A Review of Critical Success Factors Influencing the Success of SMEs

Abstract

Objective: Critical success factors models for SMEs provide information to SMEs that were utilized to develop policies and strategies for best business practices that will mitigate failures. The objective was to review SME articles and books to identify CSFs influencing their success.Design: The article reviewed the literature on SMEs and identified critical success factors that influence the success of SMEs across locations and industries. Findings: Twenty-five critical success factors of SMEs were identified, and many more are considered part of them. Policy Implications: The paper will enable entrepreneurship researchers to understand the CSFs for application as variables in future CSFs models and SME operators for best business practices to reduce failure and grow/develop economies. Originality: The article is an exhaustive literature review of SME articles and books identifying the CSFs influencing their success.