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The Sultanate of Oman is emerging as a developing stage and
the focus of the government is on mainly towards the development and growth of
small and medium sized enterprises. SME’s induces higher impact on the growth
and the economic conditions of the country. The development of the business in
Oman almost 95% depends on the economy of SME’s. The important consideration
for the work is to investigate the challenges and issues faced by the business
on different growth stage. The strong vision is towards the impact of mission
and goals of the strategies and how SME's achieve the goals
The challenges of appropriate strategies in the companies
specify the flow of cash through the proper process. The marketing strategies
have more importance for the budgets for instance in case of small companies
the higher budget is required for the strategic marketing
The prime purpose of the present work is to throw light on
the Problems, issues, challenges, and constraints faced by both the small and
medium sized enterprise (SMEs) in Oman. The suggestions are also considered in
the research work for the solution of problems. The quantitative research work
was based on the data gathered from the questionnaire and the descriptive
analysis defined nonparametric testing
Problem Statement of Problems
faced by the small and medium enterprises and their solutions within Sultanate
of Oman
In the past from 2012 till now the government of Oman have
introduced new policies and has shown more concern regarding the growth and
development of Small and Medium Enterprises. The higher success of small and
medium sized companies has developed the country. The growth of business
improves the economy of the country along with the society towards higher
levels of success. In order to promote SME's, in 2012, the government of Oman
developed a lot of programs. The new programs reduced the rate of unemployment
in the country. Through the programs, approximately 74% of SME's were improved
their positions and rate of growth increased by expanding the business
operations
The small and medium sized enterprises require a high level
of skills particularly managerial and leadership skills along with the
consideration of finance. SME's of Oman is not possessing enough resources for
the proper management of customer's demand and increasing rate of demands
In order to expand the operation, the small and medium sized
enterprises in Oman have decided to outsource important information and
operations with the specialists, identification of the new customers,
opportunities in the market and the marketing process. The process of planning and
implementation of growth strategies in the enterprises of Oman are really
complex and the government is provided opportunities to support the successful
strategies
Theoretical Concepts and Framework
of Problems faced by the small and medium enterprises and their solutions
within Sultanate of Oman
The theoretical framework is provided with a general concept
of the relation between the specific phenomena and things. In the present work,
the specific phenomena of research revolves around the issues and challenges
faced by the companies in Oman and the companies are growing on the basis of
business operations. The theoretical framework provides a relation between the
theories of testing and the specific timing of the work. The finding of the
work is based on the investigation of the process used for the development of
companies in Oman
The independent
variable stands alone and has more effect on the variation in the research. The
focus of small and medium sized enterprises of Oman is on the four basic
functions and success of the company heavily depends on the functional area of
these four functions. The essential component of the development of a
theoretical concept is financial management, operation management, marketing
management, and human resource management
The area of the
research is focused on the dependent variable and some other factors as their
type changes. The growth rate of small and medium sized enterprises highly
depends on the four functional areas for the company
|
Independent research variables |
Factors that induce impact on
the issues and challenges for the small and medium sized companies in the
Oman and the growth strategies. |
|
Financial Management |
Lack of Credit availability Long term credits Cost for the financing of
business Working capital management |
|
Human Resource Management |
Lack of Managerial skills for the management of circumstances in
the workplace. The formal relation that is bonding between the owner of
the enterprise and the workers Knowledge for the hiring process of workers |
|
Marketing management |
Lack of Marketing budget Marketing knowledge Identification of new market |
|
Operation Management |
Lack of Proper knowledge about the suppliers and outsourcing Access to the latest technology Environmental issues |
Literature Review of Problems
faced by the small and medium enterprises and their solutions within Sultanate
of Oman
In the economy of Oman, the small and medium sized
enterprises are considered as one of the major strategic buster. The important
role is linked with the economic success of the country. The importance of the
growth is related to the developed, underdeveloping, and the developing small
and medium sized companies
Significance of Study of
Problems faced by the small and medium enterprises and their solutions within
Sultanate of Oman
Although a number of studies and research work have been
conducted to identify the issues and problems faced by the small and even
medium size companies in many countries, but besides the huge work there are
still some gaps, such as few studies considers the enterprises of Oman
Objectives of the Study of
Problems faced by the small and medium enterprises and their solutions within
Sultanate of Oman
The major consideration of the present work is to determine
the strong and positive relationship between the dependent variables and the
independent variables related to the growth strategies.
