IDEAS home Printed from https://ideas.repec.org/a/bcp/journl/v8y2024i3p219-232.html
   My bibliography  Save this article

Strategic Planning Impacts on the Performance Dynamics of Micro Enterprises in Kisumu County: An in-Depth Analysis

Author

Listed:
  • Dr. Oloo Caroline, PhD

    (BBA.,MBA., MA., PhD (Entrepreneurship) Department of Business Administration, Maseno University, Kenya)

Abstract

Strategic planning is integral for the success of micro enterprises, as evidenced by this research. It involves envisioning a desired future, defining goals, and outlining steps to achieve them. The study focused on the effects of strategic planning on micro enterprises around Kisumu county, employing primary data collection through questionnaires and interviews. Utilizing the ‘Kobo collect’ app and printed questionnaires, a 73.33% response rate was achieved. Findings indicate that strategic planning aids micro enterprises in Kisumu county by identifying market opportunities, strengths, weaknesses, and formulating strategies for success. Benefits include improved performance, resource allocation, communication, and innovation. Challenges, such as limited resources and resistance to change, were also identified. Effectiveness depends on stakeholder involvement, alignment with company culture, use of social media, flexibility, and ongoing monitoring. Recommendations include aligning the strategic plan with the organization’s mission, vision, and goals, involving stakeholders, effective resource allocation, and frequent monitoring and evaluation to ensure success.

Suggested Citation

  • Dr. Oloo Caroline, PhD, 2024. "Strategic Planning Impacts on the Performance Dynamics of Micro Enterprises in Kisumu County: An in-Depth Analysis," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(3), pages 219-232, March.
    • Handle: RePEc:bcp:journl:v:8:y:2024:i:3:p:219-232
    as

