Small and medium enterprises (SMEs), defined by the Australian Bureau of Statistics (2001) as a business (excluding agriculture) that employs no more than 200 people, have been a key force in many economies of the world, and they will continue to maintain their dominance in future (Arnold, et al. 1984; Mitchell and Reid, 2000). Some have labelled SMEs as ‘gazelles’, the reasons being their ability to grow quickly, their flexibility to adjust to ‘niche opportunities’, a feature of today’s economy, and their ability to quickly adjust to conditions during good and bad economic times (Mitchell and Reid, 2000; 385). It is argued that only a very small percentage of SMEs may actually be gazelles
and the vast majority struggle for survival and
continuity in the long run (ibid). There are
numerous reasons for SMEs’ failure to grow
and maintain long-term continuity