A REVIEW OF SMALL BUSINESS GROWTH STRATEGIES IN AFRICAN ECONOMIES

A REVIEW OF SMALL BUSINESS GROWTH STRATEGIES IN AFRICAN ECONOMIES

26-04-24 | Cynthia Chizoba Ekechi, Excel G Chukwurah, Lawrence Damilare Oyeniyi, & Chukwuekem David Okeke
This review examines small business growth strategies in African economies, highlighting the critical role of SMEs in driving economic development and job creation. The study explores various financial mechanisms, including traditional banking and fintech solutions, to enhance access to finance for SMEs. It also analyzes the impact of government policies, regulatory frameworks, and collaborative initiatives on SME growth. Market access strategies, such as leveraging digital platforms and forming strategic partnerships, are discussed as essential for SME expansion. Technology adoption is identified as a key driver of efficiency and competitiveness, while knowledge transfer, skills development, and mentorship programs are emphasized as vital for sustainable growth. The review underscores the importance of a holistic approach that integrates financial inclusion, policy support, technological innovation, and capacity building to foster a thriving small business ecosystem in Africa. Keywords: Small Business, Growth, Strategies, Economies, Development.This review examines small business growth strategies in African economies, highlighting the critical role of SMEs in driving economic development and job creation. The study explores various financial mechanisms, including traditional banking and fintech solutions, to enhance access to finance for SMEs. It also analyzes the impact of government policies, regulatory frameworks, and collaborative initiatives on SME growth. Market access strategies, such as leveraging digital platforms and forming strategic partnerships, are discussed as essential for SME expansion. Technology adoption is identified as a key driver of efficiency and competitiveness, while knowledge transfer, skills development, and mentorship programs are emphasized as vital for sustainable growth. The review underscores the importance of a holistic approach that integrates financial inclusion, policy support, technological innovation, and capacity building to foster a thriving small business ecosystem in Africa. Keywords: Small Business, Growth, Strategies, Economies, Development.
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