Influence of Strategic Management Practices on the Success and Revenues of SMES in the Province of Santa Elena, Ecuador: A Literature Review

Abstract

This research examines the influence of strategic management practices on the success and income of small and medium-sized enterprises (SMEs) in the province of Santa Elena, Ecuador. Through a systematic literature review using the PRISMA method, 30 studies selected from the Scopus and Web of Science databases were analyzed. The results reveal that fundamental strategic practices such as formal planning, strategic flexibility and innovation have a significant impact on the performance and profitability of SMEs. Formal strategic planning provides clear direction and measurable objectives, while strategic flexibility enables companies to adapt quickly to market changes. The research also highlights the growing importance of sustainable management practices, including human resource and supply chain management, as key factors for long-term success. The study highlights the need for greater institutional and government support for SMEs in St. Helena, especially in areas such as strategic management training, access to finance, and promotion of business collaboration. Specific empirical studies in the province are recommended to validate these findings in the local context and provide more precise recommendations for SMEs in the region.