Enhancing Productivity of Small and Medium-Sized Enterprises (SMEs)

Abstract

Due to changes in business and industry operations from socio-economic, political, environmental and technology influences, industry sectors and those struggling will have to adapt to survive. SMEs mark an important part of the nation owing to their support of the main industries. To mitigate negative economic impact on SMEs, adaptation to the changes around them is imperative for businesses that wish to survive and grow. To improve productivity to established goals, the management team needs to implement a practical approach, appropriate tools and techniques tailored to organizational readiness and situational contexts. It is recommended that these steps be carried out: assessment of factors enhancing productivity and strategic planning to increase productivity. The advantages gained by organizations by these activities constitute cost reduction, increased performance efficiency, as well as achieving high profits and sustainability over time.