Abstract
Accepted: May 15,2015 Online Published: June 25, 2015
URL : http ://dx.doi.org/ I 0. 5 5 3 9/ibr.v8n7p87
The growth of small and medium scale business is today, one of the objectives of government due to the role
these businesses has to play in the development process of an economy. It is thus not surprising the various
government interventioni through incentives and grants in this subsector, and the irnperative for a search for
[efter ways of achieving growth. This paper is premised on this background with the overall objective of
examining the risk-benefits of strategic management approaches of revitalising the growth strategies of SMEs.
From a survey design adopted, data were collected from a sample 167 SMEs operators in Akwal bom State,
Nigeria and analysis using frequency and correlation statistics. The result indicated that strategic management
apfroaches such as the balance scorecard, SWOT analysis, Porters' Five Factor Forces, and PEST analysis all
have the risk-benefits of positively influencing the growth strategies of SMEs such as product development,
market development, market penetration and diversification but that most SMEs do not usually give adequate
consideration ofthese approaches before selecting and implementing their strategies. The paper concluded that
SMEs failures are due to their inadequate consideration of strategic management approaches in the choice of
growth strategies and recommended that SMEs should adopt an integrative strategic analysis of the various
strategic factors in their operational environment before selecting and implementing their growth strategies. This
*uy, th.y would grow sustainably and profitably and contribute rneaningfully to the growth and development of
the economy