Publication Information
Journal: NAU Journal of Technology and Vocational Education
Volume: 7 (2022)
ENTREPRENEURS’ RATINGS OF FINANCE OPERATIONAL STRATEGIES NEEDED FOR IMPROVING THE PERFORMANCE OF SMALL AND MEDIUM ENTERPRISES IN DELTA STATE
Nnajiofor, Francisca N
fn.nnajiofor@unizik.edu.ng Department of Technology and Vocational Education, Nnamdi Azikiwe University
Ugbomah, Esther Onyinye
estheronyinye@gmail.com Department of Technology and Vocational Education, Nnamdi Azikiwe University
This study investigated entrepreneurs’ ratings of finance operational strategies needed for
improving the performance of small and medium enterprises in Delta State. A research questions
guided the study while null hypotheses was formulated. The descriptive survey research design
was adopted for the study. The study was conducted in Delta State. The population for this study
consisted of 1,310 registered small and medium scale enterprises with the Delta State Ministry
of Trade, Investment, Commerce and Industry. A sample of 393 entrepreneurs of small and
medium scale enterprises in Delta State was used for the study using proportionate stratified
sampling technique. The instrument used for data collection was a 40-item questionnaire, which
was validated by three experts. The instrument was subjected to test of internal consistency
using Cronbach’s alpha method, and a coefficient of 0.83 was obtained. Mean and standard
deviation was used to answer the research questions while analysis of variance was used to test
the null hypotheses at 0.05 alpha level. The findings revealed that entrepreneurs rate finance
operational strategies as greatly needed for improving the performance of SMEs in Delta State.
The finding also revealed that there was a significant difference in the mean ratings of
entrepreneurs on finance operational strategy needed for improving performance of SMEs based
on their years of experience. Based on the findings, it was recommended amongst others that the
Department of Small and Medium Scale Enterprises with Delta State Ministry of Trade,
Investment, Commerce and Industry should set up personnels to check up the financial internal
control system of small and medium enterprises.
improving the performance of small and medium enterprises in Delta State. A research questions
guided the study while null hypotheses was formulated. The descriptive survey research design
was adopted for the study. The study was conducted in Delta State. The population for this study
consisted of 1,310 registered small and medium scale enterprises with the Delta State Ministry
of Trade, Investment, Commerce and Industry. A sample of 393 entrepreneurs of small and
medium scale enterprises in Delta State was used for the study using proportionate stratified
sampling technique. The instrument used for data collection was a 40-item questionnaire, which
was validated by three experts. The instrument was subjected to test of internal consistency
using Cronbach’s alpha method, and a coefficient of 0.83 was obtained. Mean and standard
deviation was used to answer the research questions while analysis of variance was used to test
the null hypotheses at 0.05 alpha level. The findings revealed that entrepreneurs rate finance
operational strategies as greatly needed for improving the performance of SMEs in Delta State.
The finding also revealed that there was a significant difference in the mean ratings of
entrepreneurs on finance operational strategy needed for improving performance of SMEs based
on their years of experience. Based on the findings, it was recommended amongst others that the
Department of Small and Medium Scale Enterprises with Delta State Ministry of Trade,
Investment, Commerce and Industry should set up personnels to check up the financial internal
control system of small and medium enterprises.
Ardiouman, D., & Asma, B. (2015). Marketing management strategies affecting performance of
small and medium enterprises (SMEs) in Cot d’Ivoire. International Journal of Business
and Social Science, 6(4), 1-10.
Barney, J. B. (2014). Gaining and sustaining competitive advantage. New York: AddisonWesley.
Bhagwat, R., & Sharma, M. K. (2007). Information system architecture: A framework for a
cluster of small and medium-sized enterprises (SMEs)”, Production Planning and
Control, 18(4), 283-296.
Boden, R. J., &Nucci, A.R. (2010).The survival prospects of men’s and women’s new business
ventures. Journal of Business Venturing, 15(4), 347– 372.
Coulter, M. (2009). Strategic management in action. New Jersey: Pearson Prentice Hall.
Dansoh, A. (2015). Strategic planning practice of construction firms in Ghana. Construction
Management and Economics Journal, 23, 163-168.
Dzisi, S., & Ofosu, D. (2014). Marketing strategies and the performance of SMEs in Ghana.
European Journal of Business and Management, 6(5), 102 – 110.
Ebitu, E. T. (2016). Marketing strategies and the performance of small and medium enterprises
in Akwa-Ibom State, Nigeria. British Journal of Marketing Studies, 4(5), 51 – 62.
Haghighinasab, M., Sattari B., Ebrahimi M., &Roghanian, P. (2013). Identification of innovative
marketing strategies to increase the performance of SMEs in Iran. International Journal
of Fundamental Psychology & Social Sciences, 3(2), 26 - 30.
