Strategic Diversity and Organisational Resilience among Small and Medium-sized Enterprises in Lagos State

Abstract

This study delves into the relationship between strategic diversity and organisational resilience among Small and Medium-sized Enterprises (SMEs) operating in Lagos State, Nigeria. SMEs are pivotal drivers of economic development, particularly in regions like Lagos State, where they contribute significantly to economic growth and employment opportunities. Resilience, the ability to weather disruptions and adapt swiftly, is paramount for SMEs facing a dynamic and often challenging business environment. Strategic diversity, encompassing various approaches and tactics, emerges as a crucial factor influencing resilience. Despite the importance of this relationship, there is a notable research gap regarding Lagos State SMEs. This study, based on a sample of 500 individuals from diverse SME sectors, employs a structured questionnaire to gather primary data. Findings reveal a robust and positive correlation between strategic diversity and organisational resilience, signifying the significance of strategic planning for SMEs. This aligns with previous research emphasising the role of long-term strategic diversity planning in achieving SME growth and success. The study underscores the importance of effective diversity management, including demographic, cultural, educational, functional, cognitive, experience, and innovation diversity. Overall, it provides valuable insights for policymakers, entrepreneurs, and stakeholders aiming to enhance SMEs resilience, thus driving economic growth and employment opportunities in Lagos State.