Managing Small and Medium Scale Enterprises in A Competitive Marketing Economy

Abstract

This paper is focused on managing small and medium scale enterprises (SMEs) in a competitive economy. The objective of the paper is to critically and contextually examine some current business ideas and strategies which will not only help Nigerian small and medium scale business enterprises to survive the hard times but rather grow steadily and so become strong enough to contribute their quota to sustainable development in Nigeria. It identifies and exploits investment opportunities in small and medium scale enterprises; highlights preliminary considerations before venturing into SME, and essential tips in planning a small medium scale business and makes vital recommendations by drawing attention to some crucial areas of modern management which Nigerian small and medium scale enterprises would embrace to increase Gross Domestic Product (GDP) and raise the standard of living of all Nigerians. These areas or strategies include design and implementation of system; understanding and applying change management; strategic management/planning model; the environmental scanning model; total quality management (TQM); leadership, motivation/empowerment of our workers and of course team management, among others.