    Download full text from publisher

    File URL: https://www.rsisinternational.org/journals/ijriss/Digital-Library/volume-8-issue-3/219-232.pdf
    Download Restriction: no
    File URL: https://www.rsisinternational.org/journals/ijriss/articles/strategic-planning-impacts-on-the-performance-dynamics-of-micro-enterprises-in-kisumu-county-an-in-depth-analysis/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. J. Scott Armstrong, 1982. "The value of formal planning for strategic decisions: Review of empirical research," Strategic Management Journal, Wiley Blackwell, vol. 3(3), pages 197-211, July.
    2. Marc Helmold, 2020. "Total Revenue Management (TRM)," Management for Professionals, Springer, number 978-3-030-46985-6, December.
    3. Jason Ryan & Sari Silvanto, 2021. "An examination of the influence of business environments on the attraction of globally mobile self-initiated expatriates," Journal of Global Mobility, Emerald Group Publishing Limited, vol. 9(3), pages 382-407, July.
    4. Asamoah, D. & Agyei-Owusu, B. & Andoh-Baidoo, F.K. & Ayaburi, E., 2021. "Inter-organizational systems use and supply chain performance: Mediating role of supply chain management capabilities," International Journal of Information Management, Elsevier, vol. 58(C).
    5. Marc Helmold, 2020. "Total Revenue Management (TRM)Total revenue management (TRM)," Management for Professionals, in: Total Revenue Management (TRM), chapter 1, pages 1-12, Springer.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Phillips, Jon C. & Peterson, H. Christopher, 1999. "Strategic Planning And Firm Performance: A Proposed Theoretical Model For Small Agribusiness Firms," Staff Paper Series 11685, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    2. Rebecca Stekelorum & Shivam Gupta & Issam Laguir & Sameer Kumar & Subodha Kumar, 2022. "Pouring cement down one of your oil wells: Relationship between the supply chain disruption orientation and performance," Production and Operations Management, Production and Operations Management Society, vol. 31(5), pages 2084-2106, May.
    3. Debarliev, Stojan & Trpkova, Marija, 2011. "Strategic planning practice in transition economies: Empirical evidence from the Macedonian context," Business and Economic Horizons (BEH), Prague Development Center (PRADEC), vol. 4(1), pages 1-13, January.
    4. Krane, Ronja & Eulerich, Marc, 2020. "Going global: Factors influencing the internationalization of the internal audit function," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 41(C).
    5. Olivier Daxhelet & Olivier Witmeur, 2011. "What Financial Backers Expect from Business Plans: Effectual Versus Causal Logic," Working Papers CEB 11-029, ULB -- Universite Libre de Bruxelles.
    6. Pavel TOMŠÍK & Martin PROKEŠ, 2011. "New strategic alliances of wine producers in the Czech Republic," Agricultural Economics, Czech Academy of Agricultural Sciences, vol. 57(12), pages 573-579.
    7. Armstrong, J. Scott & Reibstein, David J., 1985. "Evidence on the Value of Strategic Planning in Marketing: How Much Planning Should a Marketing Planner Plan?," MPRA Paper 81680, University Library of Munich, Germany.
    8. Gregory A. Baker & Joel K. Leidecker, 2001. "Does it pay to plan?: Strategic planning and financial performance," Agribusiness, John Wiley & Sons, Ltd., vol. 17(3), pages 355-364.
    9. José A. Avalo-Ortega & José L. Yagüe-Blanco & Arístides Vara-Horna & Guillermo Cangahuala Allain, 2020. "Mediation Effect of Adaptive Planning between Social Capital and Business Innovation: Application to a Community of Pisco Producers in Peru," Sustainability, MDPI, vol. 12(18), pages 1-19, September.
    10. Teuta Veseli-Kurtishi & Shenaj Hadzimustafa & Edmond Veseli, 2020. "Digitization of Banking Services and Its Impact on Customer Satisfaction: Case, Republic of North Macedonia," MIC 2020: The 20th Management International Conference,, University of Primorska Press.
    11. Armstrong, J. Scott, 1983. "Strategic Planning and Forecasting Fundamentals," MPRA Paper 81682, University Library of Munich, Germany.
    12. Meissner, Philip & Wulf, Torsten, 2014. "Antecendents and effects of decision comprehensiveness: The role of decision quality and perceived uncertainty," European Management Journal, Elsevier, vol. 32(4), pages 625-635.
    13. Mayer-Haug, Katrin & Read, Stuart & Brinckmann, Jan & Dew, Nicholas & Grichnik, Dietmar, 2013. "Entrepreneurial talent and venture performance: A meta-analytic investigation of SMEs," Research Policy, Elsevier, vol. 42(6), pages 1251-1273.
    14. Phillips, Paul & Moutinho, Luiz, 2014. "Critical review of strategic planning research in hospitality and tourism," Annals of Tourism Research, Elsevier, vol. 48(C), pages 96-120.
    15. Labroukos, N. S. & Lioukas, S. & Chambers, D., 1995. "Planning and performance in state-owned enterprises: A multidimensional assessment," European Journal of Operational Research, Elsevier, vol. 87(3), pages 624-640, December.
    16. Indounas, Kostis & Roth, Stefan, 2012. "Antecedents and consequences of strategic price management: An analysis in the New Zealand industrial service context," Australasian marketing journal, Elsevier, vol. 20(2), pages 113-121.
    17. J. Scott Armstrong & Philippe Jacquart, 2013. "The Ombudsman: Is the Evidence Sufficient to Take Action on Executive Pay? Reply to Commentators," Interfaces, INFORMS, vol. 43(6), pages 602-604, December.
    18. Gruber, Marc, 2007. "Uncovering the value of planning in new venture creation: A process and contingency perspective," Journal of Business Venturing, Elsevier, vol. 22(6), pages 782-807, November.
    19. Samuel Y. Todd & Tamara A. Crook & Tony Lachowetz, 2013. "Agency Theory Explanations of Self-Serving Sales Forecast Inaccuracies," Business and Management Research, Business and Management Research, Sciedu Press, vol. 2(2), pages 13-21, June.
    20. Charles R. Schwenk & Charles B. Shrader, 1993. "Effects of Formal Strategic Planning on Financial Performance in Small Firms: A Meta-Analysis," Entrepreneurship Theory and Practice, , vol. 17(3), pages 53-64, April.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bcp:journl:v:8:y:2024:i:3:p:219-232. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Dr. Pawan Verma (email available below). General contact details of provider: https://www.rsisinternational.org/journals/ijriss/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.