Strategic Networking: A Re-Engineering Approach for Sustainable Growth of Small Businesses in Nigeria

Abstract

In Nigeria, the challenges inhibiting growth of small businesses includes the combined effect of low market access, poor information flow, poor business literacy and pre-start-up industry knowledge, weak linkage among different segments of the operations in the sector, weak operating capacities in terms of skills, knowledge and attitudes, use of obsolete equipment and methods of production because of owner’s inability to access new technology. Also, owing to the absence of strategic networking, resulting in absence of capacity of small business owners to simultaneous exploit opportunities innovatively and to create competitive advantage for business growth; hence, this study investigates strategic networking as a re-engineering approach towards sustainable growth of small businesses in Nigeria. This study employed the cross-sectional survey design, with a sample size of one hundred and ninety eight (198) small businesses operating within the Federal Capital Territory, Abuja. Data generated for the study were analysed using descriptive analytical techniques, while hypotheses was tested using multiple regression. The result revealed that, strategic networking has a significant impact on re-engineering sustainable growth of small businesses in Nigeria. Hence, the study recommended that, small businesses desirous of growth and expansion should ensure effective business networking within the industry to enhance productivity in the event where they lack technological capacity to produce for uninterrupted operations, effective and profitable product distribution and access to wider markets

 Keywords:     Distribution, Strategic Networking, Growth, Small Business, Production Capacity,