IDEAS home Printed from https://ideas.repec.org/a/bcp/journl/v8y2024i5p812-823.html
   My bibliography  Save this article

A Conceptual Model of Business Best Practices and Sustainability of MSMEs in Saudi Arabia

Author

Listed:
  • Mohammad Ali Alharbi

    (Department of Construction, Faculty of Civil Engineering, Universiti Teknologi Malaysia, 81310 Johor Bahru, Johor, Malaysia)

  • Mohd Saidin Misnan

    (Department of Quantity Surveying, Faculty of Built Environment and Surveying, Universiti Teknologi Malaysia, 81310, Skudai, Johor, Malaysia)

  • Nur Izieadiana Abidin

    (Department of Construction, Faculty of Civil Engineering, Universiti Teknologi Malaysia, 81310 Johor Bahru, Johor, Malaysia)

Abstract

The objective of the present study is to ascertain the determinants accountable for attaining business sustainability. This research aims to enhance the development of a conceptual framework for business best practices that can assist micro, small and medium companies (MSMCs) in attaining sustainable business growth by improving their performance. This study enhances the existing body of literature on the Multi-Stage Model of Consumer Decision Making (MSMC) by offering a rigorous approach in terms of methodology, conceptual framework, and practical implications. The framework presented in this research comprehensively addresses the pertinent domains that might be instrumental in formulating a sustainable business trajectory for micro, small, and medium-sized enterprises (MSMEs). The research was conducted after systematically reviewing the existing literature on MSMCs. MSMCs and business practises have been the primary focus of the keyword combination. Following a thorough categorization of the research papers selected for the analysis according to their location, paper type, focus, and theoretical underpinnings, a thematic analysis was conducted. The document delineates the necessary guidelines for formulating sustainable business strategies for Micro, Small, and Medium-sized Companies (MSMCs), encompassing both macro and micro factors. Additionally, this study identifies many areas for future research, hence expanding potential possibilities for further investigation. In conclusion, the research identified several key sustainable business practices, including financial fragility, technological advancements and integration, entrepreneurial management and innovation, human resource management, and international trading. These practices play pivotal roles in enabling MSMCs to adapt to changing circumstances and enhance their resilience during crises. It underscores the significance of embracing innovation, leveraging technology, and fostering strong leadership to ensure long-term sustainability. Future research could be conducted to compare the business practises of multinational micro small and medium companies (MSMCs) in both emerging and developed economies.

Suggested Citation

  • Mohammad Ali Alharbi & Mohd Saidin Misnan & Nur Izieadiana Abidin, 2024. "A Conceptual Model of Business Best Practices and Sustainability of MSMEs in Saudi Arabia," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(5), pages 812-823, May.
    • Handle: RePEc:bcp:journl:v:8:y:2024:i:5:p:812-823
    as

