Impact of Strategic Planning in the Small Businesses in Kenya
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Date
2014-07
Authors
Anyieni, A. G.
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Abstract
The Kenyan Small Enterprises sector is a very competitive sector, and they need strategic planning to stay put competitive.
Kenyan Small businesses which include agriculture and rural businesses, have contributed greatly to the growth of the
economy, mostly in the provision of employment. Hitherto there have been high failure rates and poor show levels. Many are
confronted with the threat of failure within the first few years. Many SMEs perform well after start up, but only a few
experience sustained growth through the full lifecycle and become large firms. It has been established that lack of strategic
planning may thwart them from achieving their potential. There is very little evidence however indicating whether SMEs in
Kenya engage in strategic planning, and if they do how it impacts on their general performance. This study attempts,
through a literature review, to find out how strategic planning impacts their performance. The study established that the
most successful businesses use strategic planning, and there is a high failure rate for those who do not. The recommendation
is that the owner or entrepreneurs of the SME to be trained in the skills of strategic planning.
Keywords: SMEs, strategic planning, Performance
Description
Research Article
Keywords
SMEs, Strategic planning, Performance
Citation
The International Journal of Business & Management. Vol 2(7) July, 2014, www.theijbm.com