital
- 2.5 Theoretical Framework
- 2.6 Venture Capital Investment Process
- 2.6.1 The Influence of Venture Capital on Growth of SMEs
- 2.6.2 Influence of Venture Capital on Financial Management of SMEs
- 2.6.3 Influence of Venture Capital on Management Styles of SMEs
- 2.7 SMEs Funding Challenges and Interventions
- 2.8 Problems of SMEs in Nigeria
- 2.9 Empirical Studies
RESEARCH METHODOLOGY
- 3.1 Introduction
- 3.2 Research Design
- 3.3 Population of Study
- 3.4 Sampling and Sampling Technique
- 3.5 Validation of Research Instrument
- 3.6 Method of Data Collection
- 3.7 Method of Data Analysis
- 3.8 Questionnaire
- 3.8.1 Interview
- 3.8.2 Key Informants Interview
- 3.8.3 Observation
- 3.9 Statistical Analysis
DATA ANALYSIS, RESULT AND DISCUSSION
- 4.1 Introduction
- 4.2 Presentation and Analysis of Data
- 4.3 Test of Hypothesis 1
- 4.4 Discussion of Findings
SUMMARY, CONCLUSION AND RECOMMENDATION
- 5.1 Introduction
- 5.2 Summary
- 5.3 Conclusion
- 5.4 Recommendation
REFERENCES
APPENDIX A - “QUESTIONNAIRE”
Disclaimer for Complete Material Utilization
The displayed research work titled "Factors Affecting the Performance of Small and Medium Scale Businesses in Nigeria" is stated as a research guideline towards accomplishing your assigned project / seminar research work. All the research materials on this website are ONLY for research purposes and should be used as a guideline in developing your research work. For no reason should you copy word for word as projectlist.com.ng will not be liable for any who copied the material. By ordering the complete research guideline, it signifies that you've accepted our terms of service.
Frequently Asked Questions (FAQ)
Can this topic “The Impact of Information and Communication Technology on the Efficient Management in Public Enterprise” be used for Management Technology Project?
Yes it can be utilized for research — This project focuses on “the Impact of Information and Communication Technology and the Efficiency of Management Information in Public Enterprise, using Nigeria National Petroleum (NNPC), Warri, as a case study. In carrying out the study, research questions is formulated from the statement of the problems. The researcher examined the uses of the information and communication technology in carrying out office functions, its contribution to the efficient management of information in the organization and a comparison between the productivity of workers in a computerized environment and those using manual system of information processing. The study revealed that information and communication technologies have been of tremendous assistance to the organization. Based on careful analysis of the data collected, the following recommendations are …
Can the material for “The Effect of Divorce on the Family; Implications for Counselling” be used as a guide for Guidance and Counselling Project?
Yes it can be used — The institution of marriage commands high social recognition and, importance in our society. Marriage is a social institution that is designed among other things by God to be enjoyed by humans and not to be endured. Since it involves two adults that comes together to live as one, conflicts will arise which will shake the union to its very foundation. Causes of the conflicts are numerous; some of them could be avoided with pre marital counselling, marriage counselling proper and post marital counselling to produce a stable family life. Divorce is a total brake down of the marriage union without remedy. Some causes are lack of communication, lack of love for one another, lack of tolerance between the couple, barrenness …
Can the material for “The Role of Insurance Scheme in Health Services in Nigeria” be used as a guide for Insurance Project?
Yes it can be used — The insurance scheme health services have been playing dominant role in improving health services in Nigeria. This research work was carried out to survey the problems, abuses and effect of insurance scheme in health services. The main aims of this organisation is to ensure that all its citizens receive good medical services. Also to make available to all residents no matter the class or status, race, age and sex in need of medical care. Finally, to ensure that good health services can be spread to the poor and rich by payment of premium. Also majority members of the populace receive medical services from selected health care centre without difficulties. …
Can the material for “Prospects and Challenges of Low Income Housing Delivery in Nigeria” be used as a guide for Architecture Project?
Yes it can be used — The research is an assessment of the delivery of low income housing in Nigeria, it analyzes the prospect and challenges of delivery of low income housing in Nigeria and intends to proffer recommendations toward an efficient delivery of low income housing in Nigeria. …
Is the topic “Financial Reporting in Nigeria” recommended for Banking and Finance (BF) Project?
