Glocalization Business Strategies for SME
Sustainability in Nigeria
Section 1: Foundation of the Study
Thriving small and medium enterprises (SMEs) influence Nigeria’s society and
economic development. Nigeria requires thriving SMEs because about 50% of the
population directly relies on enterprises for employment (Sunday et al., 2021). The
country also relies on SMEs to meet industrialization and manufacturing needs (Ufua et
al., 2020). Even though Nigeria has nearly 41.5 million micro-SMEs, operational
sustainability is still a challenge (Sunday et al., 2021). With about 90% of SMEs
registering functional failure during their first 5 years of operation, there is an urgent need
to address operational sustainability of Nigeria’s SMEs to avert failure that could result in
unemployment and associated negative consequences such as poverty and social vices.
By recognizing and implementing appropriate strategies, business leaders in retail
SMEs can lead their firms to achieve organizational sustainability.
Operational sustainability is needed to address lack of information regarding
business strategies that successful SME leaders in Nigeria use to foster sustainability
beyond 5 years. Glocalization strategies, which involve offering global products while
considering local issues, remain vital to advancing sustainability (Sovhira et al., 2023).
Therefore, exploring glocalization strategies used by successful retail SME leaders in
Nigeria could provide insights regarding business strategies that leaders of upcoming
SMEs could adapt to thrive beyond 5 years.
Background of the Problem
Nigeria continues to import over 80% of refined oil products despite being one of
the major producers of crude oil (Ochinanwata & Igwe, 2021). Nigeria’s overreliance on
imported refined oil products continues to lead to challenges involving maintaining
optimal functioning of existing refineries (Ochinanwata & Igwe, 2021). There are
investment opportunities for SMEs in the Nigerian oil industry’s upstream, midstream,
and downstream sectors (Ochinanwata & Igwe, 2021). However, for SMEs in Nigeria to
take advantage of existing investment opportunities in oil refineries, business leaders
need to address operational sustainability challenges successfully (Ufua et al., 2020).
Organizations with enabling environmental and structural processes continue to
sustain their businesses for a longer time. However, fewer than 10% of Nigeria’s SMEs
thrive and take advantage of growth opportunities in the country (Ukwueze, 2021).
Reported causes of failure include limited human capital, inability to recruit enough
qualified staff, long working hours, job insecurity, and low wages (Mayr et al., 2021).
Given highlighted challenges, SME leaders must focus their strategic business decisions
on environmental, structural, and process outcomes guided by dynamism of economic
environments in which these businesses operate (Gatimu & Amuhaya, 2022). I searched
for strategies that business leaders could implement to reduce failure rates of retail SMEs.
This study involved providing insights regarding business strategies that leaders of
upcoming SMEs could adapt to thrive beyond 5 years. Strategies enhance performance
and maintain a continuous sustainable competitive edge (Al Kurdi et al., 2020; Kerdpitak
& Jermsittiparsert, 2020; McCrae, 2020; Sepahvand & Khodashahri, 2021). I addressed
how leaders of SMEs in Nigeria can consider local issues when positioning their
businesses for enhanced competitiveness. By helping SMEs thrive and take advantage of
growth opportunities in the country, this study may contribute to enhanced economic
development and thriving Nigerian societies.
Problem and Purpose
The general business problem is that retail SMEs in Nigeria have inadequate
knowledge of the market environment in terms of glocalization strategies, resulting in
their failure to sustain beyond 5 years. The specific business problem is some retail SME
business leaders in Nigeria lack glocalization business strategies that are required to
foster sustainability beyond 5 years. Therefore, the purpose of this proposed qualitative
study is to employ an embedded single case design to explore how leaders of retail SMEs
in Nigeria used glocalization business strategies to foster sustainability beyond 5 years.
Population and Sampling
The targeted population was small business leaders who own SMEs in Nigeria.
Participants had four retail businesses in Nigeria. Each business branch, headed by a
manager, reports directly to the company’s Chief Executive Officer (CEO). The company
has engaged in foreign trade operations for at least 10 years. Participants were four
managers and one manager and the CEO of the target SME who worked there for at least
5 years. I sought permission from the head of the company to recruit leaders for the study
by sending a request letter. I also obtained Internal Review Board (IRB) approval before
recruiting participants. Leaders of the SME I used a critical purposive sampling approach
and flyers with my contact information. I also obtained IRB approval before recruiting
participants.
Nature of the Study
This single case qualitative study involved conducting in-depth explorations of
participants’ experiences. The three methodologies for researchers are quantitative,
qualitative, and mixed methods (Strijker et al., 2020). Qualitative researchers explore a
social phenomenon and remain subjective. Quantitative researchers use logic models,
numeric outcomes, and statistical analyses; mixed methods involve aspects of both
(Ramlo, 2020). Qualitative methods require subjective analysis of the research topic that
considers contextual aspects and in-depth insights (Cecez-Kecmanovic et al., 2020).
