Review on International Financial Reporting Standards (IFRS) for Small and Medium Entities in Nigeria (Published)
The Nigerian Accounting Standard Board (NASB) provides guidelines on the implementation of national policy on preparation and presentation, recognition and measurement, and disclosure of corporate reporting on financial statement of an entities in Nigeria. International Accounting Standard Board (IASB) provides the framework for IFRS and IAS application on corporate financial reporting. The emerging of IFRS convergences by NASB on SMEs in Nigeria attract urgent attention. This study aims to measure the level of awareness of IFRS guidelines for SMEs operators in Nigeria and preview on the challenges facing the adoption and implementation of the IFRS for small and medium scale entities in Nigeria. This study adopted review approach to address the procedure of adoption of IFRS by SMEs in Nigeria. The study concluded that the awareness, policy and regulation on IFRS for SMEs in Nigeria were very low and the policies for the implementation process were not completely complied
Digital Transformation for Small & Medium Enterprises (SMEs): with Special Focus on Sri Lankan Context as an Emerging Economy (Published)
Small & Medium Enterprises (SME’s) constitutes for over 75% of the number of enterprises in Sri Lanka and contribute to 52% of the GDP of Sri Lankan economy. In any case, the development and extension of SME’s are constrained due to a multitude of factors that are yet to be investigated. Competition is often intense for SME’s in Sri Lanka and they can neither influence price nor quantity. The standard view of competitive advantages on differentiation or cost is a challenge for SME’s. They are probably not going to have the option to “lock” in clients and providers, build entry barriers or altogether lower cost. SME’s usually have limited resources in finance, skilled employees, in-house knowledge or management. Meanwhile, digital transformation is featured in many businesses enabling reshaping the strategy and business models. SMEs are also found as empirically investigated context with the concept of digitalization, but still further studies are claimed on it. Accordingly, this paper investigates how SMEs could be benefitted with digital transformation as a strategic initiation whilst challenges and cases are discussed in line within. It has followed comprehensive literature review as the main research tool and the paper is framed as a concept paper with the discussion on empirical insights. Authors made an attention on Sri Lankan SME sector as a specific context. Finally, it concludes the paper with some research directions and priorities for the future studies.
The objective of this paper is to provide conceptual clarification of governance mechanisms based on a literature review applied to African family SMEs. The analysis of the literature review made it possible to understand the specificities of African family businesses through a better knowledge of their governance practices on the one hand, and by specific African management in the light of contemporary theories, on the other hand. The study analyses the cultural realities of the African field to propose an explanatory and interpretative framework in the context of African specific management.
The operation of small and medium sized enterprises (SMEs) has awakened the interest of experts globally due to the varied challenges from low market share, poor sales growth, and dwindling profit. These have made them less competitive, market/product failure, and sub-optimal performance, and at times closures. Hence, this study investigated the effect of managerial roles on competitive advantage of SMEs in Lagos State Nigeria. Cross sectional survey research design was adopted using structured questionnaire. The target population comprised 460 owner- managers of the selected SMEs in manufacturing, real estate, agricultural and services sector in the five main divisions of the State (Ikeja, Badagry, Ikorodu, Lagos Island, Epe). Multistage sampling technique was used. Pilot study was carried out to establish the validity and reliability of the research instrument. Cronbach’s Alpha coefficients for the constructs ranged from 0.790 and 0.946. Data were analyzed using descriptive and inferential statistics. Statistically and significant relationship was established between managerial roles and competitive advantage with adjusted R2 0.61, F-stat (4,450)=183.13, p<0.05. In addition, marketing (β = 0.529, t = 8.523, p<0.05), people management (β = 0.610, t = 13.055, p<0.05) significant affected competitive advantage while communication and negotiation exhibited insignificant effect on competitive advantage of SMEs in Lagos State. This study recommended that SMEs should actively invest in marketing and human resources to ensure competitive advantage.
The Role of Religious and Cultural Diversity on SMEs in Cross River State, Nigeria: Implications from SMEs Management Perspective (Published)
This paper studied the role of religious and cultural diversity on SMEs in Cross River State, Nigeria: Implications from SMEs management perspective. The primary aim of this research study was to find out the impacts that these diversity elements have on the growth and expansion of SMEs within the scope of the country as distinct from the existing general global studies. The research involved an initial pilot study with fifteen SME employees to validate the survey questionnaire which would be filled by their colleagues during the study. A further sixty seven respondents comprising SME employees from the four major geographical regions of Nigeria participated in completing the survey and their results were collated to determine the impacts of religiously and culturally based diversity measures on the growth and performance of the Nigerian SMEs. The diversity measures analyzed were selected on the basis of extensive review of past literature of the workplace diversity. The findings of this research showed some agreement with the results of past literature reviews in terms of affirming the presence of conflicts in the workplace due to diversity. The changes in human resource management practice recommended by this research will be very useful to both SME managers and business owners in harnessing the potentials of the multi-cultural and multi religious configuration of the country while reducing the disadvantages of such diversities.
