| dc.description.abstract | Strategic planning is important for micro and small firms in this time of global competition, technological change and increased dynamics in the markets. Even if many MSEs still do not practice formal strategic planning, strategic planning practices and systematic decision making can be considered as a key determinant of survival and success of MSEs. This study sought to determine the strategic planning practices adopted by micro and small business in Kisumu Central Business District. The study deployed survey research design and stratified random sampling to ensure the study obtained a representative sample from the population. The study findings show that micro and small firms practiced strategic planning to varied degrees. However, the average rate of adoption of the strategic planning practices still fell below levels required for spur sustained growth and survival especially for those firms within Kisumu Central Business District. The study also revealed a gap between formulation of strategic plans and their implementation. It came out that MSEs seemed to over-concentrate on short term operational issues as at the expense of long term strategic issues. In conclusion this study has practical implications in that firms need to be aware that strategic planning practices, processes and tools can be beneficial for growth and survival of MSEs. To actualize this it is recommended that MSEs consistently formulate vision and strategy focusing on growth, profit and market among other strategic analysis techniques paying attention to analysis of the market, competition and formulating appropriate generic business strategies which can guide their daily operations. The study recommended further studies to examine the contribution of strategic planning towards growth of the micro and small firms owing the fact that a higher percentage of the surveyed firms were pursuing growth strategy. | en |