    Download full text from publisher

    File URL: https://www.rsisinternational.org/journals/ijriss/Digital-Library/volume-8-issue-5/812-823.pdf
    Download Restriction: no
    File URL: https://rsisinternational.org/journals/ijriss/articles/a-conceptual-model-of-business-best-practices-and-sustainability-of-msmes-in-saudi-arabia/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Félix Corredera-Catalán & Filippo Pietro & Antonio Trujillo-Ponce, 2021. "Post-COVID-19 SME financing constraints and the credit guarantee scheme solution in Spain," Journal of Banking Regulation, Palgrave Macmillan, vol. 22(3), pages 250-260, September.
    2. Nawal Abdalla Adam & Ghadah Alarifi, 2021. "Innovation practices for survival of small and medium enterprises (SMEs) in the COVID-19 times: the role of external support," Journal of Innovation and Entrepreneurship, Springer, vol. 10(1), pages 1-22, December.
    3. Thorgren, Sara & Williams, Trenton Alma, 2020. "Staying alive during an unfolding crisis: How SMEs ward off impending disaster," Journal of Business Venturing Insights, Elsevier, vol. 14(C).
    4. Charlie Tchinda & Marcus Dejardin, 2021. "Are Business Policy Measures in Response to the COVID-19 Pandemic to Be Equally Valued? An Exploration According to SMEs Owners’ Business Expectations," Sustainability, MDPI, vol. 13(21), pages 1-42, October.
    5. Ozili, Peterson K, 2020. "COVID-19 in Africa: socioeconomic impact, policy response and opportunities," MPRA Paper 99617, University Library of Munich, Germany.
    6. Thorsten Beck & Asli Demirgüç‐Kunt & Vojislav Maksimovic, 2005. "Financial and Legal Constraints to Growth: Does Firm Size Matter?," Journal of Finance, American Finance Association, vol. 60(1), pages 137-177, February.
    7. Sriyono & Sarwendah Biduri & Bayu Proyogi, 2021. "Acceleration of performance recovery and competitiveness through non-banking financing in SMEs based on green economy: impact of Covid-19 pandemic," Journal of Innovation and Entrepreneurship, Springer, vol. 10(1), pages 1-10, December.
    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. Nawal Abdalla Adam & Ghadah Alarifi, 2021. "Innovation practices for survival of small and medium enterprises (SMEs) in the COVID-19 times: the role of external support," Journal of Innovation and Entrepreneurship, Springer, vol. 10(1), pages 1-22, December.
    2. Ambroziak Adam A., 2022. "Forms of COVID-19 state aid by beneficiary size in Poland in 2020," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 58(1), pages 44-63, March.
    3. Najib Noorashid & Wei Lee Chin, 2021. "Coping with COVID-19: The Resilience and Transformation of Community-Based Tourism in Brunei Darussalam," Sustainability, MDPI, vol. 13(15), pages 1-28, August.
    4. Abebe Techan Tolossa & Manjit Singh & Raj Kumar Gautam, 2024. "Unveiling the Nexus: the crucial role of competitive advantage in bridging entrepreneurial marketing practices and sustainable firm performance in small and medium enterprises," Journal of Innovation and Entrepreneurship, Springer, vol. 13(1), pages 1-24, December.
    5. Kuo-Ming Chu, 2024. "Innovation Practices of New Technology Adoption for the Business Survival Strategy of Online Travel Agencies During the COVID-19 Pandemic: Two Case Studies in Taiwan," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(2), pages 9556-9575, June.
    6. Ashraf Mishrif & Asharul Khan, 2023. "Technology adoption as survival strategy for small and medium enterprises during COVID-19," Journal of Innovation and Entrepreneurship, Springer, vol. 12(1), pages 1-23, December.
    7. Henrekson, Magnus & Johansson, Dan, 2010. "Firm Growth, Institutions and Structural Transformation," Ratio Working Papers 150, The Ratio Institute.
    8. Herrala, Risto & Turk-Ariss, Rima, 2012. "Credit conditions and firm investment : Evidence from the MENA region," BOFIT Discussion Papers 29/2012, Bank of Finland, Institute for Economies in Transition.
    9. Beck, Thorsten & Demirgüç-Kunt, Asli & Singer, Dorothe, 2013. "Is Small Beautiful? Financial Structure, Size and Access to Finance," World Development, Elsevier, vol. 52(C), pages 19-33.
    10. Ayyagari, Meghana & Demirguc-Kunt, Asli & Maksimovic, Vojislav, 2014. "Does local financial development matter for firm lifecycle in India ?," Policy Research Working Paper Series 7008, The World Bank.
    11. Myint Moe Chit, 2018. "Political openness and the growth of small and medium enterprises: empirical evidence from transition economies," Empirical Economics, Springer, vol. 55(2), pages 781-804, September.
    12. Oznur Ozdamar & Eleftherios Giovanis & Sahizer Samuk, 2020. "State business relations and the dynamics of job flows in Egypt and Turkey," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 10(4), pages 519-558, December.
    13. Oleksandr Shcherbakov, 2022. "Firm‐level investment under imperfect capital markets in Ukraine," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 31(1), pages 227-255, February.
    14. Amoa-Gyarteng, Karikari & Eserifa, Oyin-Emi, 2024. "Innovation Strategy and SME Survival: The Role of Organizational Adaptability," EconStor Conference Papers 298864, ZBW - Leibniz Information Centre for Economics.
    15. Knack, Steve & Xu, Lixin Colin, 2017. "Unbundling institutions for external finance: Worldwide firm-level evidence," Journal of Corporate Finance, Elsevier, vol. 44(C), pages 215-232.
    16. Ullah, Barkat, 2021. "Does innovation explain the performance gap between privatized and private firms?," Journal of Economics and Business, Elsevier, vol. 113(C).
    17. Nguyen, Bach & Tran, Hai-Anh & Stephan, Ute & Van, Ha Nguyen & Anh, Pham Thi Hoang, 2024. "“I can't get it out of my mind” - Why, how, and when crisis rumination leads entrepreneurs to act and pivot during crises," Journal of Business Venturing, Elsevier, vol. 39(4).
    18. Ioannis Giotopoulos & Alexander S. Kritikos & Aggelos Tsakanikas, 2023. "A lasting crisis affects R&D decisions of smaller firms: the Greek experience," The Journal of Technology Transfer, Springer, vol. 48(4), pages 1161-1175, August.
    19. Yuhuan Jin & Sheng Zhang, 2019. "Credit Rationing in Small and Micro Enterprises: A Theoretical Analysis," Sustainability, MDPI, vol. 11(5), pages 1-15, March.
    20. Carmen Pagés-Serra & Reyes Aterido & Mary Hallward-Driemeier, 2007. "Clima de negocios y creación de empleo: El efecto del acceso al crédito, la corrupción y el marco regulatorio en el crecimiento de las empresas," Research Department Publications 4560, Inter-American Development Bank, Research Department.

    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:5:p:812-823. 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://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.