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

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  • 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
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    References listed on IDEAS

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    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.
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