The scope of the Study of
Problems faced by the small and medium enterprises and their solutions within
Sultanate of Oman
A number of variables are considered for the analysis and
research mentioned benchmark of SME for the failure and success. In the
previous researches, the success and failure of the entrepreneur perspectives
are considered. The research accomplishes the basics of case and objectives of
research considered achievement. The success of small and medium entrepreneur
in Oman is based on the individual process such as profitability, economic
stability, and orientation of business for the financial goals. The
motivational factors in the present work are social and economic fluences of
enterprises. The barrier on the employee education, financial investment in the
business, self-realization, and self-esteem of the employees are the factors
associated with the development of economics.
Chapter 2 Research Methodology of Problems faced
by the small and medium enterprises and their solutions within Sultanate of
Oman
Research Design
The qualitative and quantitative research designs are
considered for the reliable and valid evaluation of small and medium
enterprises in Oman. The quantitative research was based on the data collected
through the questionnaire and then the collected data was converted to the
numerical forms and statistical analysis were carried out for the data
interpretation
Sampling Design of Problems
faced by the small and medium enterprises and their solutions within Sultanate
of Oman
The sample size of statistical data was directly related to
the number of respondents and number of observations. The sample data was
related to the population and characteristic of the whole populations. The population
of the study includes registered SMEs operations that work under the boundary
of the Sultanate of Oman. According to previous researches, 160,000 to 170,000
SMEs are working in Oman. The economic and social contributions of SMEs. The
convenience sampling techniques consider nonprobability for convenient
research. The sample size was 100 SME of Oman and the generalized data was
collected through the questionnaire. The questionnaire considered in the
research included questions about the age of firm, number of employees in the
firm, average monthly turnover in the firm, and form of the ownership in the
firm
Data Collection Method of
Problems faced by the small and medium enterprises and their solutions within
Sultanate of Oman
The primary, as well as secondary data, was collected and 10
respondents in the research were SME owners. The primary data was collected from
the interviews and questionnaire. While on the other hand the secondary data
was collected from the previous researches, magazines, books, journals, and
newspapers. The results of primary and secondary data were then compared with
each other to determine the accuracy of the research
Analysis of Data: Tools & Techniques of Problems faced
by the small and medium enterprises and their solutions within Sultanate of
Oman
The data collected from the primary and secondary sources
were then analyzed through the descriptive way. The collected research data was
undergone through the statistic tests, ANOVA test, and Chi-Square test and
accurate outcomes are generated through the statistical analysis. The collected
data was first converted to the tabulating. The quantitative research data was
then represented through the graphs, tables, and charts
Limitations to the Study of
Problems faced by the small and medium enterprises and their solutions within
Sultanate of Oman
The study successfully addressed all the questions included
and accepted the hypothesis but still there are some limitations to the
research findings.
The shortage of cross-sectional data induces limits on the
research outcomes. The direct impact of the limitations of success is on the
growth of SMEs. The longitudinal research conducted in the research worked to
overcome the challenges and issues.
The strategy of data triangulation was missing in the
research work that reduced reliability and validation of the data
The issues and challenges faced by SME of Oman are
highlighted but sufficient suggestions are not provided to overcome the issues
The ethical manners for the filling of respondents were
neglected and resulted in the wastage of time.
