A SWOT analysis of small and medium scale enterprises implementing total quality management

Abstract

Small and Medium scale Enterprises (SMEs) playing a vital role in nation's economy. Many studies have demonstrated the positive impact of Total Quality Management (TQM) practices on Small and Medium scale enterprises. These have relied on manager's self assessment of performance in reaching the objectives of study. It is also observed that many SMEs are ineffective and some are closed down. The main problem of those SMEs seems to be the low quality of their product and rise in competition in the market. To stand in the market, it is necessary for SMEs to face new challenges by adopting proper strategy. SWOT (Strength, Opportunity, Weakness, and Threats) analysis is one of the techniques to undertake a more structural analysis to formulate the best strategy. SWOT is the combination of four major terms as Strength, Opportunity, Weakness and Threats. The study shows that Competition and Rise in expectation of Customers are the major external issues for the SMEs of this region. The main threats observed are competition from large & multinational businesses, financial stringency and technological obsolescence. The aim of SWOT analysis is to identify the extent to which the current strategy of an organization and its more specify strength and weakness are relevant to, and capable of dealing with the changes taking place in the business environment. Every unit must be aware of their Strength, Opportunity, Weakness and Threats. To succeed in any field, weakness must be overcome through strength and threats must be transferred into opportunities.

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