STRATEGY FORMULATION AND THE PERFORMANCE OF SELECTED SMALL AND MEDIUM ENTERPRISES IN KOGI STATE.

The study investigated strategy formulation and the performance of small and medium enterprises in Kogi state. The total population for the study comprises of 938740 registered small and medium enterprises in Kogi State, Nigeria. Records of all the registered small business enterprises in Nigeria was sourced from the data of small and medium enterprises development agency of Nigeria (SMEDAN). A survey method was adopted of which questionnaires were distributed to a sample size of 3,995 in order to elicit response. A total of 3100 questionnaires were filled and returned. The study adopted multiple linear regression to analyze the result. Findings indicated a positive and significant relationship between environmental uncertainty and the performance of small and medium enterprises in Kogi state. It was also found that a positive and significant relationship exist between organizational planning and the performance of small and medium enterprises. The study concluded that strategy formulation is significant to the performance of small and medium enterprises. As part of the recommendations, it was recommended that Small and medium enterprises should constantly formulate strategies that best captures environmental uncertainties in order to have an edge over other competitors. Further more, it was recommended that strategies should be formulated in the aspect of organizational planning which is the solid foundation of the business, planning should be seen as a pivot aspect of the organization.

1 14 Jan, 2024

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