Influence of business survival strategies on growth of Small and Medium Enterprises in Narok Town, Narok County
The rapid changes in the conduct of business globally has resulted in intense competition within the market which leads to minimal growth among small businesses. This continuous volatility in the business environment has resulted in increasing lack of growth among small businesses in Kenya. This has been more rampant among businesses in Narok Town due to increase land conflicts, community clashes, rampant flooding and further, marginalization of the town has resulted in poor business survival and stunted business growth within the town. Previous empirical evidence has shown that business survival strategies are key to business growth. However, the extant literature has not focused on Narok Town. Thus, this research sought to establish if business survival strategies influence the growth of small and medium enterprises in Narok town. The current study analysed the effect of innovation strategies, marketing strategies and operational strategies on the growth of these businesses. The study targeted 649 SMEs operating within Narok Town. The sample size for the study was 384 firms with convenience sampling being adopted in selecting participants. The research relied on structured questionnaires in the data collection process with a drop and pick method being employed. Descriptive statistics and inferential analysis were used to analyse the data. The findings were presented using tables and charts. The study results indicated that there was a positive association between innovation strategies, marketing strategies and operational strategies and the growth of SMEs in Narok Town. The study findings also indicated that operational strategies have an insignificant negative effect to the growth of a business. The study concluded that business survival strategies account for 25.3% of variations in growth of SMEs. The study recommends that SMEs review their innovative practices, marketing tools deployment and internal business processes to drive sustainable growth. The study contributed to the County Government of Narok by showing the need to formulate regulations that can support the survival and growth of SMEs within Narok Town The study was limited to conceptualization of non-financial measures and did not consider financial measures in measuring growth.