A Framework to Diagnose the Business and Evaluate Upgrade Plans in SMEs

Small and medium-sized enterprises (SMEs) are facing barriers to grow due to the lack of structured procedures for upgrading and allocating the limited resources. To overcome these drawbacks and to improve business capabilities, a structured framework to conduct a comprehensive diagnostic and upgrad...

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Bibliographic Details
Published in:Management and Production Engineering Review 2021-09, Vol.12 (3)
Main Authors: Momani, Amer, Al-Hawari, Tarek, Tahat, Sufyan
Format: Article
Language:English
Subjects:
Business metrics
Competition
Investigations
Job creation
Manufacturing
Marketing
Operations management
Performance evaluation
Performance management
Process engineering
R&D
Research & development
Resource allocation
Small & medium sized enterprises-SME
Small business
Strategic management
Strategic planning
SWOT analysis
Upgrading
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Summary:Small and medium-sized enterprises (SMEs) are facing barriers to grow due to the lack of structured procedures for upgrading and allocating the limited resources. To overcome these drawbacks and to improve business capabilities, a structured framework to conduct a comprehensive diagnostic and upgrading study is presented in this paper. The proposed framework involves four phases. First, the external and internal strategic factors, which can affect the enterprises’ performance are evaluated using strategic planning and assessment tools. Second, key upgrade performance indicators are developed and evaluated using multi-attribute rating techniques to guide, evaluate, and track progress of upgrading process. Third, a set of upgrade strategies are generated and evaluated using resource allocation model. Finally, a periodic re-evaluation plan is introduced to monitor the implementation progress. The developed framework for performance evaluation and upgrading is suitable to be used as a structured know-how procedure in manufacturing enterprises and can support entrepreneurs in their strategic decisions. To validate the proposed framework, a data set was collected from a local housecore company. As a result, one package of the efficient frontier strategies that represents the best use of resources was proposed for implementation.
ISSN:2080-8208
2082-1344
DOI:10.24425/mper.2021.138528