The Role of Strategic Planning on the Sustainability of Selected MSMEs in the 2nd District of Albay

Authors : Diana Mae N. Moratalla

Volume/Issue : Volume 8 - 2023, Issue 2 - February

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Micro, small, and medium enterprises are an important part of economic and social development. They create jobs and contribute to value-added activities, innovation, and growth for all by being evident in both urban and rural areas. (ASEAN, 2020). Additionally, Jobs made possible by MSMEs often go directly to the poor and vulnerable, especially women and young people. This directly reduces poverty, raises income, and helps families invest in education and health over time. (Clark Ke Liu, 2020) Meanwhile in the Philippines, though small and medium-sized businesses (SMEs) are an important part of the economy. Still, compared to bigger companies, they aren't as productive. This is partly because they don't have as much access to the market. (Francisco and Canare,2019). Hence, the purpose of this study is to establish the role of strategic planning on the sustainability of MSMEs in the 2nd District of Albay, specifically the KMME Program Graduates of the Department of Trade and Industry. The Kapatid Mentor ME (KMME) is a programme that aims to help Micro, Small, and Medium Entrepreneurs grow their businesses through weekly coaching and mentoring by business owners and practitioners on different functional areas of entrepreneurship to be held in Negosyo Centers all over the country of the Philippines. (Go Negosyo, 2019) The study used the mixed-method sequential Explanatory Design to determine the practices, challenges, and role of strategic planning on the sustainability of MSMEs business ventures. The analyzed data showed that in Marketing Management Practices (4.05) and Human Resource Management Practices (3.42) both revealed to be claimed as ‘practiced’ while the Financial Management Practices (2.92) and Operation Management Practices (3.48) both are ‘moderately practiced.’ The identified challenges encountered in all variables were found out to be mostly encountered problems by the Selected MSMEs in the 2nd District of Albay. Most of the MSMEs focuses on the Marketing Aspect of their business. This indicates that MSMES most priority aspects in doing business are the Marketing Aspect as they believe that it will bring more profit to them. It was also revealed that Strategic Planning played important role in doing business as it determined the success rate of the business venture.

Keywords : Social Science, MSMEs, KMME, Strategic Planning, Marketing Management, Financial Management, Operation Management, Human Resource Management, mixed method sequential explanatory research design, Philippines


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29 - February - 2024

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