Influence of access to business enhancement information on the performance of smes in Siaya town

Abstract

SMEs are getting more relevance as widely known in terms of creating jobs, wealth creation, and the development of innovation. The contribution of business enhancement information is considered a critical factor in the success and survival of small and microenterprises. Nevertheless, not much is known about the level by which small business owners use business enhancement information knowledge practicing in coming up with various business management decisions in order to influence performance of small and Micro enterprises in Siaya Town. The study aimed at examining the influence of access to business enhancement information on the performance of micro and small enterprises (SMEs) in the town of Siaya. These small and micro enterprises play important role in the economic development of a county yet it is generally accepted and known for a high mortality rate of SMEs which last less than two years. Due to this high rate of failure, it becomes important to research the influence of access to business enhancement information on the performance of SMEs in Siaya town, Siaya County. The purpose of this research proposal was to explore the factors affecting performance of small and micro enterprises in Siaya town. The objectives were; To establish the extent to which access to market dynamics influence performance of SMEs in Siaya Town, to determine how access to financial information influence performance of SMEs in Siaya Town, to examine how access to business enhancement information influence performance of SMEs in Siaya Town, and to assess how access to infrastructural information influence performance of SMEs of Siaya Town. The study employed a descriptive research design to achieve the objectives. The target population under study was the 448 traders within Siaya town. The study used a questionnaire to collect the required data from a sample of 116 SMEs. The data collected was coded, quantified and analyzed quantitatively and qualitatively. Quantitative data was analyzed by the use of statistical package for social sciences (SPSS). The study concluded that influence of access to business enhancement information on the performance of SMEs in Siaya town was able to recommend the government to start offering basic business and financial management skills as this made it possible for the entrepreneurs to make investment decisions that are informed. This study also benefited entrepreneurs to exploit and recognize the opportunities that are available. The other key factors that were found to affect businesses in Siaya town positively are: access to market dynamic information, access to strategic business enhancement information, financial information and infrastructural information.