STRATEGIC PLANNING AND SMALL AND MEDIUM STRATEGIC PLANNING AND SME PERFORMANCE IN EDO STATE

ABSTRACT

This study investigates the relationship between strategic planning and the performance of Small and Medium-sized Enterprises (SMEs) in Edo State. A quantitative approach was adopted, and data was collected from 150 SMEs through a structured questionnaire. The results reveal a significant positive correlation between strategic planning and SMEs' performance, indicating that SMEs that engage in strategic planning tend to outperform those that do not. Specifically, the study found that strategic planning has a positive impact on SMEs' financial performance, market share, and competitiveness. The study concludes that strategic planning is essential for the success and sustainability of SMEs in Edo State, and recommends that SME owners and managers prioritize strategic planning to improve their performance and remain competitive in the market.