The Empowerment of Micro and Small Industry of Wood Lathe by Department of Industry and Commerce :Case Study At Tanggung Village, Blitar, Indonesia (Published)
Along with the growth of micro and small industries of wood lathe, there are also some problems in its development. Therefore it is necessary to empowerment effort intensively and integrated executed by related institution which in this case is Department of Industry and Commerce. This paper aims to determine the empowerment of micro and small industries undertaken by the Department of Industry and Commerce, what are the constraining factors in the implementation and the efforts that have been done by the Department of Industry and Commerce in conducting the development of micro and small industries of wood lathe in Tanggung Village, Blitar, East Java. Observation method used is explorative method with inductive approach. Data is collected through observation, interview, and documentation. The results showed that there have been efforts made by The Department of Industry and Commerce in Blitar for micro and small industries of wood lathe. In the implementation of the empowerment activities, we found some obstacles such as difficulties in terms of resources, public responses, communications, and institutional.
Studying the Effect of Leadership Styles on the Business Performance of SMES in South-Eastern Region (Published)
This study aims to explore the effect of leadership styles on the business performance of SMEs in South-Eastern region. The research result is a science evident for managers to improve the business performance. The researcher surveyed 250 managers of small and medium enterprises (SMEs) and answered 12 questions but 212 samples processed. The primary sources of data collected from July 2017 to November 2018 in South-Eastern region. Simple random sampling technique. The Data analyzed Cronbach’s Alpha and the exploratory factor analysis (EFA), which used for multiple linear regression and using partial least squares method. Managers’ responses measured through an adapted questionnaire on a 5-point Likert scale. In addition, the findings of the study have two factors affecting the business performance of SMEs in South-Eastern region with significance level 0.05.
Factors Affecting the Performance & Business Success of Small & Medium Enterprises in Sudan (Case Study: Omdurman) (Published)
Small and Medium Enterprises (SMEs) have an important role to play in the development of the country. This study attempts to identify the antecedents of business success in Omdurman- Sudan, with particular reference to small businesses. . In Sudan, the growth of SMEs is significantly low. The study examined eight factors that influence the SMEs business success. . Eight hypotheses were developed to find out factors that are affecting Business Success of SMEs in Sudan. SMEs characteristic, External Environment (competition), Customer and Markets, the way of doing business & cooperation, Resources and Finance have significant positive effect on the Business Success of SMEs in Omdurman-Sudan. The regression analysis result shown that the above factors are the most significant factors affecting business success of SMEs in Sudan
Revisiting ICT Adoption Theories and Charting a Progressive Path for Future ICT Adoption Research in SMES (Published)
This paper attempts to develop an integrated framework that aims to challenge researchers on a progressive path for future ICT adoption research especially in SMEs. The paper accessed major databases of a number of top IS journals in the field and reviews previous theories used to study ICT adoption, examine the progress made so far, and the limitations of these theories in an attempt to develop a framework, that aims to challenge researchers and aid further contributions in this IS field. The study developed a framework informed by three theories; Structuration theory (ST), Actors Network Theory (ANT) and Adaptive Structuration theory (AST) and argues that using such integrated theory to examine the process of ICT adoption will help to unveil the recursive nature, entities involved and the kind of research approach that may be applied. Hence, for research in this area to be progressive, entities in the framework must be considered amidst other influence. The framework also suggests adoption of ICT will be embraced faster by organizations especially small businesses if the entities involved are committed in conveying the right information thereby supporting SMEs in making adequate decisions. This work provides further insight into ICT adoption framework that may advance future research in the field of ICT adoption, assist SMEs in adopting and implementing ICT overtime. This is relevant given that the complexities associated with the adoption of ICT is becoming worrisome and SMEs have limited knowledge on issues relating to emerging ICTs. The framework may motivate SMEs in understanding diverse actors, factors and social structures affecting ICT adoption better and how to cope with them. The framework serves as an analytical instrument in explaining ICT adoption process and its outcomes characterized by conflicting views
