External Environmental Analysis For Small And Medium Enterprises (SMEs)

Abstract

Small and Medium Enterprises (SMEs) face unique challenges in the business environment. SMEs need to successfully deal with the prevalent forces for change if they are to survive and grow and meet the expectations to create investment and employment opportunities. Successfully adapting to change from technological advances, customer expectations, supplier requirements, the regulatory environment and increasing competition requires successful implementation of organizational change. The ‘Degrees of Turbulence’ Model is proposed as a self assessment tool to aid SMEs in their environmental scan and to assist in assessing the potential impact and adjusting to the impending changes in the external environment to ensure continued viability.