Published 2025-09-15
Keywords
- Strategic planning, SMEs, business success, adaptability, competi-tiveness
This work is licensed under a Creative Commons Attribution 4.0 International License.
Abstract
Strategic planning is a crucial element for optimising the performance of small and medium-sized enterprises (SMEs) in a highly competitive and dynamic business environment. This study analyses the influence of strategic management practices on the success and annual revenues of SMEs in the province of Santa Elena, Ecuador. Using a quantitative approach, it examines the relationship between firm size and the presence of a strategic plan, the impact of planning methodology on observed profits, the association between plan revision frequency and adaptability, and the combined effect of these practices on perceived success. The results show that larger firms tend to have more frequent strategic plans, and that regular plan review is positively correlated with greater adaptive capacity and higher revenues. In addition, clusters of firms with similar characteristics in terms of strategic practices and performance are identified. The findings underline the importance of adopting a proactive and adaptive strategic approach to achieve success and sustainable financial growth in SMEs.