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Research & review articles are invited for publication in September 2026 (Vol. 5, Issue 3) || Submission: up to 28th September || Editorial decision: within 48 hrs.

Evaluating business development services' role in enhancing SME resilience to economic shocks

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  • Evaluating business development services' role in enhancing SME resilience to economic shocks

Kikelomo Fadilat Anjorin 1, *, Tochukwu Ignatius Ijomah 2, Adekunle Stephen Toromade 3, Adetola Adewale Akinsulire 4 and Nsisong Louis Eyo-Udo 5

1 University of Chicago Booth School of Business, USA.
2 Independent Researcher, Australia.
3 Department of Agricultural and Environmental Sciences, School of Biosciences, University of Nottingham, UK.
4 Independent Researcher, Lagos Nigeria.
5 Ulster University, United Kingdom.

Review Article
Global Journal of Research in Science and Technology, 2024, 02(01), 029–045.
Article DOI: 10.58175/gjrst.2024.2.1.0047
DOI url: https://doi.org/10.58175/gjrst.2024.2.1.0047

Received on 27 July 2024; revised on 11 September 2024; accepted on 13 September 2024

Small and medium-sized enterprises (SMEs) are vital contributors to economic growth and job creation but are particularly vulnerable to economic shocks due to their limited resources and often fragile financial structures. Business Development Services (BDS), which encompass a range of non-financial services such as training, mentoring, market access support, and business advisory services, play a crucial role in enhancing SME resilience to these shocks. This paper examines the impact of BDS on SME resilience, focusing on how these services help SMEs navigate economic downturns, maintain operations, and achieve sustainable growth. BDS provide SMEs with the tools and knowledge necessary to improve operational efficiency, diversify income streams, and access new markets, thereby mitigating the adverse effects of economic shocks. Training and capacity-building programs enable SMEs to enhance their business management skills, adopt innovative practices, and implement strategic planning processes that are essential for survival during economic downturns. Additionally, BDS facilitate access to critical market information, helping SMEs to identify opportunities in challenging times and adapt to changing market conditions. Mentorship and business advisory services also play a pivotal role in building SME resilience by offering tailored guidance and support. Experienced mentors can provide SMEs with insights into risk management strategies, financial planning, and crisis management, helping them to make informed decisions during periods of economic uncertainty. Moreover, BDS that focus on market access support assist SMEs in expanding their customer base and entering new markets, which can be particularly valuable when traditional markets contract during economic shocks. The effectiveness of BDS in enhancing SME resilience is evident in numerous case studies where SMEs that actively engaged with these services demonstrated greater adaptability, reduced risk exposure, and improved financial stability compared to those that did not. However, the availability and accessibility of BDS remain uneven, particularly in developing economies, where the need for such services is often greatest. In conclusion, BDS are instrumental in strengthening SME resilience to economic shocks. By providing essential support in areas such as capacity building, market access, and strategic planning, BDS help SMEs to not only survive but thrive during challenging economic periods, contributing to broader economic stability and growth.

Economic Shocks; SME; Resilience; Business Development Services; Evaluating

https://gsjournals.com/gjrst/sites/default/files/fulltext_pdf/GJRST-2024-0047.p…

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Kikelomo Fadilat Anjorin, Tochukwu Ignatius Ijomah, Adekunle Stephen Toromade, Adetola Adewale Akinsulire and Nsisong Louis Eyo-Udo. Evaluating business development services' role in enhancing SME resilience to economic shocks. Global Journal of Research in Science and Technology, 2024, 02(01), 029–045. Article DOI: https://doi.org/10.58175/gjrst.2024.2.1.0047

Copyright © Author(s). All rights reserved. This article is published under the terms of the Creative Commons Attribution 4.0 International License (CC BY 4.0), which permits use, sharing, adaptation, distribution, and reproduction in any medium or format, as long as appropriate credit is given to the original author(s) and source, a link to the license is provided, and any changes made are indicated.

All statements, opinions, and data contained in this publication are solely those of the individual author(s) and contributor(s). The journal, editors, reviewers, and publisher disclaim any responsibility or liability for the content, including accuracy, completeness, or any consequences arising from its use.

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