1 Independent Researcher, Texas USA.
2 Independent Researcher, Lagos Nigeria.
3 Independent Researcher, Port Harcourt, Nigeria.
4 Sanctus Maris Concepts Ltd.
5 Independent Researcher, Lagos, Nigeria.
Review Article
World Journal of Advanced Research and Reviews, 2024, 24(02), 2741-2756
Received on 05 October 2024; revised on 13 November 2024; accepted on 15 November 2024
Strategic project management is increasingly recognized as a vital driver of small and medium-sized enterprise (SME) growth, particularly during periods of crisis. In volatile economic environments, where uncertainty and rapid change are prevalent, SMEs face unique challenges that can threaten their survival and hinder growth. Strategic project management offers a framework for navigating these challenges by aligning project objectives with the overall business strategy, enabling SMEs to remain agile, resilient, and competitive. This review explores the role of strategic project management in fostering SME growth during crises, emphasizing its importance in risk management, resource optimization, and strategic decision-making. During a crisis, SMEs often operate with limited resources, making it essential to prioritize projects that deliver the highest value. Strategic project management enables SMEs to effectively allocate resources, ensuring that critical projects receive the attention and funding necessary for successful execution. By focusing on strategic priorities, SMEs can achieve significant growth even in adverse conditions. Risk management is another crucial aspect of strategic project management that benefits SMEs during crises. A structured approach to identifying, assessing, and mitigating risks allows SMEs to anticipate potential challenges and develop contingency plans, reducing the likelihood of project failures and minimizing negative impacts on the business. This proactive approach is particularly important during crises when the external environment is unpredictable, and the consequences of unmitigated risks can be severe. Moreover, strategic project management enhances decision-making by providing SMEs with a clear framework for evaluating project outcomes against strategic objectives. This ensures that decisions are data-driven and aligned with long-term goals, fostering sustainable growth. The ability to adapt to changing circumstances and pivot projects as needed is a key strength of strategic project management, allowing SMEs to seize opportunities and mitigate threats in a crisis. In conclusion, strategic project management is a crucial factor for SME growth during crises. It offers a systematic approach to managing risks, optimizing resources, and making informed decisions, enabling SMEs to navigate challenges and emerge stronger. By embedding strategic project management practices, SMEs can enhance their resilience, drive growth, and achieve long-term success even in the most turbulent times.
Strategic; Project Management; Crucial Factor; SME; Growth
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Yetunde Margaret Soremekun, Chioma Ann Udeh, Abbey Ngochindo Igwe, Onyeka Chrisanctus Ofodile and Chikezie Paul-Mikki Ewim. Strategic project management as a crucial factor for SME growth during crises. World Journal of Advanced Research and Reviews, 2024, 24(2), 2741-2756. Article DOI: https://doi.org/10.30574/wjarr.2024.24.2.3430