Turnaround Strategies for Small, Medium and Micro-Enterprises

Abstract

This study assessed the knowledge gain effect among SMMEs owners of training on financial and marketing turnaround strategies which SMMEs can implement to turn around performance from loss-to-profit position. A simple random sampling method was used in conducting survey primary data collection using a self-administered structured questionnaire designed based on 5-point Likert scale. Data from a sample of one-hundred and sixty-three (n = 163) respondents was tested for and satisfied construct validity and scale reliability conditions based on Keiser-Meyer-Olkin measure of sampling adequacy and Cronbach’s alpha, respectively. Factor analysis results indicate that no pre-training and post-training items under each construct demonstrated a complex structure, loaded on analogous single factors and significant amounts of variances were explained. Paired samples t-test results regarding pre-training and post-training knowledge levels indicate significant mean differences in all indicators measuring financial turnaround strategy, while marketing strategy had one item with a significant mean difference in knowledge gain. Cohen’s d paired samples effect sizes results show that samples effect sizes were small for both financial and marketing strategies.

Keywords: turnaround strategies; SMME, financial, marketing, loss-to-profit

DOI: 10.7176/EJBM/16-7-07

Publication date: September 30th 2024