STRATEGIC PLANNING AND BUSINESS PERFORMANCE: PERSPECTIVE OF ENTREPRENEURS IN IKOTUN – IGANDO LOCAL COMMUNITY DEVELOPMENT AREA OF LAGOS STATE
Yinus Oluwaseun; Ojelade Mathew& Jimoh Charles
Department of Management and Accounting
Ladoke Akintola University of Technology, Ogbomoso, Oyo State, Nigeria.
E-mail: yinusoluwaseun003@gmail.com
ABSTRACT
This study examined the effect of strategic planning on business performance through perspective of entrepreneurs in Ikotun – Igando local community Development Area of Lagos state, Nigeria. The population of study is the aggregate of all registered entrepreneurs who are active Small Business operators in Ikotun – Igando LCDA. A proportionate stratified random sampling technique was adopted. Primary data were employed through distribution of forty (40) copies of Questionnaire to selected entrepreneurs. Data collected were analysed using descriptive statistical tool like Table, Percentage, while the formulated Hypothesis were tested through Inferential Analysis like Chi-Square. The result of tested hypothesis indicate that that strategic planning is positively related to Business performance with ( X2cal = 25 ; X2 tab = 9.49 ; P<0.05), ). The findings buttress the need for business owners and entrepreneurs to embrace strategic planning in order to gain competitive advantage and to ensure survival in the competitive market. Based on the finding it was recommended that Entrepreneurs should strategically plan in-order for them to derive the benefits brought about by both strategic planning and entrepreneurial activities. Also, encouragement of Entrepreneurs through adequate finance Scheme should be as a matter of importance to government in Lagos state.
Keywords: Strategic Planning; Entrepreneurs; Business performance; Strategic Decision-making; Entrepreneurial Development