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There are basically 3 sphere of analysis in Business Strategy, viz Internal analysis, external analysis and competitive force analysis. For detail reading on internal, external and competitive force analysis.
As promised in the last
publication I will be concentrating on Strategic theories under internal
analysis and how far has MSMEs in Nigeria implemented this theories for their
growth or otherwise in this publication.
Now, lets do an appraisal of the SWOT Analysis and the MSMEs.
SWOT Analysis and MSMEs in Nigeria
The SWOT Analysis is the simplest
and most popular strategic theory not only in Nigeria but also globally. It was
actually created by Albert Humphrey of Standford University, California, United
State of America in the 1960s.
It is made up of the four simple
acronym of S – Strengths, W – Weaknesses, O – Opportunities and T-
Threats. It is also known in reciprocal
as TOWS. Whether as SWOT or TOWS, it is an old theory but still very relevant
to MSMEs and any level of business enterprise because of its simplicity of
But the challenges really lies in the Proprietor of the MSMEs concerned.
Some of the factors that shapes the personality of Proprietor of SMEs, the
understanding and implementation of the SWOT Analysis:
Literacy and level of
Place of Business
Level of Capitalization
at the point of commencement of business
The specific business
sector or line of business
No or level of
previous business experience at the point of business initiation.
and age brackets
Considering the Nigerian business environment, we can group MSMEs into
MSMEs Proprietor who
has no western education at all. They are predominantly farmers, herders, petty
traders and artisans.
MSMEs Proprietor who
has the old Modern 3 or SL75, School Certificate and NABTEB.
MSMEs Proprietor who
has National Diploma (ND)/National Certificate of Education (NCE) or
equivalents. These are semi graduates.
MSMEs Proprietor who
has Higher National Diploma (HND), Bachelor of Science and above without
MSMEs Proprietor with
any level of education but with cognate business experience.
The SWOT Analysis can be done at different times in the life of a
business which may include the following:
commencement of a new business
When seeking loan or
equity for a new business
When seeking loan or
equity to finance specific growth level of the business.
partnership with another professional in the same business sector.
When a business is
seeking merger with another business
When a business is being
bided for acquisition by another business.
Each of the acronym does and cannot have a specific definition and
interpretation across the peculiarities of all types of proprietors of MSMEs.
This has to do with the law of relativity and human differences. For example an
illiterate or semi-literate trader or business person does not take the
registration of his or her business as strength because we met an order where
our fathers are and were traders and farmers, and some even became big time
businessmen and women without business name registration, rather they see it as
a weakness as it exposes the business to
the government unduly for tax and other regulatory purposes which they are not
ready to comply with. This is accentuated by their lack of trust in the government
and its past years of irresponsibility.
Also because they are not aware of the principle of separation of entity
that, ‘’the entrepreneur or owner of a business is not the same as the
business’’ as such opening of bank account(s) for the business in their
personal name(s) is improper.
For the literate or elite business owners, the registration of the
business is seen as a good strength as the registration will assist opening of
bank account which puts the business on a pedestral for any opportunity at home
or abroad. There is also the instinct that there may be need for finance at any
point in the life of the business and the bank can be there for the business.
Though they are aware that it exposes the business to government taxations and
regulations but very convinced that they will manage through to still be able
to derive the greater benefits accruable with business registration.
The SWOT Analysis remains the most popular and used
strategic theory because of its simplicity, flexibility and relativity. Almost,
if not all MSMEs uses SWOT Analysis, with the difference in implementation
affected by the peculiarity of the Proprietor or management.
The more literate or educated an MSME Proprietor is,
the more formal and articulated he/she implements SWOT Analysis, otherwise it is implemented informally.
Contemporally, it is now always part of simple
business plan or feasibility studies done for MSMEs in the quest for financing
from f Why not order for your copy for more reading.
This is the second topic in our serial on Strategy. I had mentioned earlier that we will limit our concern to Business Strategy for now.
But since the book https://www.amazon.com/dp/B07Z6PQBMF has already explained to reasonable extent a lot of theories on Business Strategy. My specific concern with this serial especially after this topic is to take us on practical journey on micro, small and medium scale businesses in Nigeria and if the theories are really relevant to our environment and if YES, how far are they being implemented, suggesting areas of improvements and why some are not or may never be practicable.