The research measured issues faced by companies in Oman and
ignored UAE challenges
Chapter 3 Results & Discussion of Problems
faced by the small and medium enterprises and their solutions within Sultanate
of Oman
In the research, more than 250 respondents were included to
fill the questionnaire and all the repo dents were categorized on the basis of
age limits. The business experience highlighted issues and challenges during
the expansion and growth of the business. The data was then further categorized
according to gender consideration
The
response of the majority of the respondent about the cost of the finance
defined the higher cost of financials in Oman. The growth strategies were
considered for the hurdles, challenges, and issues. The gain of finance should
be lower for the appropriate growth so the small and medium size enterprises
can easily pay the loan back. Majority of the respondents showed that lack of
access toward the new technology induced a negative impact on the development
and growth strategies
Findings of the Study of
Problems faced by the small and medium enterprises and their solutions within Sultanate
of Oman
The qualitative research measured Responses of interviews
questions and the analysis was based on the four types of the major constraints
for the growth strategies of SME in Oman. The constraints considered marketing
management, human resource management, operation management, and financial
management. The significant issues faced by the enterprise in Oman is growth
strategies and the cost of finance for the expansion of business
Discussion on findings of the study
of Problems faced by the small and medium enterprises and their solutions
within Sultanate of Oman
The major issues and challenges were analyzed through the
quantitative and qualitative strategies for small and medium enterprises. The
theoretical framework considered major functions for the data collected and the
relationship between the data
Chapter 4 Conclusions of Problems faced by the
small and medium enterprises and their solutions within Sultanate of Oman
Oman is now considering economic diversification in the
business and economy of the country. The economic diversification results in
the motivation of local people to initiate new business of SME in various
sectors. The important feature is successful and specific stage to determine
the challenges and issues in the development of strategies and expanding of
business. Considering the situation the theoretical framework was developed to
determine growth strategies. On the basis of research, it can be concluded that
SME of Oman is going through lack of marking knowledge and marketing budgets.
The growth and expansion of business require identification of new products and
a new market for the successful development.
Chapter 5 Suggestions & Directions for Future
Research of Problems faced by the small and medium enterprises and their
solutions within Sultanate of Oman
The small and medium enterprises in Oman are playing a
significant role in the economic success and the major concerns for the
companies are to provide new strategies for business growth. The higher
investment is required in resources, operations, and finance and marketing
sectors. The internal and external support is essentially required. The
competitive business environment can develop a new market, a new product line,
new deals, and new projects. The government should develop a social and
economic environment for the social success and growth of business
References of Problems faced by the small and medium enterprises and their solutions within Sultanate of Oman
Bilal,
Z. O. (2010). Challenges and constrains faced by small and medium enterprises
(SMEs) in Al Batinah governorate of Oman. WORLD JOURNAL OF ENTREPRENEURSHIP,
MANAGEMENT AND SUSTAINABLE DEVELOPMENT VOLUME 11, ISSUE 2 CHALLENGES AND
CONSTRAINS FACED BY SMALL AND MEDIUM ENTERPRISES (SMES) IN AL , 11(02), 01-10.
Bulushi, B. H., & Bagum, S. (2017). GROWTH STRATEGIES OF
SME IN OMAN- ISSUES AND CHALLENGES. International Journal of Small Business and
Entrepreneurship Research, 05(02), 21-61.
Christina, B., Neelufer, A., & Amri, S. A. (2014).
CHALLENGES AND BARRIERS ENCOUNTERED BY THE SMES OWNERS IN Muscat. International
Journal of Small Business and Entrepreneurship Research, 02(03), 01-13.
McCoy, M. P., & Magd, H. A. (2014). Entrepreneurship in
Oman: Paving the Way for a sustainable future. Emerging Markets Queries in
Finance and Business, 15, 1632-1640.
Nusrat, S., & Suresh, S. (2017). Issues and Challenges
of Financing Needs Faced By SMEs in Oman. Proceedings of 12th Asia-Pacific
Business Research Conference, 29(06), 01-05.
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