ABSTRACT

Small and medium-sized enterprises (SMEs) in the construction industry face a great number of challenges and opportunities in the dynamic business environment of Benin City, Edo State. This study delves into the realm of business management strategies adopted by SMEs to navigate the complexities of the market and ensure sustainable growth and profitability. The literature review provides a comprehensive overview of SMEs, emphasizing their vital role in the economy and the significance of effective business management strategies. Various perspectives from researchers highlight the importance of understanding previous findings to inform current research questions and avoid duplication of existing studies. The Research methodology encompassed a descriptive approach, combining qualitative and quantitative methods to gather and analyze data effectively. Findings revealed that SMEs in Benin City commonly adopt strategies such as Reputation Management, Marketing/Sales Strategies, Sales of Quality Products, Cost Control Strategies, and Client/Customer Strategies to enhance business performance. Key factors influencing the adoption of business management strategies include literacy levels, prevailing economic conditions, price fluctuations, management practices, and access to capital. The impact of these strategies on the survival of SMEs varied, with metrics such as gross profits, customer growth, and sales frequency reflecting the diverse outcomes. The study surveyed SMEs in the construction industry, small-sized enterprises constituted the majority of results gathered, reflecting the industry's composition and the importance of skilled and experienced individuals in managerial positions. In conclusion, this research sheds light on the business management strategies employed by SMEs in Benin City's construction sector, offering insights into the challenges faced and opportunities for growth. Recommendations include enhancing literacy levels, adapting to economic conditions, and optimizing management practices to ensure the sustainability and success of SMEs in the competitive business landscape.