I considered the following qualitative designs for this study: case study,
phenomenology, narrative, ethnography, and grounded theory. A single case embedded
design was the most appropriate for this study because all participants worked for one
company with different retail branches; cross-case analyses are essential in assessing the
views of managers of different businesses within the target SME. To explore necessary
strategies for successful retail SMEs, I decided not to examine relationships between
variables or tested hypotheses, so quantitative and mixed methods were unsuitable.
Research Question
What glocalization business strategies do some leaders of retail SMEs in Nigeria
use to foster sustainability beyond 5 years?
Interview Questions
1. What glocalization strategies have you used to enhance business sustainability in
your organization in Nigeria in the last 5 years?
2. How did you address the initial challenges to implementing strategies for business
sustainability?
3. What role does innovative technology play in sustaining your business in Nigeria?
4. What roles do cost-effective and resource diversification play in business
sustainability in Nigeria?
5. How does the company manage its environmental and social changes to meet the
needs of its customers?
6. What are crucial strategic business factors that an organization’s managers must
master to sustain a business in Nigeria successfully?
7. To succeed, what significant business steps do you recommend for business
owners or investors before entering the Nigerian business environment?
Conceptual Framework
The proposed conceptual framework for this study is Robertson’s strategy for
business sustainability, initially developed in 1980. Kaur et al. (2022) claimed marketing
strategies and products or services could be tailored to local circumstances to meet
regional demand variation while considering global or standardization features of
glocalization. Robertson (1995) explained adaptation of global and international products
to accommodate users or consumers in a local market is glocalization. Increasingly,
glocalization is becoming more popular among corporate organizations. Local
preferences lead to further development and enhancement of business values that are
offered to customers and create a competitive advantage that involves considering local
and global players who are competing in a specific market.
Glocalization is the combination of globalization and localization. According to
Kaur et al. (2022), a glocalization strategy is a product or service that is developed and
distributed globally but modified to meet local market demand. Providers of globalized
products and services have an acute sense of local needs. Gajere and Nimfa (2021)
claimed glocalization stimulates strategies for formal and informal organizational
flexibility to meet individual needs and consider local product orders. The fundamental
propositions underlying Robertson’s strategy for business sustainability include meeting
local customer needs, adapting to environmental and social changes, adopting innovative
technology, and practicing cost-effective resource diversification. Robertson’s strategy
for business sustainability helped participants provide insights regarding glocalization
business strategies of retail SMEs in Nigeria that ensured designs to foster sustainability
beyond 5 years.
Operational Definitions
Globalization: The transnational and transregional processes that affect a vast
number of local communities (Keohane & Nye, 2020).
Glocalization: Creation of products or services that are intended for the global
market but customized to suit local cultures (Keohane & Nye, 2020).
Internationalization: Transformation of processes based on traditional values of
cooperation, partnership, exchange, and mutual benefits into the capacity building that
remains characterized by increasing competition, commercialization, self-interest, and
status building (Buckner & Stein, 2020).
Localization: Strategy of associating a global brand with symbolic meanings,
values, beliefs, and norms of local cultures (Li et al., 2021).
Sustainability: Institutional commitment in terms of organizational engagement
that involves governance and decision-making processes (Jackson, 2021).
Assumptions, Limitations, and Delimitations
Researchers make assumptions about parts of the study that they believe to be
true. This section includes assumptions, limitations, and delimitations that are associated
with the proposed research.
Assumptions
In this study, I considered four assumptions. Cooper et al. (2020) defined an
assumption as a true statement that the researcher cannot verify. The first assumption is
that the Walden University regulatory body in charge of the selected population was
aware of sustainable development and promoting sustainability regulation among firms.
Participants volunteered to participate in the research study. Wrong and doubtful
assumptions harm reliability and validity of research (Krieglstein et al., 2022). I provided
participants with a detailed explanation of the study and benefits to them and future
SMEs in Nigeria. I gave them sufficient time to read and understand the study. Also, I
ensured engagement with participants, especially during data collection, was flexible and
convenient. I considered participants’ privacy and safety.
I used an interview guided by pilot questions to ensure participants provided
required insights. I also used follow-up questions to provide additional responses. I gave
participants sufficient time to provide their answers uninterrupted.
I also assumed the information I gathered represented SME practices. I ensured
that findings and conclusions were grounded in insights that were obtained from
participants. Qualitative data analysis ensured themes emerged from participants. In
addition, I assumed participants were knowledgeable about retail SMEs’ sustainability
efforts and gave truthful and accurate answers to interview questions. Finally, I assumed
the targeted SME provided adequate data for the study. This SME has existed for more
than 10 years and has profitably engaged in global trade. Therefore, information obtained
from SME leaders for discussion presented how retail SMEs in Nigeria integrate
sustainability into their business ventures.
