Guidelines for Strategic Adjustment of Small and Medium Business Entrepreneurs in Nong Khai Province
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Abstract
The research objectives were to study the guidelines for strategic adjustment of Small and Medium Business (SMEs) Entrepreneurs in Nong Khai Province and to study the entrepreneurial management strategies that affected the business performance in the view of the local entrepreneurs in the past five years (2015-2019). This research is a qualitative with recruiting samplings, who were 256 SMEs entrepreneurs in Nong Khai. The research findings are 1) the management principles of entrepreneurs’ practice can be grouped into 11 strategies, and 2) the management strategies that affected in the past five years performance were the followings: firstly, employee efficiency development strategy; secondly, sales stimulation strategies; thirdly, production cost reduction strategies; finally, participation support strategies from government agencies. The research applications can be applied to the adjustment of the management strategy of SMEs business’ entrepreneurs in Nong Khai. Such applicable business strategies help increase the ability of local business in competing to the current economic conditions. It also offers new strategy to manage the SMEs’ entrepreneurs in contemporary context while also increase the efficiencies in employees’ working and investment results.
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