Record Details

Factors influencing strategic decision-making in South African small businesses

Acta Commercii

Field Value
Title Factors influencing strategic decision-making in South African small businesses
Creator van Wyk, Ireze Venter, Peet
Subject Business Management; Strategic Management; Strategic decision-making small and medium enterprises; SMEs; SMMEs; strategic decision-making; strategy; interactive qualitative analysis; South Africa.
Description Orientation: Good strategic decision-making (SDM) is vital for continuous long-term business performance and sustainability.Research purpose: This study aimed to determine the influencing factors of SDM in small-, medium- and micro-enterprises (SMMEs) and how they relate to each other.Motivation for the study: Strategic decision-making literature for SMMEs is underrepresented, particularly in South Africa. This article addressed this gap by investigating these factors, thereby improving the current understanding of SDM and enhancing environmental scanning and effective SDM in SMMEs.Research design, approach, and method: A qualitative approach was adopted, implementing the interactive qualitative analysis (IQA) research technique involving a focus group session and interviews. Themes where identified through inductive and deductive coding. A total of 13 SMME owners participated in the study.Main findings: The main findings identified five categories of influencing factors, namely Risk, SMEracter, Operations, Limitations and/or Opportunities and/or Rewards. The sub-themes highlighted unique influencing factors such as ‘fuzzy feel good’, financial potential, time, capacity, core of the entity and ‘engine’. The findings also highlight how the five categories of influencing factors relate to each other in the SDM context.Practical/managerial implications: The findings provide SMME managers and/or owners with insight into that which influences their SDM, and how these factors relate to each other. Such knowledge improves SDM, environmental scanning, and assists in identifying how to mitigate influencing factors during SDM.Contribution/value-add: This article makes a theoretical contribution by providing additional insights pertaining to the influencing factors of SDM in SMME, and how they relate to each other, adding to the body of knowledge related to SDM in SMME.
Publisher AOSIS
Contributor Graduate Studies and Research, College of Economic and Management Sciences, UNISA
Date 2023-03-03
Type info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion — Qualitative, IQA technique, interviews
Format text/html application/epub+zip text/xml application/pdf
Identifier 10.4102/ac.v23i1.1070
Source Acta Commercii; Vol 23, No 1 (2023); 15 pages 1684-1999 2413-1903
Language eng
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Coverage — — Small and medium enterprises
Rights Copyright (c) 2023 Ireze van Wyk, Peet Venter