Conducted by PIT
, Started on 2023 -
Completed on 2023
Completed
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Total Likes : 9
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Numerous challenges and obstacles can impede the growth trajectory of small enterprises, elevating the risk of failure. The success rates of these businesses are often hindered by deficiencies in management and strategic planning. This study delves into the strategies employed by small business owners to surmount such challenges. Anchoring this investigation is the Theory of Constraints (TOC), a conceptual framework facilitating the identification of organizational constraints and the comprehension of effective strategies. Conducted in Libertad, Isabel, Leyte, self-structured interviews with small business owners explored topics ranging from business longevity and challenges to coping mechanisms and constraints. The data, encompassing issues and strategies, were visually presented using pie charts and bar graphs. Findings spotlight financial concerns, outstanding debts, competitiveness, and power outages as prominent challenges faced by small firms. In response to these challenges, small business owners employ strategic planning, active debt collection, efficient communication, and agility as coping mechanisms. However, the implementation of these tactics is impeded by resource constraints, communication gaps, resistance to change, and inadequate preparation. The study underscores the pivotal role of leadership, goal planning, adaptability, and communication in ensuring the long- term success of small enterprises. Advocating for prioritized support from policymakers, the research emphasizes that planning, communication, and adaptability are instrumental for small businesses navigating the competitive business landscape. Government assistance, resources, and targeted initiatives are deemed imperative for the sustained success and growth of small enterprises, with proactive planning, effective communication, and adaptability identified as crucial elements in this journey.