Limitations
Limitations are weaknesses in a study that could limit recruitment and data
collection. Limitations are inevitable in research because of unavoidable circumstances
(Al-Kuwari, 2020). A qualitative study that involves collecting data from interviews
might lead to researcher and participant biases. Researchers may be unable to exclude
bias when collecting data and reporting findings. To monitor and limit bias, I kept a
journal of activities related to the study.
I conducted interviews in a quiet environment to limit participants’ concerns and
encourage them to speak out. I also assured participants that their responses, identities,
and data remained safe.
Delimitations
Delimitations are boundaries imposed on a study by the researcher in order to stay
within a particular scope. Intentional boundaries, controls, and limits researchers choose
are delimitations to ensure research objectives are achievable (Saunders et al., 2016).
Delimitations result from specific choices made by researchers, such as choice of
research questions, theoretical framework, and participants. In this study, participants had
at least 5 years of working experience in retail SMEs in Nigeria. I focused on a company
that had operated for over 5 years and had an annual revenue of $156,626 in 2021. The
targeted participants were business owners within the same SME in Nigeria. I focused on
manufacturing, banking, finance, and construction businesses. Participants were small
business owners and managers in retail enterprises with knowledge and experience
regarding factors that contribute to business sustainability. Participants lived and
practiced in Nigeria.
Significance of the Study
This study provides insights regarding glocalization business strategies used by
leaders of retail SMEs in Nigeria to foster sustainability beyond 5 years. I discuss the
importance of study outcomes for business practices and social change.
Contribution to Business Practice
I addressed insights regarding strategies that contribute to business sustainability
in Nigeria, which are currently limited. The continuous failure rate of Nigeria’s SMEs
threatens to undermine their significant contributions to the country’s economy and
society (Asikhia & Naidoo, 2021). Therefore, business sustainability strategies emerging
from this study will help small businesses in a less-regulated and low-cost business
environment to overcome local challenges and achieve sustainability beyond 5 years.
Implications for Social Change
Results of this study will inform practitioners and scholars about how they can
improve sustainability integration among SMEs. Companies’ high failure rates during
their first 5 years of operation affect the basic structure of the Nigerian economy (Amah
& Oyetunde, 2020; Gherghina et al., 2020). Glocalized business strategies could aid and
support investors in terms of predicting sustainable measures in such turbulent
environments. This study may improve business leaders’ knowledge of how globalization
affects business strategies and enhances business sustainability and competitive
advantages.
A Review of the Professional and Academic Literature
The purpose of the proposed qualitative study is to explore how successful leaders
of retail SMEs in Nigeria have used globalized business strategies to foster sustainability.
It is an essential duty of scholars to conduct literature reviews to understand research
topics better. This literature review includes evidence about the research topic and areas
for further study. In this literature review, I conducted an in-depth and critical analysis of
findings regarding glocalization and sustainability of businesses, highlighting areas of
convergence and divergence. This literature review also includes an in-depth analysis of
research on glocalization, with a specific emphasis on SMEs. In this review, I focused on
Robertson’s glocalization theory. I also analyze glocalization strategies and their
importance and provide insights regarding SME sustainability in Nigeria. I also reviewed
evidence on localization strategies involving supply chain networking, entrepreneurship,
blockchain technology, and international finance.
I retrieved relevant evidence from peer-reviewed articles and books. I obtained
sources from the following databases: Educational Resource Information Center (ERIC),
ABI/INFORM Complete, ProQuest, and Google Scholar. I used the following keywords:
Robertson’s theory of glocalization, innovative SMEs, glocalization strategies in supply
chain networking, blockchain technology, international finance, SME sustainability in
Nigeria, and globalization strategies and entrepreneurship. I combined highlighted
keywords and phrases using the Boolean operators AND, NOT, and OR. I used peer-
reviewed scholarly journals via the Walden University Library database. I obtained 149
references, of which 137 (92%) were peer-reviewed, and 130 (87%) were published
between 2019 and 2023. I also addressed seminal works of theorists regarding the
conceptual framework, as well as relevant textbooks.
Robertson’s Theory of Glocalization
Glocalization involves maintaining a balance between global homogenization and
local customization. The conceptual framework that guides the study was Robertson’s
theory of glocalization. Before defining Robertson’s glocalization theory, it is essential to
understand the foundation of Globalization. According to Giddens (1991), modernity
remains responsible for the emergence of globalization, which resulted in the world
becoming smaller and more convergent. Giddens defined globalization as an
intensification of worldwide social relations and extension of modernity, in which the
modern Western world influences the non-Western world. Convergence of the world as a
result of globalization has resulted in increased economic and technological exchanges.
