The Impact of Turnaround Strategies on SME Performance
Abstract
This study examines the impact of various turnaround strategies on the performance of small and medium-sized enterprises (SMEs). Specifically, the research focuses on five key strategies: CRM, publicizing efforts, rebates, credit periods, and online business. The goal is to examine the interaction between these tremendous strategies for SME performance in business sales growth. A survey research methodology was used, and data was collected from 300 SMEs from various sectors by a structured questionnaire. Chi-square tests and regression analysis are used to establish the interaction between the company's turnaround strategies and its performance results. The result disclosed that online business was the most viable strategy for enhancing SME performance. According to the studies, CRM also positively affected business performance, even though the results differed depending on the implementation. On the other hand, credit period was a negative factor, whereby the performance of SMEs declined when credit period was offered. The influence of publicizing efforts and providing rebates yielded a moderate effect; therefore, the effectiveness of the two strategies depends on the existing context.
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