Analysing the business strategy for SMEs: A focus study based on Bioluup Oy
Äijö, Ilmari (2021-11-04)
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi-fe2021110453745
https://urn.fi/URN:NBN:fi-fe2021110453745
Tiivistelmä
This research focuses on the creation of business strategies for small and mid-size enterprises
(SMEs). It seeks to answer the question “How to analyse the business strategy of an SME by using a focus group study?” The definitions and limitations of this research are on SME companies and their business strategies. The research concept is based on the strategic needs of Bioluup Oy. Bioluup Oy has been established in 2015. It has conducted its five-year-plan and got their business standardized. With this research Bioluup Oy seeks managerial implication on how they should design their next business strategy.
The literature review was separated in two parts. First part was about SMEs. Focus on that part
is on entrepreneurship and on the importance and survival of the SMEs. First part tells how
broad the definition of SME really is, how every company starts with one man or a small group
of people, and finally about the challenges SMEs might have in order to survive. The second part
of literature review deepens understanding of the idea of the business strategy and its importance. Explanations of mission, vision and values focuses to explain about applying the business strategy.
The research uses focus group study, i.e. it is qualitative research. Seven persons participated to
the focus group study. Participants had the managerial level experience and competencies related to SMEs and business strategies. The group discussed in a session about key elements of forming business strategies for SME companies. Furthermore, the discussions reviewed business strategies from multiple point of views. The subjects of the discussions were similar to the literature review in order to get confirmation and new points of view on those subjects. In addition, there was discussion about employee perspective related to creating, implementing and conducting the business strategy. Employees are one of the most significant resources that a company has and thus their integration in decision-making is paramount from creation to execution of a business strategy.
This research gives a managerial implication for the Bioluup Oy. It states that a wide understanding of the current situation, past and future is seen as the key element for the SME company to form a business strategy. Other points in it are employee’s involvement in the process, reviewing and updating the strategy regularly and acting upon the strategy. The company needs to define and periodically review targets that they want to achieve. Everyone in the company needs to be determined to reach the targets defined in the business strategy.
(SMEs). It seeks to answer the question “How to analyse the business strategy of an SME by using a focus group study?” The definitions and limitations of this research are on SME companies and their business strategies. The research concept is based on the strategic needs of Bioluup Oy. Bioluup Oy has been established in 2015. It has conducted its five-year-plan and got their business standardized. With this research Bioluup Oy seeks managerial implication on how they should design their next business strategy.
The literature review was separated in two parts. First part was about SMEs. Focus on that part
is on entrepreneurship and on the importance and survival of the SMEs. First part tells how
broad the definition of SME really is, how every company starts with one man or a small group
of people, and finally about the challenges SMEs might have in order to survive. The second part
of literature review deepens understanding of the idea of the business strategy and its importance. Explanations of mission, vision and values focuses to explain about applying the business strategy.
The research uses focus group study, i.e. it is qualitative research. Seven persons participated to
the focus group study. Participants had the managerial level experience and competencies related to SMEs and business strategies. The group discussed in a session about key elements of forming business strategies for SME companies. Furthermore, the discussions reviewed business strategies from multiple point of views. The subjects of the discussions were similar to the literature review in order to get confirmation and new points of view on those subjects. In addition, there was discussion about employee perspective related to creating, implementing and conducting the business strategy. Employees are one of the most significant resources that a company has and thus their integration in decision-making is paramount from creation to execution of a business strategy.
This research gives a managerial implication for the Bioluup Oy. It states that a wide understanding of the current situation, past and future is seen as the key element for the SME company to form a business strategy. Other points in it are employee’s involvement in the process, reviewing and updating the strategy regularly and acting upon the strategy. The company needs to define and periodically review targets that they want to achieve. Everyone in the company needs to be determined to reach the targets defined in the business strategy.