A Review of Sustainable Growth challenges faced by Small and Medium Enterprises

Abstract

The idea that businesses with a focus on increasing shareholder value were successful is a thing of the past. The last few years have seen a big shift in the trend; now, firms are required to consider social and environmental factors when making choices in order to provide value for all stakeholders in addition to shareholders. The results of earlier studies have confirmed the crucial role that organisations play in shifting the emphasis from rapid development to sustainable development. Small and medium enterprises (SMEs) have been recognized for their socio-economic contribution. Thus, the concept of sustainable growth is extremely relevant to SMEs. In this paper the researcher conducted review of extant literature to trace the conceptual development of sustainable development and growth. The researcher provides a conceptual overview of the challenges of sustainable growth of the SMEs. The study is significant as it extends the knowledge and paves the way for further research.

Determinants of the growth of Small and Medium Enterprises

“…Internal and external determinants and their combinations influence business performance and its growth. (Malki, 2023) and their competencies (Eklund, 2020).…”

“…However, the company's sustainable growth is not the result of a single particular factor. Rather, it is a mixture of business strategy, organization and procedures that are interrelated or mutually influential (Malki, 2023). A study by Runtuk et al (2023) shows that internal factors that are interrelated and strongly influence SME growth are MS (managerial skills), EO (entrepreneurial orientation) and OwS (ownership structure).…”

“…Small and medium enterprises have become a recognized economic and social phenomenon of economic and social life (Malki, 2023). Their role in the economy and society cannot be overlooked.…”

Sustainability Practices in Small Business Ventures: Assessing the Integration of Environmental and Social Responsibility in Entrepreneurial Ventures

“…Small businesses are uniquely positioned to contribute to sustainability due to their flexibility, innovation capacity, and close community ties (Kasiri & Movassaghi, 2023). Unlike larger corporations, small businesses often operate with more agility and can quickly adapt to new sustainable practices (Al Malki, 2023). Moreover, their deep connections with local communities can foster stronger engagement and support for sustainability initiatives (Ibrahim Abdelhalim Ibrahim, 2022;Saygili et al, 2023).…”