The world remains increasingly divergent. There is a need for an alternative theoretical
viewpoint that brings opposing views together.
Robertson advanced the theory of glocalization to address defects of Giddens’
theory of globalization and the inability to address a more panoramic view of the world.
Robertson (1995) assumed globalization and localization are interconnected and
interrelated). Robertson coined the word glocalization from the Japanese word
dochakuka, meaning living on one’s land. The Japanese used the word to refer to
matching farming skills to local needs. In the Western world, the term localization was
generalized as a social concept, indicating adaptation of international and global products
or services to suit the needs of locals (Robertson, 1995).
Concepts of homogeneity characterize globalization or universalism. Likewise,
heterogeneity characterizes localization or particularism as dual and nonantagonistic
aspects of modern life. The process through which locals adopt global strategies involves
a refining homogenization step. According to Robertson (1995), the world is dynamically
homogenized, with some locals holding on to their previous practices. The suggestion of
adoption of global practices varies across localities based on independent contextual
needs. Robertson also advanced the idea of the heterogenizing of the local to emphasize
the need to treat the local and global equally. According to Robertson (1995), for local
businesses to abide by global standards and be successful locally, they must be inventive
and imaginative. To this extent, local businesses not only adopt aspects of global
businesses but also invent new products and processes that make products distinct and
relevant to locals. Globalization, a powerful force in the modern world, remains
responsible for the homogenization of businesses and upholding the importance of
localization in terms of ensuring that global businesses adapt to local realities. Global and
local aspects do not always compete but instead reinforce and facilitate each other
(Robertson, 1995).
Browder et al. (2023) demonstrated translation applies to exchanging business
ideas and concepts across different countries globally. Ideas emerging from Western
countries can travel across different parts of the world and vice versa. Browder et al.
claimed international business ideas that exist may be customized to meet local needs.
Concepts can lead to homogenization or heterogenization.
Kaur et al. (2022) claimed glocalization is often helpful in terms of holistic
evaluation of global-local interactions in global markets. In the context of this study,
globalization mainly refers to practices and ideologies of the developed Western world.
When major corporations and businesses from the Western world go to non-Western
countries, such as those in Africa, local businesses reproduce the successes of such
corporations and businesses. Through rigorous reproduction processes, local businesses
can achieve global standards while ensuring contextual and local relevance. The global
interacts with the local, enforcing and facilitating each other.
Countries patronize each other and establish relationships to exchange natural
resources. Glocalized nations reduce border restrictions to accommodate transactions,
resulting in enhanced relationships and economic growth for countries that are involved
(Zhang, 2020). Removal of border restrictions has aided globalization and enhanced easy
movement of financial transactions among countries (Zhang, 2020). According to
Jimenez-Ibañez et al. (2021), the government’s financial regulation system threatens the
future of financial institutions. No financial restrictions exist for local or global
institutions, and the government protects domestic creditors from foreign businesses
because of standardized financial regulations for all financial institutions. Meanwhile,
government leaders of developing countries attract foreign direct investment (FDI) with
free-trade zones, financial incentives, and lower fiscality, and flexibility of borders
enhances movement across allied countries and unifies trade transactions. Therefore,
border restriction has been easy because of the increase in globalization.
For host countries to integrate innovation into their systems, freedom of trade,
enhanced partnership, and infrastructure must be in place. Countries employ glocalization
to promote thriving local businesses and enhanced transboundary trade (Chang et al.,
2020). By embracing glocalization, national policymakers permit national firms to gain
technical know-how from foreigners, which enhances innovation (Dogramadjieva, 2021).
Joint ventures enhance technology transfer and help multinationals obtain continuous
cheap and high-quality raw materials. China’s market has benefited immensely from
foreign companies’ capability spillovers (Jimenez-Ibañez et al., 2021). Multinational
organizations find China’s economy attractive because of available infrastructure and
labor; this has helped them build an internal structure for their local companies to meet
international standards and become part of an emerging economy. The emerging global
market boom remains important because innovation performance facilitates a competitive
advantage for local companies that are not expanding to a global market (Ferreira et al.,
2021). China is taking technology and innovation to Africa to expand its market.
Scholars have yet to explore the relationship between globalization business
strategies and organizational sustainability in Nigerian retail SMEs. Hiring and training
residents to fit leadership positions is essential to prioritize local languages and cultures.
Also, partnering with grassroots nongovernmental organizations (NGOs) and related
developmental projects is a glocalization strategy for gaining residents’ support. For
instance, Nigeria nicknames all cars according to their look, and these names have
become part of automobile manufacturers’ advertisement strategies over the years.
