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The effect of strategic planning on SMEs performance: a case study of selected SMEs in Kumasi
(August, 2016) Opoku, MaryAnn
Strategic management planning has been found to be necessary if organizations are to succeed and perform. This study set out to investigate strategic management in Small and Medium Scale Enterprises and its implication for performance. This study employed case study research design making use of questionnaires to collect quantitative data. Hundred research participants were selected using simple random sampling by lottery method from ten purposively selected Small and Medium Scale Enterprises in Kumasi. Questionnaires were used to collect data and were quantitatively analyzed. The study found that SMEs do implement strategic management practices. When these strategic management practices were subjected to the on sample t-test statistics, almost all of the practices proved significant at alpha level of 0.05. However, planning to put the business in the foreseeable years was not significant at the set alpha level. The study also found that the strategic management implementation faces challenges such as inability to manage change and top managers not supporting strategy. Based on these findings among others, it was recommended that the goals of, and incentives for, the workforce along with the allocation of resources should be aligned with the strategy of the organisation.