A study on critical success factors for sustainable growth of small and medium enterprises (SMEs) in Zimbabwe

This study on critical success factors for sustainable growth of small and medium enterprises (SMEs) in Zimbabwe was conducted to determine what caused SMEs in Zimbabwe to succeed or fail, followed by an investigation into whether what caused some SMEs to perform highly had to do with why others tended to fail. Its three objectives were identifying the critical success and failure factors of Zimbabwe’s SMEs that lead to their success or failure in the country’s harsh operating environment; exploring if any of the critical success factors of successful SMEs had anything to do with the failure of unsuccessful ones; and considering how Zimbabwe’s SMEs could effectively respond to critical success factors in their harsh operating environment in order to succeed. Based on a phenomenological philosophy with a qualitative design, and an inductive approach, the study deployed a multiple case study strategy in which thirty-two SMEs, sixteen successful and sixteen unsuccessful, were purposively selected. Data was collected using semistructured interviews, document review and observation, followed by thematic analysis of its themes and patterns, and their meaning. The study resulted in the critical success and failure factors of SMEs from both their internal and external environments being surfaced. It also determined that indeed factors which
caused the success of some well performing SMEs were also capable of causing failing SMEs to perform poorly, showing that no one size fits all among critical success factors of SMEs. Following
this a Conceptual Model for Developing an SME’s Enterprise Specific Critical Success Factors was created. This conceptual model can assist SMEs to determine their enterprise specific critical
success factors ahead of formulating and implementing strategy. Coming up with this model was part of recommendations made for mitigating the adverse effects of some critical factors, while
enhancing others. Recommendations for future research on SMEs were also made. This study showed that there were indeed considerable pressures which either supported or militated against SME operations in Zimbabwe. These issues were then documented for use by entrepreneurs and their SMEs, policy makers, and other interested parties to use to put more effort, resources, and time towards ensuring SMEs’ continued existence, together with safeguarding the development of new ones. This, the researcher believed, would lead to the overall success of the Zimbabwean economy. A measurement model was developed to evaluate the acceptance or rejection of the findings and conclusions on the critical success factors that the research surfaced resulting in the study’s findings and conclusions being accepted.