Strategies for Sustainable Business Growth: A Comparative Analysis of Small and Medium-sized Enterprises (SMEs)

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Published ID: IJNRD2407317

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David Chang

Small and Medium-sized Enterprises (SMEs), Sustainable Business Growth, Sustainability Initiatives, Global Economy, Economic Resilience, Social Responsibility, Ethical Business Conduct

This dissertation investigates the strategies for sustainable business growth in small and medium-sized enterprises (SMEs), a sector vital to the global economy. It explores the unique challenges and opportunities that SMEs face in achieving sustainability amidst dynamic economic landscapes and evolving sustainability awareness. Through comparative analysis, the study examines growth patterns and sustainability initiatives across various sectors, industries, and countries, identifying common success elements and challenges. The study employs quantitative and qualitative techniques to investigate the factors that impact the sustainability of SMEs. For quantitative data, a survey was done with 25 participants. For qualitative data, semi-structured interviews were done with 5 subject-matter experts. Findings emphasize the crucial significance of sustainability in guaranteeing the sustained growth and competitiveness of SMEs. It is established that the implementation of environmentally friendly operations and ethical sourcing procedures is not only a moral obligation but also a crucial factor in the success of SMEs. The adoption of sustainable practices by SMEs is vital for improving their competitiveness, as these practices are in line with changing customer tastes, regulatory trends, and industry standards. Therefore, to enhance their long-term growth and competitiveness, it is advisable for SMEs to persistently integrate sustainability as a fundamental aspect of their operational framework. SMEs should allocate resources towards the implementation of environmentally sustainable practices, embrace ethical sourcing principles, and effectively convey their unwavering dedication to these values in a transparent manner to all relevant stakeholders

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David Chang (July-2024). Strategies for Sustainable Business Growth: A Comparative Analysis of Small and Medium-sized Enterprises (SMEs). INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 9(7), d339-d362. https://ijnrd.org/papers/IJNRD2407317.pdf

Volume 9 Issue 7, July-2024

Pages : d339-d362

Paper Reg. ID: IJNRD_223669

Published Paper Id: IJNRD2407317

Research Area: Commerce

Author Type: Foreign Author

Country: Nairobi, Nairobi, Kenya

Published Paper PDF: https://ijnrd.org/papers/IJNRD2407317.pdf

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Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)

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