Published Online:September 2024
Product Name:The IUP Journal of Business Strategy
Product Type:Article
Product Code:IJBS010924
Author Name:Shalom Okpunyi Idikwu, Taiwo Adewale Muritala, Abayomi Samuel Taiwo and Ajalie Stanley Nwannebuife
Availability:YES
Subject/Domain:Management
Download Format:PDF
Pages:16
This study explored how economic resilience influences the performance of small and medium enterprises (SMEs) in Kogi, Nigeria. Economic resilience refers to the ability of businesses to recover and adapt during disruptions like financial crises or supply chain challenges. Using a descriptive survey design, data was collected from 285 respondents (sampled from 1,059 SMEs) through structured questionnaires. The study focused on three key factors: financial stability, resource access, and external support, analyzing their impact on SME operations, using SPSS software. The findings highlighted that economic resilience significantly improves operational efficiency. Financial stability (FS = 0.03 + 0.15) enables SMEs to maintain smooth operations with steady cash flow. Resource access (RA = 0.03 + 1.11) was critical, as having adequate materials, manpower, and essentials boosts performance. External support (ESM = 0.03 + 0.13), such as government programs or partnerships, also provided a positive impact by helping businesses stay resilient during tough times. The study concluded that SMEs should focus on strengthening cash flow management, securing resources, and leveraging external support programs to enhance resilience. By doing so, SMEs in Kogi can not only survive economic challenges but also thrive, ensuring sustainable growth even in uncertain conditions.
Small and medium enterprises (SMEs) are widely seen as tools that drive economic growth, particularly in states like Kogi state, Nigeria. They help in creating jobs, supporting local economies, and improving the quality of life within their communities. According to Pertheban et al. (2023), SME performance is mostly evaluated in terms of financial performance and operational efficiency.