Nigerians refer to Japanese cars like the 2004 Toyota Camry as Big Daddy, the 2003
Honda Accord as End of Discussion, the 1982 Mercedes Benz 200E as V-boot, and any
SUV as a jeep (Tepliuk et al., 2023). The core of glocalization strategies is collaboration
in terms of sharing common long-term goals, core values, and ethical standards (Chang et
al., 2020). Through collaboration, businesses can develop products that meet local needs
and international standards, generating an enhanced sense of familiarity and desirability
among local customers.
SME Sustainability in Nigeria
SME sustainability strategies are a frequent topic in academia and the business
world. To survive, SME business owners must choose strategies and operational process
options to improve their businesses’ output of high-quality products and services (Efebeh
et al., 2021; Maksum et al., 2020). Historically, business leaders have made strategic
decisions to outperform competitors. However, as the world has become more globalized,
meeting customers’ needs has become more challenging. SME sustainability in Nigeria
requires SME business leaders to understand glocalization business strategies in depth
and evaluate their influence in terms of long-term competitiveness (Efebeh et al., 2021).
Ali (2021) indicated SMEs were 96% of the business in Nigeria or 15% of total
employment opportunities. However, lack of basic infrastructure, poor quality of services,
and dilapidated roads, airports, and railway systems could hinder SME growth in Nigeria.
Accordingly, the purpose of this qualitative embedded single case study was
to explore the experiences of SME leaders to acquire an in-depth understanding of
successful glocalization strategies in Nigeria.
Nigeria’s inadequate use of technology negatively affects SME operations and
personal expenditures. SMEs, in the Nigerian context, are any business that is owned,
managed, financed, and controlled by a sole proprietor or partners with total assets of less
than four million nairas ($12,698) and fewer than 50 employees at the same time (Ufua et
al., 2020). Ali (2021) suggested entrepreneurial skills required to sustain SMEs do not
take place in developing countries.
The sustainable development goals of SMEs lie in the environmental and
economic means to sustain their growth. The sustainability of SMEs occurs when the
business strategy creates a humane, dignified, and equitable working environment
(Boussemart et al., 2020). According to Ali (2021), the factors that impede the
implementation of sustainable strategies by SMEs include lack of skilled labor, cost,
resistance to change, corruption, inaccessible bank loans, poor quality of service,
excessive spending, poor physical infrastructure, and poor support from the government.
The key factors that enhance small-scale enterprises’ survival strategies include the
availability of finances, raw materials, and workers (Efebeh et al., 2021). To successfully
implement thriving sustainability, managers and leaders of retail SME businesses must
develop and implement sustainable plans and provide the requisite resources to oversee
changes arising from such implementation (Boussemart et al., 2020). In Nigeria, which
depends on SMEs for future growth, the knowledge of how glocalization strategies
sustain businesses is vital. Studies have shown that SME sustainability in Nigeria is
familiar (Ali, 2021; Efebeh et al., 2021). Boussemart et al. (2020) highlighted the
outstanding benefits of the three pillars of sustainability, which include environmental,
economic, and social sustainability. Evidence shows that green growth is an innovative
way to motivate businesses to adopt environmentally friendly activities for sustainability
(Boussemart et al., 2020). To take advantage of sustainability benefits, SMEs need to
integrate sustainability plans into the core business strategies and promote top
management down to operation.
Maintaining high standards of products may limit the compromised trust that
could lead to loss of consumers and a lack of competitive edge. In a turbulent and
emerging economy like Nigeria’s, businesses need every strategy to sustain a competitive
advantage (Ufua et al., 2020). The presence of a high number of products from all over
the world with less enforced control by government bodies characterizes the competitive
nature of Nigeria’s markets (Ufua et al., 2020). Maintaining global businesses requires
more effort because of their complexity compared to domestic strategies.
A consistent understanding of entrepreneurs in local government would achieve
an industrially strong base that would improve businesses in a developing nation.
Nigeria’s current campaign is to empower everyone in business skills to boost the
establishment of more SMEs (Efebeh et al., 2021). One of the goals for boosting SMEs in
Nigeria may require addressing the country’s need to enhance growth in the industrial
sector (Efebeh et al., 2021). Efebeh et al. added that meeting people’s varying needs
requires a single market transformational ground. Efebeh et al. (2021) based their
observations on research into the politics of small businesses in a competitive market.
They examined 10 entrepreneurs and 40 employees of small-scale enterprises.
