Business Risk Identification Strategies and Organisational Survival of Selected Small and Medium-Sized Enterprises (SMEs) in Lagos State, Nigeria

Abstract

Every organisational setting's ability to manage potential risks that could undermine its goals and focus is what makes it viable. This study examined the relationship between business risk identification strategies and organisational survival among small and medium-sized enterprises (SMEs) in Lagos State, Nigeria, using a survey approach combined with multiphase sampling techniques that included convenience and purposive sampling. Data were collected from the chosen registered SMEs using a structured questionnaire. The sample size of two hundred and eighty-three (283) was estimated. The data analytical techniques employed were descriptive statistic, Friedman rank and simple regression. This research uncovered the viewpoints of the chosen participants, who ranked organisational survival and business risk identification techniques. A relationship between the two variables of interest was discovered through additional research. Further findings showcased the positive relationship between business risks control strategies and organizational survival among SMEs in Lagos; with a R² of 39.1 percent. The study recommended that SMEs should regularly carry out thorough risk assessments in order to detect possible internal and external hazards. Therefore, SMEs should create a framework for risk management that include frequent monitoring and use tools like SWOT analysis. In actuality, SMEs should embrace digital transformation in order to increase productivity, reduce operational risks, and maintain their competitiveness in their respective markets.