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Oloruntomi, Grace Oluwatoyin

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Review Open access 2026

Financial Management Consultancy and Strategic Planning Support as Drivers of SME Growth in Kogi State, Nigeria

The primary objective of this study was to investigate the effects of financial management consultancy services and strategic planning consultancy services on the growth of Small and Medium Scale Enterprises operating in Kogi State, Nigeria. This study is prompted by problems commonly associated with the operations of SMEs which include poor financial management, ineffective budgeting process, inefficient record keeping practices, lack of credit facilities and inability to plan strategically for growth. In designing this study, the researcher adopted exploratory survey research design. The entire population of study included 725 registered SME owners and managers based in Lokoja metropolis, Kogi State. Taro Yamane formula was used to select a sample size of 258 respondents from the population. Structured questionnaires were used to obtain relevant data. A total of 230 usable copies of questionnaire was retrieved from respondents for further data analyses. The validity and reliability of the instrument were tested for before administration. Cronbach’s alpha method was used to measure reliability of the instrument. Alpha value obtained was 0.92. The collected data were analyzed descriptively using simple percentage counts, measures of central tendency and multiple regressions analysis via Statistical Packages for Social Science (SPSS). Results indicated that financial management consultancy services had a significant positive impact on SME growth. Similarly, strategic planning support services significantly influenced SME growth. Therefore, it could be deduced that consultancy services (financial and strategic) have been found to be effective means of boosting SME growth by promoting financial discipline and clarity of direction among other things. It is recommended that SME owners/managers should use professional consultants for tasks like budgeting, financial reporting, credit management, strategic planning and goal setting.

James Bamidele Oloruntomi, Grace Oluwatoyin Oloruntomi, A. Egbe et al. · 0 citations
Review Open access 2026

Strategic Consultancy Services and SME Growth in Nigeria: Evidence From Marketing and Operational Support Practices

The primary objective of the current study is to establish the impact of marketing consultancy services and operational consultancy services on the growth of small and medium scale enterprises in Kogi State, Nigeria. The need for the study emanated from the realization that most SMEs lack good market exposure, customer interaction, proper organizational practices, stock control measures, and usage of modern operational facilities. The study employed an exploratory survey research design. The total population comprised 725 registered SMEs' owners/managers in Lokoja metropolis, Kogi State. The Krejcie and Morgan table was applied to arrive at the sampling size which is 254, out of which 230 questionnaires were collected and analyzed. The data collection tool used was a structured questionnaire, and analysis was done through descriptive statistics and multiple regression using Statistical Package for Social Sciences (SPSS version 27.0). The results indicated that marketing consultancy services had a positive impact on SME growth but the contribution was quite minimal. On the other hand, operational consultancy services had the highest impact among all the consultancy variables considered in the study. In conclusion, the study found out that marketing and operational consultancy services positively influence SME growth through customer targeting, pricing, promotion, processes, efficiency, productivity, stock control, and ICT usage. Therefore, it was suggested that SMEs need to improve their marketing and operational consultancy, especially in digital marketing and technology use.

Dawodu Bamidele, Oloruntomi, Grace Oluwatoyin, Dozie Egbe et al. · 0 citations