The Microfinance Industry (MFI) emerging from the banking industry, lead time management is very important since the sector is highly dependent on very recent technology and customer service efficiency ethics which is capable of drastically reducing lead times. Customers are also highly informed and their demands and expectations are high. Customers want instant solutions when it comes to their financial or banking services. It is therefore important for microfinance companies to effectively manage their lead times to achieve higher levels of customer satisfaction. This study adopts the methodology of a hybrid approach consisting of qualitative and quantitative approaches in examining the impact of lead time on customer satisfaction in the microfinance industry, a sub sector of SMEs in Ghana. Sample size of 150 staff and customers mostly petty traders was considered from five selected branches of Talent Microfinance Company limited. In selecting the sample size of the petty traders for the survey, the Slovin’s sampling method was used. The study findings revealed that that minimizing waiting time in a bid to enhance customer satisfaction level can typically improve the competitiveness of microfinance services in Ghana as these are deemed the basic requirements for social development as well as for human civilization. Furthermore, establishing a scientific, workable and efficient banking system improves efficiency and enhances the competitiveness for banks to be an important society role. This is a requirement for banking industries own development, and a new inevitable challenge for modern Ghanaian financial institutions to increase the banking management development. The study recommends among several others that there is the need for improvement in academia or higher learning in Ghanaian microfinance institutions to link with other financial institutions in Ghana and identify gaps in the knowledge, values, skills and attitudes of their graduates most especially in TMCL.
Perceived Benefit of Computerized Accounting System on the Operational Efficacy of Small and Medium Scale Enterprises in Maiduguri Metropolis (Published)
The aim of this study is to examine the Perceived Benefit of Computerized Accounting System on the Operational Efficacy of Small and Medium Scale Enterprises in Maiduguri Metropolis. The study used primary data only. Questionnaires were administered on the sampled respondents of 182 out of the population of 334. Of the 182 sample size validly and correctly returned questionnaires for data analysis was 124. The sampled respondents were in three categories: Non Automated (NA); Partially Automated (PA); and Fully Automated (FA). The Data were analyzed using descriptive analysis and test of hypothesis formulated using SPSS 20.0. The Hypothesis was tested using Analysis of Variance (ANOVA). The results obtained indicted significant differences in the test (i.e. P ≥ 0.05). The study found out that there was operational efficacy in terms of receivables accounts management. The study recommends that SMEs should embrace the use of CBAS for better competitiveness, improvement in business operation and performance.
Madura herbal medicine industry is the Micro, Small and Medium Enterprises (SMEs) which has been run for generations by the ancestors of the people of Madura and has evolved over time. Based on data from the Department of Industry and Trade in 2016 that there is 47 herbal medicine industry in Madura with the magnitude of the regions, 15 are in Bangkalan, 3 were in Sampang, 22 were in Pamekasan, and Sumenep 7 are in. Community economic development through SMEs is essential considering its primacy as the lifeblood of a national economy. In 2016 Asean Economic Community (AEC) began to be applied, so that competition in the trade of ASEAN countries is very strict. Hence the need for research on the design of models of the development of Madura herbal medicine industry. This research uses a descriptive design that aims to describe aspects that are relevant to Madura herbal medicine industry. The results of this study, there are three sub-models, namely the development of herbal industry Madura; (1) Design Sub Management Model that includes a database of herbal medicine industry, organizational structure, job description of labor, (2) Design Sub Production Model which includes the production technology, product standardization, product packaging design (3) Design Sub Marketing Model that includes pricing standardization, utilization of information technology, cooperation with distributors and local governments. So hopefully with their reviews, their three draft sub models will assist in the development of Madura herbal medicine industry
The primary purpose of business is the supply of goods and services to satisfy the societal needs. Wherever people live in conurbations, there is always the need for goods and services. These goods and services are supplied by institutions such as the family, the voluntary organization, the business firms, local, state and federal government. Also, the importance of credit facilities from both the bank and non-bank financial institutions cannot be overemphasized in enhancing the development of SMEs in the country. However, only the effect of initial capital (CAP) and non bank credit facilities (NBK) is significant and responsive towards the enhancement of performance of SMEs while credit facilities from banks are insignificant with respect to SMEs development. Lastly it concluded that government agencies such as the National Directorate of Employment should intensify efforts geared towards training programmes for SMEs.
