Strategic Management: A Survival Need for Mexican SMEs

Abstract

Strategic Management is an essential process for small to medium enterprises (SMEs) to manage and survive in a changing business environment. However, Mexican SME managers are not capitalizing on the strategic management process to adapt their businesses to retain competitive advantage. SME managers must employ strategies to maintain competitive advantage while realizing the mission and vision of their organizations. SME managers should develop a professional administration to adapt their businesses to the new environment and consider seeking a consultant for strategic guidance.