Developing Business Strategies for Featured SMEs in North Sumatera: SWOT Analysis Approach

Prihatin Lumbanraja, Ritha F. Dalimunthe, Elisabet Siahaan

2019

Abstract

The role of micro, small and medium enterprises is always important to support the country’s economic growth. As the market emerge and become larger, the competition within these enterprises has also risen to a new stage. One of the key to formulate strategies to improve the enterprises’ competitiveness is through SWOT analysis which employ internal capabilities and external condition assessments. This study aimed to evaluate the current situation of MSMEs in Medan as well as their adaptative strategic planning. A number of 300 SMEs were participated in this research. This paper conclude that despite the vast opportunities based on external analysis, our MSMEs were forced to maintain stability and take a baby steps to build their own competitiveness as they also vulnerable with many weaknesses. Thus it is important not to tempted with vast opportunities but maintain business stability and continuously improve the weaknesses and translate them to strengths.

Paper Citation

in Harvard Style

Lumbanraja P., Dalimunthe R. and Siahaan E. (2019). Developing Business Strategies for Featured SMEs in North Sumatera: SWOT Analysis Approach. In Proceedings of the 2nd Economics and Business International Conference - Volume 1: EBIC, ISBN 978-989-758-498-5, pages 284-290. DOI: 10.5220/0009202602840290

in Bibtex Style

@conference{ebic19,
author={Prihatin Lumbanraja and Ritha F. Dalimunthe and Elisabet Siahaan},
title={Developing Business Strategies for Featured SMEs in North Sumatera: SWOT Analysis Approach},
booktitle={Proceedings of the 2nd Economics and Business International Conference - Volume 1: EBIC,},
year={2019},
pages={284-290},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0009202602840290},
isbn={978-989-758-498-5},
}

in EndNote Style

TY - CONF

JO - Proceedings of the 2nd Economics and Business International Conference - Volume 1: EBIC,
TI - Developing Business Strategies for Featured SMEs in North Sumatera: SWOT Analysis Approach
SN - 978-989-758-498-5
AU - Lumbanraja P.
AU - Dalimunthe R.
AU - Siahaan E.
PY - 2019
SP - 284
EP - 290
DO - 10.5220/0009202602840290