Yes it is highly recommended — The unprecedented master influx of financial reporting in the country party as a result of deregulation policies occasioned by sometimes government intervention has aroused the curiosity of writers to carry out study of this nature. This reporting apparently act as a fool for management decision. The problem does not lie on management decision per se but the financial market in general and public users as a whole. Thus the cord of this study is to find among other things need, avenue to get financial report, the likely, problem and their root cause eventual findings and analyses of research work, recommendations and possible solutions as regard to proper financial reporting in Nigeria The study follows the chronological order of first introducing the study, …
Is the topic “Web based Online Point of Sales (POS) System” recommended for Computer Science (CS) Project?
Yes it is highly recommended — Point of sale (POS) refers to the place where a customer executes the payment for goods or services and where sales taxes may become payable. The aim of the study is to design and implement a web based Point of Sale System for FPNO bookshop. In achieving this aim, the following specific objectives were laid out as follows that will develop an application software that will provide full functional reports to management and control the existing system errors made by human beings due to shortcomings. The motivation that led to the implementation of the proposed system is that the job of preparing sales record is tedious causes delay and the method encourages fraud figures are easily manipulated and changed. The …
Can this topic “Language and the Quest for Identity: A Study of Chinua Achebe’s Things Fall Apart and Chimamanda Adichie’s Americanah” be used for English Language Project?
Yes it can be utilized for research — Language is an indispensible characteristic of every human society. The language one speaks tells much about one’s identity with regards to where the person comes from. In every society individuals and groups of persons would like to be differentiated from others, and in that effect, identity comes to play. In this study, the researcher has been able to explore the identity of Achebe in his Things Fall Apart and Adichie in her Americanah have been able to create for themselves through their texts. The study uses Contrastive Hypotheses Theory and the Identity and Difference Theory as guides. At the end of the research, it is discovered that Achebe and Adichie have been able to use language as a quest for …
Is the topic “Oha Mmuo Masquerade Festival and Promotion of Peace and Unity in Ihiala Anambra State” recommended for Fine Arts Project?
Yes it is highly recommended — This study was carried out to assess the masquerade of Afiolu festival in Ihiala LGA of Anambra state. The study revealed that Anambra state has a lot of tourism attractions that are innumerable because the state has twenty-one local government areas with over two hundred towns but emphasis was laid on the Afolu festival in Ihiala LGA. The aim of the study is to assess the Oha Mmuo Masquerade Festival and Promotion of Peace and Unity in Ihiala Anambra State. In achieving this aim, the following specific objectives were laid out to identify to what extent the role of masquerade in afiolu festival influence Ihiala people, find out the extent those activities that feature in the festival affect Ihiala people, …
Can the material for “Appraising Instructional Materials as Being Used in Secondary Schools” be used as a guide for Education Project?
Yes it can be used — The study attempted to investigate the appraising instructional materials as being used in secondary schools in Abuja Municipal Area Council of Federal Capital Territory. The study equally reviewed some important and extensive literatures under sub-headings. The descriptive research survey design was applied in the assessment of respondents’ opinions towards the subject matter. In this study, four null hypotheses were formulated and tested with the application of the independent t-test and the Pearson Product Moment Correltional Coefficient Statistical tools at 0.05 significance level. Also, the simple percentage frequency counts was used to analyse the questionnaire response of the selected respondents together with the research questions. A total of 120 (one hundred and twenty) respondents, 60 (sixty) male and 60 (sixty) female teachers …
Is the topic “Design and Implementation of Accounting System” recommended for Computer Science (CS) Project?
Yes it is highly recommended — Every business requires an Accounting Information System (AIS) that is capable of offering timely and reliable information for decision-making in a commercial and competitive environment in order to be successful. Accounting software is a major instrument in AISs, offering timely, accurate and reliable information. The objective of this study is investigation of the existent gap between actual situation and expected situation of accounting softwares utilized by active firms in Zanjan, Iran based on features of AISs. The method of the research is “empirical” and data is gathered through “survey.” To attain the objective of the research, the researcher has used six variables: general features, compatibility, flexibility, control, training and reporting capability. The researcher has employed Willcoxon test to examine the …