Hande, K. (2015). Financial management challenges in small and medium-sized enterprises:
Strategic Management Approach. Emerging Markets Journal, 5(1), 27 – 40.
Jennings, D., & Disney, J. (2012). Designing the strategic planning process: Does psychological
type matter, in Management Decision Journal, 44(5), 598-614.
Myers, M. D. (2014). Qualitative research in information systems. MIS Quarterly, 21(2), 90 -99.
Noor, E. A. (2013). A study on implementation of information technology (IT) and its
relationship with firm performance. An Unpublished Thesis submitted to the Faculty of
Tchnology, Universiti Malaysia Pahang.
Slack, N. (2010) Operations strategy. Harlow: FT-Prentice Hall.
Tavitiyaman, P., Qu, H., & Zhang, H. (2011). The impact of industry force factors on resource
competitive strategies and hotel performance. International Journal of Hospitality
Management, 30: 648-657.
Toohey, G. (2009). Experience and new venture performance. New Castle Upon Tyne, United
Kingdom: Cambridge Scholars Publishing.
Udechukwu, O. (2011). A comparative study of selected problems encountered by small
businesses in the Nelson Mandela, Cape Town and Egoli Metropolis. Management
Dynamics, 2(3), 13-23.
Wanigasekara, W. M. S. K., & Surangi, H. K. N. S (2011). Impact of level of education and
business experience on business success among small retail owner managers in Sri
Lanka, University of kelaniya. Paper presented at the 2nd International Conference on
Business and Information (ICBI), 20 October, 2011.
World Bank (2012). Doing business 2007: How to reform. World Bank Report.
small and medium enterprises (SMEs) in Cot d’Ivoire. International Journal of Business
and Social Science, 6(4), 1-10.
Barney, J. B. (2014). Gaining and sustaining competitive advantage. New York: AddisonWesley.
Bhagwat, R., & Sharma, M. K. (2007). Information system architecture: A framework for a
cluster of small and medium-sized enterprises (SMEs)”, Production Planning and
Control, 18(4), 283-296.
Boden, R. J., &Nucci, A.R. (2010).The survival prospects of men’s and women’s new business
ventures. Journal of Business Venturing, 15(4), 347– 372.
Coulter, M. (2009). Strategic management in action. New Jersey: Pearson Prentice Hall.
Dansoh, A. (2015). Strategic planning practice of construction firms in Ghana. Construction
Management and Economics Journal, 23, 163-168.
Dzisi, S., & Ofosu, D. (2014). Marketing strategies and the performance of SMEs in Ghana.
European Journal of Business and Management, 6(5), 102 – 110.
Ebitu, E. T. (2016). Marketing strategies and the performance of small and medium enterprises
in Akwa-Ibom State, Nigeria. British Journal of Marketing Studies, 4(5), 51 – 62.
Haghighinasab, M., Sattari B., Ebrahimi M., &Roghanian, P. (2013). Identification of innovative
marketing strategies to increase the performance of SMEs in Iran. International Journal
of Fundamental Psychology & Social Sciences, 3(2), 26 - 30.
Hande, K. (2015). Financial management challenges in small and medium-sized enterprises:
Strategic Management Approach. Emerging Markets Journal, 5(1), 27 – 40.
Jennings, D., & Disney, J. (2012). Designing the strategic planning process: Does psychological
type matter, in Management Decision Journal, 44(5), 598-614.
Myers, M. D. (2014). Qualitative research in information systems. MIS Quarterly, 21(2), 90 -99.
Noor, E. A. (2013). A study on implementation of information technology (IT) and its
relationship with firm performance. An Unpublished Thesis submitted to the Faculty of
Tchnology, Universiti Malaysia Pahang.
Slack, N. (2010) Operations strategy. Harlow: FT-Prentice Hall.
Tavitiyaman, P., Qu, H., & Zhang, H. (2011). The impact of industry force factors on resource
competitive strategies and hotel performance. International Journal of Hospitality
Management, 30: 648-657.
Toohey, G. (2009). Experience and new venture performance. New Castle Upon Tyne, United
Kingdom: Cambridge Scholars Publishing.
Udechukwu, O. (2011). A comparative study of selected problems encountered by small
businesses in the Nelson Mandela, Cape Town and Egoli Metropolis. Management
Dynamics, 2(3), 13-23.
Wanigasekara, W. M. S. K., & Surangi, H. K. N. S (2011). Impact of level of education and
business experience on business success among small retail owner managers in Sri
Lanka, University of kelaniya. Paper presented at the 2nd International Conference on
Business and Information (ICBI), 20 October, 2011.
World Bank (2012). Doing business 2007: How to reform. World Bank Report.