Analysis of Managerial Factors on the Performance of Small and Medium-Sized Enterprises (SMEs) in Manufacturing Sector in Ho Chi Minh City- Vietnam. (Published)
This paper was conducted by qualititative and quantititative approach, and the primary data was collected from SMEs in manufacturing sector in Ho Chi Minh City (HCMC). The main objectives of this study is to analyze the factors affecting the SMEs’ performance in manufacturing industry in Ho Chi Minh City. In the first stage, the authors applied the deep-interview to the experts to discover the factors in contemporary management based on the management theories effecting on the performance of Vietnamese SME(s) in HCMC. In the second stage, the researcher used the quantitative approach to collect data from 200 people who work in the Vietnamese SMEs in manufacturing sector in HCMC. In general, in these factors, the most affecting factor to SMEs in the manufacturing sector in HCMC, Vietnam was Organizational Commitment, next was Business Planning, Controlling, and final one was Strategy Implementation. In conclusion, H1, H2, H3, H4 for the theorical research model were accepted.
A Descriptive Analysis of the Influence of Entrepreneurial Orientation Dimensions On the Performance of SMEs in Kenya (Published)
Small and medium-sized enterprises (SMEs) play an important role in the world economy. They contribute substantially to income output and employment. Indeed, they dominate the world business. In spite of this, studies have failed to identify and assess the corporate entrepreneurship dimensions that lead to good performance, especially in Kenya. As such, based on a study of SMEs in Kenya, this paper examines the relationships that obtain between Entrepreneurial Orientation (EO) and firm performance among SMEs. Specifically, the study sought to find out the effect of entrepreneurial innovativeness, risk-taking and proactiveness on firm performance. The study was guided by the resource based view (RBV), contingency theory, theories of entrepreneurship and the marketing theory. It adopted explanatory research design using a census sample with the target population being all the top 536 medium sized firms between 2006 and 2013. Data was collected using a questionnaire and analyzed using descriptive statistics, Pearson’s bivariate correlation, multiple regression and moderated regression analysis. Results revealed that entrepreneurial innovativeness, risk taking and proactiveness have a direct positive relationship with performance of SMEs. From the findings, the study recommended the need to intensify initiatives that encourage a better understanding of EO dimensions in boosting firms’ competitive positions and superior performance; firms should be more entrepreneurial in order to attain superior performance and survive the intensively competitive market environment. They should continuously innovate, especially through new product development, being first to enter the market with new products and in the use of creative new solutions that lead them to be recognized by competitors as leaders in innovation. SME owners/managers also need to enhance their risk-taking behaviour by encouraging staff to take risks with new ideas, make effective changes to their products and be willing to accept at least moderate levels of risk, engage in risky investments and have the courage to seize new opportunities, even if this may involve great financial risks
Owners’ Perception on Accounting Information System Adoption: A Case of Small and Medium Enterprises in Nigeria (Published)
Literature has revealed many works on the important of AIS to SMEs, most of the researchers’ result have shown the relevant and the challenging SMEs face in AIS adoption. However, this study bridges the gap, in analyzing the important of AIS adoption to SMEs through the business owners’ perception based on their; competitive strength, longer-term strategic goals and market expansion. This research was carried out in Ilorin, Kwara State. Primary data was used as a source of data. A well-structured questionnaire based on the research questions was used to establish the effect of AIS adoption on competitive strength, longer-term strategic goals and market expansion. 60 SMEs were randomly selected in Ilorin, Kwara State. Regression and correlation analysis was used analyzed the relationship between AIS and competitive strength, longer-term strategic goals and market expansion. The result obtained shows that AIS have a positive correlation with; longer-term strategic goals (.435) which is positively significant at α=0.05, competitive strength (.272) which is positively significant at α=0.01 and market expansion (.322) which is also significant positively at α=0.05. The study concluded that the importance of AIS adoption cannot be over emphasized in any business setup and the study recommendation that: AIS could be adopted by SMEs to improve non-financial performance like longer-term strategic goals, market expansion and competitive strength.
Relationship between Risk-Taking and Business Performance among Small and Medium Enterprises in Eldoret Town, Kenya (Published)
The measure of entrepreneurial activity in an organization is the level of creativity and innovation across all its operations. How intense the creative and innovative disposition is determined by the success of organizations as reflected in performance outcomes. The purpose of the study was to examine the relationship between entrepreneurial intensity and performance of small and medium enterprises in Eldoret town, Kenya. Informed by the study, this paper explores the influence of risk-taking on the performance of SMEs in Eldoret town. The study adopted an ex-post facto research design. It targeted all the SMEs in Eldoret town. Systematic sampling technique was adopted to select a sample of 100 SME owners/managers to be involved in the study. The collected data was analysed using both descriptive and inferential statistics. Descriptive statistics was presented in form of percentages, frequencies, pie charts and graphs. Pearson correlation was employed to test the hypotheses of the study. The study established that there is a strong positive correlation between risk-taking and business performance of SMEs in Eldoret town. Therefore, committing business resources to venture in uncertain and unfamiliar environments could result in increased returns and market share for the business.
