Critical Success Factors for Small Business Enterprises in...

The overall objective of this research is to study which the critical success factors that are necessary for achieving success for a small business in Kingdom of Saudi Arabia. Small Business Enterprise or Small-Medium Enterprise (SME), in todays business environment, faces a lot of daily major challenges. Balancing the SME’s effort to address these challenges can be an intimidating task, unless a systematic approach is identified and followed. Recently, SMEs started moving towards the utilization of business success which enables SMEs to learn how to continuously improve the utilization of resources to achieve better productivity and performance. Therefore, critical success factors are the quantifiable aspects of the fundamental†¦show more content†¦But, due to the changing in business environment it is important to focus on corporate success in order to be competitive in this environment. A number of success factors researches shows that the most important factors contributing to success are businesss management systems and practices (Lussier, 1995), (Strischek, 1998). Some other factors leading to business success addressed in the research are implementation of accounting systems and regular review of financial statements (Gerstel, 1991), control of job-site safety (Gordon, 1997), and ongoing training and education (Bednarz, 1997). In the Hutchings and Christofferson study (Christofferson Hutchings, 2001), carried out among small-volume residential firms in the United States, the most important factors to business success were identified as quality workmanship, honesty, having good subcontractors, customer communications, reputation, having good employees, and completing projects on time, respectively. In a survey carried out among Germanys firms, the most important success factors were found as employee development, effective risk management, innovation, partnershi ps with customers, and lean organizational structure (Roland Berger Strategy Consultants, 2004). The use of critical success factors has covered several SMEs during the last decade. The scope of the small business may differ, but theShow MoreRelatedRisk Assessment And Action Plan1646 Words   |  7 Pagesindustry plagued with risk is a difficult task. However, identifying and managing risk is crucial in the capital intensive energy industry. Effective risk management leads to increased revenues, decreased costs and capital, and can propel a business to success. The information outlined will offer a discussion of how to identify and mange areas of risk and additionally, detail a process flow for successful implementation. 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