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The role of strategic management on small business growth in Kosova

Author

Listed:
  • Enver Kutllovci, Ph.D

    (Faculty of Economics, University of Prishtina)

  • Venet Shala, Ph.D

    (Faculty of Economics, University of Prishtina)

Abstract

Small and medium enterprises (SMEs) are considered to be the engine of economic growth through employment generation, contribution to GDP, technological innovations and other aspects of economic and social development. SMEs are also important because they are key drivers of employment and economic growth. The growth of SMEs depends on ability of those firms to apply strategic planning. In that context, strategic planning is very important for small and medium enterpriese in the time of global competition, technological change and increased dynamics in markets. Even if many entrepreneurs do not formulate business plans, the strategic planning and systematic decision-making can be considered a key determinant of survival and success of small firms. The paper examines the relationship between strategic planning and small and medium enterprises (SME) growth in terms of empirical analyses that include various strategic planning elements.The study has practical implications. Entrepreneurs need to be aware that strategic planning practices, processes and techniques can be beneficial for growth of the firm. In order to enable their firms to grow, entrepreneurs may like to consider exactly formulating strategy, focusing on growth, profit, and market, among strategic analysis techniques paying special attention to analysis of market and competition and exactly formulating generic business strategies The key implication of this study for research is that the assessment of the relationship between strategic planning and small firm growth needs to be done across various elements or dimensions.

Suggested Citation

  • Enver Kutllovci, Ph.D & Venet Shala, Ph.D, 2013. "The role of strategic management on small business growth in Kosova," International Journal of Business and Social Research, LAR Center Press, vol. 3(4), pages 87-92, April.
    • Handle: RePEc:lrc:larijb:v:3:y:2013:i:4:p:87-92
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    File URL: http://thejournalofbusiness.org/index.php/site/article/view/32/31
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    References listed on IDEAS

    as
    1. Sascha Kraus & Rainer Harms & Erich Schwarz, 2008. "Strategic business planning and success in small firms," International Journal of Entrepreneurship and Innovation Management, Inderscience Enterprises Ltd, vol. 8(4), pages 381-396.
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    More about this item

    Keywords

    Strategic planning; SME; growth; performance; strategy; Kosova JEL Code: L25; M31; M10;
    All these keywords.

    JEL classification:

    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing
    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General

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