Factors Influencing Online Marketing Development of Small and Medium Enterprises in Dong Nai Province (Published)
Nowadays, the Internet is covering almost every corner of the places in Vietnam and it makes the transmission of information much faster. In The number of internet users is up to 80% and over 70% of internet users go to the net for information. With so much search content, the content is there, it’s really great. Besides, online marketing is a way to advertise the products and services that will save enterprises a lot of money compared to traditional marketing. Online marketing campaigns can be easily measured and evaluated to be able to draw lessons for the following campaigns. Effectiveness comes quickly (eg, enterprises hire banner ads on a reputable website. So many visitors will find out information on enterprises’ website.); and Broad range of marketing is not limited, information flow is rich, diverse in form. Customers can find the information they want anytime and anywhere, just the internet. Moreover, the research results showed that there were 300 customers who interviewed and answered about 15 questions. The Data collected from 05/07/2016 to 15/07/2017 in Dong Nai province. The researcher had analyzed Cronbach’s alpha, KMO test, the result of KMO analysis used for multiple regression analysis. The research results were processed from SPSS 20.0 software. Finally, the researchers have recommendations supporting the sustainable development of online marketing development of small and medium enterprises (SMEs) in Dong Nai province.
Internal – External Factors Affecting the Human Resource Management of Small and Medium Enterprises in Dong Nai Province (Published)
In Vietnam, Small and Medium Enterprises (SMEs) now are accounting for about 98% of the total number of businesses operating in the country in which the medium-sized enterprises account for only 2.2%, small business strategy and remaining 29.6% and 68.2 % is super small. But in fact, SMEs play a very important role in the national economy. SMEs are the main source of employment and income generation for laborers, helping to mobilize social resources for development investment, poverty reduction… Every year, SMEs create over one million new employees. Employing up to 51% of social workers and contributing more than 40% of GDP to the country. In addition, the research results showed that there were 250 SMEs managers who interviewed and answered about 23 questions. The Data collected from 12/06/2016 to 15/05/2017 in Dong Nai province. The researcher had analyzed Cronbach’s alpha, KMO test, the result of KMO analysis used for multiple regression analysis. The research results were processed from SPSS 20.0 software. The parameters of the model estimated by Least – Squares Method tested for the model assumption with 5% significance level. Finally, the researchers have recommendations improving the human resource management at small and medium enterprises in Dong Nai province.
Challenges Faced by Small and Medium Sized Enterprises during Recruitment and Selection of Employees within the Madina Metropolis in the La Nkwantan/Madina Municipality of the Greater Accra Region of Ghana (Published)
Small and Medium Size Enterprises (SMEs) contribute a greater percentage to Gross Domestic Product (GDP) in ensuring economic growth, employment, income stability and poverty reduction in most developing countries like Ghana. Inspite of the critical role played by SMEs in the development of this country, most of these enterprises face challenges in the recruitment and selection practices in their bid to engage competent staff. The study examines employee recruitment and selection practices of SMEs into details with the aim of identifying their challenges and establishing best practices in recruitment and selection systems applicable and convenient for such enterprises considering their important role to the country. In order to investigate the challenges, a conceptual and theoretical framework of the study was designed. These guided the design of data collection instrument to suit the research. The study combined the use of questionnaires and semi structured interviews as methods of data collection and analysis as well as the use of secondary data through accessing publications and reports and studies made by other researchers in the study area. Simple random sampling was used in selecting the respondent for the survey. The study found out among other things that poor planning, lack of employee competencies, lack of recruitment skills, ineffective job analysis, ineffective selection methods, poor leadership, lack of good conditions of service are some of the challenges faced by the SMEs in recruitment and selection of employees.In the view of the researcher recommendations such as enhancing the recruitment and selection skills of entrepreneurs, developing good job analysis, extensive advertising and promotion, improving conditions of service and collaborating with reputable recruitment agencies to support SMEs among others would lead to cost effective recruitment and selection processes, retention of staff and the strategic engagement and management of staff to attain maximum benefit and improve profit of the SMEs.