About the author:
What then is Business Strategy?
The word ‘Strategy’ is coined from the Greek word ‘Strategia’ used in Military Science to mean ‘all comprehensive plans and tactics deployed in distinguishing battles within wars and prosecuting those battles, leading to the ultimate defeat of the enemy and eventual victory at the wars.
Strategy has now been imported into management or business after the Second World War (1945). Some of the early management writers on Strategy are Chandler, Drucker, Johnson, Scholes and Wittington etc.
Levels of Business Strategy?
There are three levels of Strategy:
– Corporate Strategy: This has to do with making business decisions and visioning objective.
– Competitive Strategy: This has to do with how each business competes at the market place or in a given industry and thereby contributes to its Organizational objective.
– Functional Strategy: This has to do with the different functions or functional areas that are c-ordinated and integrated to support the Competitive or Business Strategy leading to the ultimate achievement of the Corporate Strategy.
Elements of Corporate Strategy
– Deciding the vision and mission of the entity.
– Deciding the entity’s business or products portfolio
– Matching the entity’s businesses to available resources and external realities.
– Matching the entity’s vision and mission to shareholder’s expectation
– Matching the entity’s vision and mission to other stakeholders’ expectation.
Why not order for your copy for more reading.
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The word or the term ‘’Strategy’’ is
being used by a lot of people at different times for different purposes and in
Do the ordinary user of the word
really understand the concept?
From observation and unorganized
research, different professionals and non-professionals have been using the
word indiscriminately or loosely for any perceived steps taken or to be taken
on an activity towards the achievement of a specific goal or target. For
example, a Sales representative or marketer referring to all his activities at
achieving a N10million monthly sales target as his ‘Sales Strategy’. Also, a Football Club Coach defeating his
opponent in a Football Match referring to his efforts as ‘Match Winning
About the author:
But Strategy is a real
concept that usually has a long-time focus with sub-component activities
deployed consistently towards achieving a specific goal or focus. It has its
origin from the military, which I will explain later. Whether as a real concept
or in its loose or confused form it has been applied to numerous areas of human
endeavor. Thus we have numerous types of Strategy which includes the
Marketing and or Sales
Business Strategy etc.
The list can continue
to as many tasks or activities as humans are involved in but this serials will
be on ‘’Business Strategy’’ using my book –
‘’Strategy, Risks, Governance and Ethics at a Glance ‘’ as guide.
YOUR COPY ON:
What then is Business
The word ‘Strategy’ is
coined from the Greek word ‘Strategia’ used in Military Science
to mean ‘all comprehensive plans and tactics deployed in distinguishing battles
within wars and prosecuting those battles, leading to the ultimate defeat of
the enemy and eventual victory at the wars.
Strategy has now been
imported into management or business after the Second World War (1945). Some of
the early management writers on Strategy
are Chandler, Drucker, Johnson, Scholes and Wittington etc.
Programmes are abound already, or do I say we are already accustomed to
What are Financial Programmes?
Programmes can be said to comprise of allexisting or current workshops and seminars that
revolves around finance and accounting. In summary, Finance deals with the
acquisition and utilisation of funds for the day to day operations of any
organisation, be it business or otherwise. While Accounting
refers to the recording of all transactions involved in the acquisition and
utilisation of the aforementioned funds for the running of the operations of
any organisation for business or otherwise, reporting to management, regulators
and other stakeholders, through audit to justify the effective utilisation of
the funds acquired.
Examples of Financial Programmes
of workshops or seminars that comes under this heading are inexhaustible, but
to mention a few, they include:
for Non-finance executives
and Inventory management
Accounting and Finance Course for Marketers
Intelligence for Managers
Approach to Auditing etc.
Contemporal Financial Programme?
last 5 – 10years the global economy took new dimensions and is still undergoing
continuous changes affecting businesses so greatly that new methods and
processes are being deployed in the implementation of hitherto known
conventional business processes or operations and the body of skills and
knowledge components of finance continuously needing review and upgrade. Hence,
this programme series is being packaged and scheduled to address some of these