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STRATEGIC PLANNING DIMENSIONS IN SMALL AND MEDIUM ENTERPRISES (SMEs) IN SOUTH AFRICA: THEIR RELATIVE IMPORTANCE AND VARIATIONS IN SELECTED DEMOGRAPHIC VARIABLES.
Abstract
The purpose of the study was to evaluate the strategic dimensions of SMEs and how each dimension is rated by owners and managers of SMEs. The other objective of the study was to ascertain if differences in strategic planning practices existed with respect to demographic variables namely gender, age and position in the organization. It was found that the main dimensions of strategic planning are mission and vision, environmental scanning, employee participation in the strategic planning process, time horizon of strategic planning, implementation incentives, evaluation and control, formality of strategic planning and source of information about the environment. It was also found that mission and vision, formality of strategic planning and evaluation and control were the most valued factors. No significant statistical difference existed among owners and managers of different age, gender and positions in strategic planning practices. The value of the study is that it offers various dimensions of strategic planning that SMEs can implement to be competitive and sustainable.
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