Challenges and Strategies for Small and Medium sized Enterprise Growth: A Holistic Approach

Abstract

This study examines the obstacles faced by Small and Medium-sized Enterprises (SMEs) when it comes to the expansion of their business. This research employs a qualitative methodology, focusing on the viewpoints of managers at SMEs. The results are categorized into three main themes: company model, leadership, and people. One of the key challenges associated with leadership is to the establishment of efficient structures and the formation of competent management teams. The issues that are centered on individuals include obstacles in the recruitment process and the enhancement of employee skills and knowledge. There is a reduced prevalence of issues related to business models, as the emphasis is placed on tactics pertaining to sales and market growth. The research highlights the significance of cultivating leadership, personnel, and business model dimensions via the implementation of management training. Organizations that prioritize management and leadership development initiatives tend to exhibit better levels of employee engagement. The research emphasizes the need of adopting a well-rounded strategy towards expansion, with a particular emphasis on customer relationship management and a comprehensive approach to addressing development obstacles. Additionally, it underscores the significance of staff development and organizational culture in comprehending the expansion of SMEs. The study proposes the adoption of a comprehensive strategy to address managerial difficulties and recommends more investigation into the interconnected nature of these challenges, as well as the influence of management in fostering a sense of purposeful work among workers in SMEs.