SME sustainability in Nigeria has become a topical issue in the corporate world
today. Various researchers have explored SMEs’ sustainability in Nigeria from various
management points of view (Ukwueze, 2021). Evidence from such studies indicates that
for SMEs to succeed in the presence of the challenges that businesses face in Nigeria,
leaders should embrace sustainability as characterized by effectiveness, courage,
confidence, critical thinking, the curiosity to learn, independence, determination,
optimism, perseverance, and risk transformation (Ukwueze, 2021). Businesses should
meet the need for environmental sustainability, which calls for adopting the circulatory
principle (Diaz et al., 2021). Based on the circulatory principle, SMEs should integrate
Rstrategy in decision-making, which involves refocusing, reducing, reusing or reselling,
repairing, refurbishing, remanufacturing, repurposing, recycling, recovering, and
remining products (Diaz et al., 2021). According to Daniel et al. (2021), considering
environmental sustainability strategies guarantees consumers more satisfaction, which
promotes customer loyalty and retention and enhances business profitability and
sustainability. Achieving sustainability requires SMEs to combine their traditional profit
maximization objectives through activities that integrate social and environmental
considerations into the decision-making process.
SMEs may need to pursue glocalization for various reasons. According to Ufua et
al. (2020), limitations to capital, inadequate manufacturing technology, and poor
infrastructure are obstacles that hinder environmental sustainability. Leaders of SMEs
may need to pursue glocalization strategies based on social change and behavioral
approaches such as entrepreneurial management, transformational leadership, strategic
improvisation, and dynamic capabilities to achieve environmental sustainability (Shekar
et al., 2021). Transformational leaders can identify the needs of employees and inspire
their potential for higher productivity (Ausat et al., 2022; Tongkachok et al., 2022).
Understanding glocalization strategy perceptions of retail SME sustainability is crucial to
identifying strategies that strike the right balance between rural and urban societal
relationships (Kawamura, 2020). Maksum et al. (2020) emphasized that the significance
of the glocalization framework lies in reducing the global–local barrier, empowering
residents, and boosting the local economy by combining international business acumen
with socially responsible and culturally sensitive practices. The transformational
leadership of SMEs could influence employees’ communication transparency and make
policies effective.
Glocalization Strategies and Innovative SMEs
Robertson’s glocalization theory argues that global and local should enforce and
facilitate each other. The interaction of global business aspects and local conditions, such
as political systems, government policies, governance requirements, and the cultures and
languages of multiple ethnicities, influences the success of globalization (Ukwueze,
2021). To achieve the aim of globalization, it becomes crucial to investigate
standardization versus localization and the importance of meeting customer needs at all
levels (Tepliuk et al., 2023). Retail SMEs struggle because of intercultural barriers like
language or cultural differences in international settings. Therefore, there is a need to
embrace glocalization to promote sustainability (Tepliuk et al., 2023). Service
organizations actively seek the best strategies to bring the situation under control to
improve service quality and retain customers to maintain a competitive edge in a
globalized market. Boussemart et al. (2020) remarked that glocalization related to a
country’s integration with the rest of the world has three dimensions: economic, social,
and political integration. Implementing a localization strategy could help meet the actual
needs of customers. Engaging in the international travelers’ market, service providers
need to pay more attention to developing specific capabilities to accommodate customers’
culturally based needs.
SME sustainability requires innovative strategies that embrace the uniqueness of
the local and take advantage of homogeneity between the local and global. According to
Efebeh et al. (2021), innovating is an acceptable way for a business organization to
succeed in a turbulent political environment. Shekar et al. (2021) also affirmed that
respect for culture enhances the golden goal of glocalization to penetrate new markets
and maximize wealth. Brimhall (2021) states that employee turnover costs may hinder
SME leaders from achieving sustainability. Glocalization is a global strategy devised by
multinational corporations to extend their products and services to developing economies.
Glocalization is vital for an SME’s sustainable business model (SBM), which is a
company’s goal from a financial and economic perspective and in social and
environmental terms (Tiscini, 2020). According to Tiscini (2020), SBMs include the
social and environmental elements of a business model that create a competitive
advantage through superior customer value while contributing to the company’s and
society’s sustainable development. Because no community operates in a vacuum,
communities and cultures, in order to survive and even thrive in a global society and
economy, must balance protecting what is precious and unique about a locale with what
they can gain from interactions with the rest of the world (Maksum et al., 2020). Gajere
and Nimfa (2021) noted that an appropriate and innovative strategy for SMEs should
accommodate local ideas and customer demands. Maksum et al. (2020) also noted that
SMEs’ sustainability efforts should focus on empowering the locals. Strategies include
cost leadership, differentiation, and any focus that a company could use to gain a
competitive advantage. Competition is a bane that no organization can overlook amidst
environmental challenges and yearnings for SME sustainability.
Innovation may be a pathway to the competitive power of SME sustainability.
Encouraging SME leaders to promote an in-depth understanding of the need for
innovative culture as a glocalization business strategy could sustain competitive
advantage (Onileowo et al., 2021). Business innovation in green energy relies on the
effective integration of digitalization as a business edge (Riedel & Asghari, 2020).
Adopting digital business transformation could help SMEs innovate and take advantage
of new opportunities for production and value creation (Riedel & Asghari, 2020).
However, SMEs could face challenges in integrating technology, including a lack of
skills and expertise and the dynamic nature of technological changes that require
businesses to adapt continuously.
