Conducted by PIT
, Started on 2022 -
Completed on 2023
Completed
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Many hazards and hurdles can slow small enterprises' growth and raise their risk of failure. Poor management and strategic planning slow down small business success rates. This study examines small business owners' ways of overcoming challenges. A conceptual framework for recognizing organizational constraints and understanding effective strategies is the Theory of Constraints (TOC) that supports this study. Self-structured interviews were conducted with small business owners in Isabel, Leyte. Small business longevity, business challenges, coping mechanisms, and restrictions were discussed in the interviews. To understand the issues and strategies, pie charts and bar graphs were utilized to present the data. Results reveal that financial concerns, outstanding debts, competitiveness, and power outages are among the challenges small firms face. Strategic planning, active debt collection, efficient communication, and agility help small business owners cope. These tactics are difficult to implement due to limited resources, poor communication, opposition to change, and poor preparation. The findings underline the importance of leadership, goal planning, adaptation, and communication for small firms' long- term success. Small businesses should receive priority from policymakers. Planning, communicating, and adapting can help small firms survive and develop in a competitive business environment. Effective leadership, explicit goal setting, adaptability, and English language training can help overcome these difficulties. Small businesses need the government’s assistance and resources. Small businesses' long-term success depends on proactive planning, excellent communication, and adaptability. In a competitive business environment, these techniques and support can help small enterprises survive and grow.