Nigerian Journal of Banking and Financial Issues (NJBFI)

Business Risk Control Strategies And Organisational Survival Of Selected Small And Medium Sized Enterprises (Smes) In Lagos State, Nigeria

Abstract

The survival of every organizational setting is in its ability to handling potential risks that are capable of crumbling the organization objectives and focus. This study investigated the nexus between business risk control strategies and organizational survival among small and medium-sized enterprises (SMEs) in Lagos State, Nigeria. Using the survey approach cum the multiphase sampling techniques which comprised of purposive and convenience sampling technics, data were gathered through a structured questionnaire from the selected registered SMEs. The sample size of two hundred and eighty-three (283) was estimated. The data analytical techniques employed were descriptive and inferential statistics. The findings revealed a ranked order analysis for business risks control strategies and organizational survival. Further findings showcased the positive relationship between business risks control strategies and organizational survival among SMEs in Lagos State; with a R² of 44.6 percent. The study recommended that SMEs should frequently conduct comprehensive risk evaluations to identify potential internal and external risks. SMEs should thus develop a risk management framework that include regular monitoring, and adopt instrument like SWOT analysis. As a matter of fact, SMEs should embrace digital transformation to improve efficiency, curtail operational risks, and stay competitive in their market environments.