A review of SMEs strategic planning for growth and sustainability in Kenya: Issues and challenges

Abstract

As the world economy continues to move towards increased integration, some of the greatest opportunities for Small-to-Medium Sized Enterprises (SMEs) will derive from their ability to participate in the global marketplace while sustainably increasing their competitiveness. It is generally accepted that SMEs are becoming increasingly important in terms of employment, wealth creation, and the development of innovation. However, there are considerable doubts about the quality of strategic planning and management in this very crucial economic development sector with policy-makers suggesting that there are particular weaknesses in innovation, a lack of financial acumen, marketing, entrepreneurial flair, practical planning and management knowledge, and human resource management. As a result, many firms do not reach their full potential and fail to grow. The present paper will therefore seek to employ exploratory desktop review to determine the SME Business development in Kenya with particular reference to Strategic Planning for SMEs Growth and Sustainability. The paper will in digging into the issue of Strategic Planning for SMEs, look into aspects such as SME Business Control Structure, Significance and Benefits of Strategic Planning for SMEs and show cause why SMEs fail to carry out Strategic Planning.