Accomplishing SMEs’ performance through firm resilience and strategic planning

This research investigated the relationships between firm resilience, strategic planning, and the performance of small and medium-sized enterprises (SMEs) in the informal economy. We gathered data from 314 owner-managers and managers of SMEs in Nigeria dealing with the importation and sale of fabrics. We utilized the partial least squares structural equation modeling analysis to determine the direct and indirect relationships between firm resilience, strategic planning, and the performance of SMEs. The result reflected that while the direct relationship between strategic planning and SME performance is confirmed, this relationship is strengthened by the mediating role of firm resilience, and thus suggests that firms must consider firm resilience capabilities as a critical component in their strategic planning activities. Theoretical and managerial implications were discussed in the study.