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Critical Success Factors For Small Business Enterprises In Saudi Arabia

1478 words - 6 pages

The overall objective of this research is to study which the critical success factors that are necessary for achieving success for a small business in Kingdom of Saudi Arabia.
Small Business Enterprise or Small-Medium Enterprise (SME), in today's business environment, faces a lot of daily major challenges. Balancing the SME’s effort to address these challenges can be an intimidating task, unless a systematic approach is identified and followed. Recently, SMEs started moving towards the utilization of business success which enables SMEs to learn how to continuously improve the utilization of resources to achieve better productivity and performance. Therefore, critical success factors are the quantifiable aspects of the fundamental requirements for the business success in the short and long term. The critical success factors do not change frequently, however they may need revision and update from time to time (Broux, et al., 1999).
Success is the ultimate goal of every business activity (Chan, Lam, & Scott, 2002). In order to survive in competitive business environments, it is very important for the SMEs to be successful in their businesses. The business environment is changing continuously with the developments of new business techniques and technologies (Koota, 2003). Thus, SMEs have to adopt these applications and develop appropriate strategies to be more competitive in this environment and get success in their businesses.
There are many definitions for success. In general, it is the degree to which goals and expectations are met. However, the definition of failure is the lack of ability of a business firm to pay its obligations when they are due (Frederikslust, 1978). Recently, there has been an increase in the researches of critical success/failure factors especially in project management topic (Hyvari, 2006). In general, cost, time and quality are the success parameters for projects in a firm (Hughes, Thomas, & Tippett, 2004). But, due to the changing in business environment it is important to focus on corporate success in order to be competitive in this environment.
A number of success factors researches shows that the most important factors contributing to success are business's management systems and practices (Lussier, 1995), (Strischek, 1998). Some other factors leading to business success addressed in the research are implementation of accounting systems and regular review of financial statements (Gerstel, 1991), control of job-site safety (Gordon, 1997), and ongoing training and education (Bednarz, 1997). In the Hutchings and Christofferson study (Christofferson & Hutchings, 2001), carried out among small-volume residential firms in the United States, the most important factors to business success were identified as quality workmanship, honesty, having good subcontractors, customer communications, reputation, having good employees, and completing projects on time, respectively. In a survey carried out among Germany's firms, the...

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