STRATEGIC PLANNING AND THE PERFORMANCE OF SMES IN EDO STATE

ABSTRACT

This research investigated strategic planning and the performance of small and medium-sized enterprises (SMEs) in Edo State. The study aimed to assess the level of strategic planning adoption among SMEs in Edo State and identify the challenges they face in implementing strategic planning. The research used questionnaires to collect data from 90 randomly selected participants. The findings showed that SMEs in Benin City have embraced strategic planning to a significant extent, despite encountering notable obstacles like financial limitations and lack of expertise. Interestingly, these challenges did not substantially impact their performance. The study's results supported a positive correlation between strategic planning adoption and SME performance, suggesting that adopting strategic planning has a positive impact on SME performance. Based on these findings, it is recommended that SMEs should conduct regular market analysis and assess their competitors to enhance their strategic planning and performance.