An Assessment of the Impact of Innovation, Succession Planning and Management Skills on the Performance of Small to Medium Sized Family-Owned Businesses in the Zimbabwe Retail Sector

Abstract

This study attempts to assess the factors that are affecting business performance of small to medium sized family-owned businesses in the Zimbabwean retail sector. Whilst the factors ensuring the success of small and medium sized enterprises (SMEs) have been examined extensively, there is a dearth of research on family business success factors, especially in a developing country like Zimbabwe. The study adopted a quantitative approach. A self-administered survey was conducted to collect data that was analysed using descriptive, correlation and regression analyses. The results showed that innovation, proper management skills and succession planning are significant factors that influence the performance of female-owned SMEs. The findings have implications for family business managers and owners in Zimbabwe who are encouraged to be innovative, to manage properly and to practise succession planning. Following the limitations of the study, areas of future research are also highlighted in this paper.