International Journal of Research Studies in Management
CollabWritive Special Issue
2024 Volume 12 Issue 13
Available Online: 1 October 2024
Author/s:
Cai, Yuhan
Graduate School, Lyceum of the Philippines University – Batangas, Philippines
Abstract:
This study aimed to examine the management approaches, economic sustainability and growth strategies of small and medium enterprises in Shandong Province. Specifically, it assessed the various management approaches and practices in terms of strategic management, operational management, and financial management; described the extent of adoption of business practices contributing to SMEs economic sustainability in terms of sustainable resource management, diversification and market expansion, and financial resilience and risk management; evaluated the growth strategies implemented by SMEs in terms of strategic partnerships and alliances, product diversification, and innovation; tested the relationship among management approaches and practices, economic sustainability and growth practices of Small Medium Enterprises in Weifang, Shandong Province; and proposed a holistic sustainability framework for SMEs. In conclusion, SME employees and managers widely agree on the efficacy of management practices in supporting economic sustainability, with financial management taking precedence, followed closely by operational management and strategic management. The consensus also extends to the key areas contributing to economic sustainability, with Diversification and Market Expansion leading, followed by Sustainable Resource Management and Financial Resilience and Risk Management. Despite generally weak relationships between management approaches and growth strategy sub-variables, strategic management exhibits slightly stronger ties to innovation. As for recommendations, government and policymakers are encouraged to develop support programs and incentives for sustainable resource management and diversification efforts. Industry associations can provide training and networking opportunities to enhance financial resilience and promote strategic partnerships. Financial institutions should tailor financial services to SMEs’ needs, while SME owners and managers should invest in skill development and prioritize sustainability practices. Investors and venture capitalists are advised to consider supporting SMEs with strong capabilities in innovation and strategic partnerships to promote economic sustainability and growth in the sector.
Keywords: management, approaches, economic, sustainability, growth, strategies, small and medium enterprises
DOI: https://doi.org/10.5861/ijrsm.2024.1278
Cite this article:
Cai, Y. (2024). Management approaches, economic sustainability, and growth strategies of small and medium enterprises: Basis for a holistic sustainability framework. International Journal of Research Studies in Management, 12(13), 43-57. https://doi.org/10.5861/ijrsm.2024.1278