THE PROFOUND IMPACT OF STRATEGIC PLANNING ON ACHIEVING LONG-TERM SUSTAINABILITY IN SMALL AND MEDIUM-SIZED ENTERPRISES (SMES)

Abstract

Small and medium-sized enterprises (SMEs) constitute the lifeblood of modern economies, accounting for upwards of 90% of global businesses, over 50% of employment, and substantial GDP contributions, particularly in emerging markets like those in Asia, Africa, and Central Asia. Yet, their fragility is legendary: high attrition rates, vulnerability to economic shocks, supply chain volatilities, and regulatory flux render long-term survival a Herculean feat without proactive foresight. Strategic planning—defined as a systematic, iterative cycle encompassing environmental scanning, objective formulation, strategy development, resource mobilization, execution, monitoring, and adaptive refinement—emerges as the linchpin for transcendence. Anchored in theoretical pillars such as the Triple Bottom Line (TBL) framework, which harmonizes profit (economic), planet (environmental), and people (social) imperatives, alongside the Resource-Based View (RBV) that posits internal competencies as sources of sustained competitive advantage, strategic planning transmutes SMEs from reactive survivors into visionary frontrunners.