Businesses need to ensure the cost-effective implementation of green energy
ideas. Gherghina et al. (2020) and Ahmad et al. (2022) reasoned that because of the
dynamic nature of Nigeria’s retail SME environment, the adoption of modern
technological innovations such as e-banking and e-advertisement could help retail SMEs
achieve a competitive edge. The cost underscores the importance of integrating mergers
and acquisitions into digitalization for business survivability. Faremi et al. (2021)
investigated sustainable facilities management practices in intelligent buildings using
Heritage Place as a case study. Heritage Place is the first environmentally certified
commercial building in Lagos, Nigeria. The 14-story building comprises 15,736 M² of
office space and 350 parking bays. The authors state that environmental sustainability
combines protection and enhancement of the environment to meet future needs. The
authors identify the innate activities of intelligent office buildings, such as heating,
cooling, vertical transportation, and air conditioning. The operation and maintenance
activities in the interior and exterior of office buildings significantly impact the economic
and social life of the building users and the surrounding environmental quality.
SMEs can collaborate with relevant stakeholders to ensure the achievement of
recycling strategies while promoting business growth. The goal of the 2030 agreement for
sustainable economic development must address how we tap resources and how they
affect ecosystems (Zhan and Santos-Paulino, 2021). Sodhi et al. (2020) assessed and
measured the industrial production effect on their host environment. They researched
human activities that contribute to the deterioration of the environment and society. Sodhi
et al. concluded that eco-industrial parks (EIPs) enhance industrial symbiosis networks
and produce zero waste. Their suggested solution was eco-industrial networks (EINs) to
reduce the environmental consequences of industrial production. The author references
China’s introduction of the circular economy, an industrial ecology strategy with a
holistic approach to engaging companies in three dimensions of sustainable development:
economy, environment, and society. The recycling strategy makes industrial systems
operate like natural ecosystems where the waste and products of one company are the raw
materials for another company. The recycling activities may enable the sharing of
resources and byproducts among collaborative companies and communities and
eventually decrease production waste.
Even though the development of renewable energy and campaigns for sustainable
economic growth are becoming more popular in developing nations, integrating
renewable energy into the power grid, such as by smart grid planning and grid-storage
preparations, has become a challenge. Pasari and Nandigama (2020) discussed the
unpredictability of integrating renewable energy resources into systems as the topic
becomes essential to economic globalization. The authors defined renewable energy as
naturally replenished energy sources such as wind, tides, solar, biomass, and geothermal
heat. In 2015, Pasari and Nandigama (2020) launched research that showed that 20% of
global energy consumption was from green energy, which increased to 25% in 2016. As
the primary producer of renewable energy globally, India has reached 35% of the total
installed power capacity. Despite the increase in the production and consumption of
renewable energy, Pasari and Nandigama (2020) pointed out that integration remains
challenging because the electric grid needs a balance between supply and demand to
operate efficiently, complicating the unavailability of solar power at night when
consumption of electricity is at its peak, by the lack of an adequate storage system, and by
transmission losses, all illustrating the limitations of renewable energy. Pasari and
Nandigama (2020) asserted that renewable energy remains the future of the energy sector,
suggesting that the solutions are smart grid energy storage and renewable energy
forecasting. They adopted solar power forecasting methods that accommodate both
shortterm and long-term forecasting models by incorporating solar radiation in the range.
Pasari and Nandigama (2020) asserted that renewable energy is not negotiable as an
alternative to the present practice of generating electricity by burning fossil fuels that
pollute the air. Instead, they suggested an advanced forecasting model for the smooth
integration of solar energy. Also, green energy enhances the adoption of intelligent home
appliances designed to increase the energy efficiency of electric devices and reduce
utility bills.
Leaders and managers of retail SMEs are currently facing challenges due to their
environmental business dynamics structure in their efforts to meet international standards,
promote social responsibility, and survive global competition, therefore rethinking their
daily operation strategies. Faremi et al. (2021) adopted a quantitative methodology,
utilizing a cross-sectional survey research design. Based on their research, Faremi et al.
(2021) developed a structured questionnaire consisting of 93 users and 20 facilities-
management personnel. Out of 100 self-administered questionnaires, researchers
retrieved 87, a 79% response rate. The building’s stakeholders implemented sustainable
facilities-management practices to enhance the functionality of the building, impede
decay, and ultimately positively affect the environment. The authors proposed that
facilities-management efforts for smart buildings remain geared toward delivering
strategic facilities-management services that meet the users’ expectations. Green energy
adoption as a means of addressing unrelenting social and environmental challenges is one
of the goals of the internationalization of business (Breuillot et al., 2022). Green energy
has become a conventional modern-day market in developed and developing nations.
