CORPORATE PLANNING AND STRATEGIC MANAGEMENT IN SMALL AND MEDIUM SCALE ENTERPRISES
In an unpredictable world nothing remains static for a long time. This is true for business environments. Business organizations are constantly confronted with challenges emanating from the dynamic nature of their operating environments. And, to ensure continued relevance and survival, strategic positioning (planning) is of utmost importance. This, of course is achieved through strategic management.
However, strategic management cannot exist in isolation. It is corporate planning that form the basic framework upon which strategic management is developed. These two concepts complement each other. That is, one cannot be successfully practiced without the other. Where both are operated effectively, there is a harmonious working environment/ relationship, which depict a common sense of purpose, direction and focus. This characteristic clearly distinguishes an organization from its contemporaries. It places an organization at a comparatively advantageous position.
This study is aimed at examining the practice of corporate planning and strategic management in Small and Medium Enterprises (SMEs) with particular reference to a segment of the telecommunications industry. Two Companies- De Piudentcom and Multicom concepts Limited will be understudied for comparison purposes.
In this work, a number of research tools and procedures were used to gather data and information. Due to the relatively small nature of the organizations, the entire population will be studied. Questionnaires are designed to suit the various information needs required from the categories of staff to be encountered in the course of the study. Direct interviews will be employed where necessary.
The chi-square method and tables will be used in the analysis, presentation and testing of the data generated from primary sources. The study discovered thus:
-there are duplications of duties and lack of accountability or transparency in some areas.
-that most of the staff has no formal orientation concerning the goals aims and objectives or mission statements of their organizations.
And the study recommends that: there should be emphasis on the importance of information as a critical input for business decisions
The organizations should strive to update themselves with the global developments in the telecommunication business
Management consultants should be engaged in order to assist in the formulation of long term goals and strategies.
There should be a periodic review of plans and strategies according to the dictates of the operating environment at any point in time.
Finally, corporate planning and strategic management are veritable tools for organization development.