ABSTRACT

Majority of small-medium enterprises lack sufficient managerial knowledge, they are unaware of standards, processes, and approaches in providing quality services and sustaining growth. Average owner-mangers have only basic formal education which shows the lack of basic management techniques in running sustainable business. The purpose of the study was to explore the managerial opportunities offered by Management Consultants in fostering growth and sustainability of SMEs. The Specific objective was to determine if SME owners are aware of the services of Management Consulting and if there is any significant relationship between consulting services and SMEs growth. The research adopted an exploratory survey design using the University of Benin Environs as a pilot for the study. The target population composed of all owner-manager of SMEs in the region but the accessible sample size of 80 SMEs was drawn using Taro Yamane Formula from a sample population of 100 SMEs in the area. Close-ended questionnaire were designed and administered to the sampled population. The Pearson moment correlation (r) technique and Z-test technique were adopted to ascertain the relationship and significance of the variables in the research. The result statistically revealed a negative correlation of r = 8.55 and Z-test result of -10.7. Implying that Management Consulting Services are not related to SMEs growth in the region. The findings from the study revealed that the financial constraint is not the only biggest challenge of SMEs but also lack of mentorship and business counselling. It was also discovered that majority of the SMEs owner-manager are not aware of the services of Management Consulting in the region under survey and as a result Management Consulting did not Impact SMEs. It is recommended that awareness of Management Consulting services should be created by the Individual management consultants or the management consulting firms. Also, SME Owners should be serious about issues of their business growth, they should seek mentorship and counselling even if it may cost them some price.