Growth Strategies of SME in Oman- Issues and Challenges (Published)
This research has been conducted to determine the Growth Strategies of SME in Oman-Issues and challenges. SMEs has its own importance for the economic success and economic performance of any country due to which all countries are focusing on the growth of their SMEs. After getting success in the local market, it is important for SMEs to grow their business towards international market or at large scale businesses but, in the case of SMEs, businesses face a lot of challenges and issues in the form of human resource management constraints, financial management constraints, operations management constraints, and marketing management constraints. The review of literature proved the same thing that SMEs of Oman are facing issues and challenges in developing and implementing their growth strategies. The major aim of this research is to answer the research questions by using quantitative and qualitative research methods. Questionnaires are used for the data collection of quantitative research data. The total 250 respondents are selected to answer the questionnaires. Use of quantitative research methods brings effectiveness, reliability, and validity in the research. SPSS is used for the quantitative data analysis. Descriptive tests and T-test are applied on collected data to check the issues and challenges that SMEs of Oman are facing while developing their growth strategies. Interviews are used for data collection of qualitative research data. The total 12 interviewees are selected to answer the interview questions. Use of qualitative research methods brings elaboration of issues and challenges that SME of Oman face in developing and implementing their growth strategies. This research will motivate different SMEs of Oman to develop their defensive strategies to overcome the risks of growth strategies constraints. Furthermore, research limitation, managerial implications and future indications are also discussed in the study.
Keywords: Challenges, Issues, Small & Medium Enterprise’s (SMEs), Strategies.