Four factors influence the internationalization process for early internationalizing
firms (EIF) Breuillot et al. (2022). The first is the entrepreneurs’ previous experience in
the same industry or their entrepreneurial work. Second is the entrepreneurs’ networks, a
resource pool with a significant positive internationalization effort for the firm. The third
factor is the entrepreneurs’ cognitive characteristics, which influence the success of their
international operations. The fourth factor is the entrepreneurs’ other relevant
characteristics, such as age and family background. Breuillot et al. (2022) based their
observations on a resource-based view as a theoretical framework and conducted a
systematic literature review of 102 papers covering 29 years. The authors emphasized
that the industry’s structure, competition, life cycle, and knowledge intensity influence
internationalization and the long-term survival of EIFs.
Mobile banking promotes faster, more accessible, and more transparent ways of
making and tracking financial transactions. Adopting technology for financial
transactions, such as mobile banking, could promote the internationalization of commerce
and enhance the ease of doing business, promoting SMEs’ sustainability (Anetoh et al.,
2022). Tang et al. (2022) argued that scientific business management strategies enhance
the understanding of both a business and its environment to aid decisions that promote
business sustainability. Anetoh et al. (2022) examined the influence of perceived
usefulness, perceived ease of use, perceived safety, perceived credibility, and perceived
convenience on consumer mobile banking technology. The authors noted that mobile
banking encourages banks to issue account statements and check account history alerts to
manage account activity or avoid surpassing set thresholds. They added that mobile
banking embraces funds and equity statements, insurance policy management, pension
plan management, access to loan statements, and check status monitoring. Likewise,
Mbanking allows SME leaders to stop payment on a check, order checkbooks digitally,
balance checking in the account, set Personal Identification Number (PIN) provisions,
change PINs, and receive alerts of domestic and international fund transfers. Anetoh et al.
(2022) adopted a quantitative methodology using a survey research design with a sample
size of 369 and a Likert-type scale questionnaire delivered to 25 users of M-banking
technology as pilot respondents in Enugu State, Nigeria. Anetoh et al. (2022) reported
that perceived usefulness, ease of use, safety, credibility, and convenience influence
mobile banking technology adoption and consumer usage in Anambra State, Nigeria.
Anetoh et al. (2022) recommended that SME owners and managers improve, promote,
and propagate the usefulness of m-banking by educating customers, addressing more
safety measures, and emphasizing the credibility of m-banking technology. M-banking
influences SMEs’ sustainability sequel to glocalization strategies by allowing the
operation of banking accounts even in remote areas where the bank is not physically
operating.
The ecologization of innovation development is the modern accelerator of the
glocalization of economic processes for SMEs. Sovhira et al. (2023) researched the
ecologization of innovative development of regions based on the principles of
glocalization. The author added that the ecologization of innovation development
emanates from the process of glocalization of the economy. Sovhira et al. asserted that
creating a new value for a consumer is the reason for innovations in a market economy.
Concentrating on the local level, the authors suggested that internal and external
glocalization of local market expansion for the greening economy is necessary for
integrating an environmental development policy that includes regional functional
stability and role strengthening. Sovhira et al. (2023) also identified external
characteristics, including expanded product market borders, significant transformational
impact of structure, and ineffective use of powerful potential. Sovhira et al. (2023)
concluded that glocalization enhances the sustainable development of the regional
economy. Limited local approaches with a negative global manifestation result in
glocalization integrating into the regional innovation policy.
Leaders of SMEs need to understand that glocalization involves the inclusion of
public administration, science, business, and public representatives, staying mindful of
the social needs and interests of the final consumer. Bahorka and Kadyrus (2021)
examined the regional priorities of the ecologization of innovative development. The
author established the effect of innovation and the impact of glocalization on
transformational corporations, state regulation, social problems, the environment, and
market competition. Glocalization in modern times affects national development through
the branding of territory. The author identified the ecologization of innovation as the
accelerator of glocalization. Additionally, Bahorka and Kadyrus (2021) pointed out that
the ecologization of innovative development through renewable energy sources
introduces a circular economy responsible for the employment of a sizeable population.
Therefore, the ecologization of innovative development provides SMEs with the means to
contribute to economic growth and promotes the employment of the local population.
Internal strategies, investments, marketing, academic entrepreneurship, and policy
contribute to entrepreneurial success. Based on a systematic literature review of six
articles, Carvalho and Madeira (2021) examined innovation management, entrepreneurial
relationships, and economic growth. The researchers noted that an entrepreneur responds
to change and transforms demand into supply by taking risks. They suggested that
entrepreneurs continuously identify opportunities to develop successful innovations by
looking for innovative sources, the latest trends, and innovation signals. They added that
technology and digitalization influence entrepreneurial innovation and reveal the
opportunities of a circular sharing economy. According to Carvalho and Madeira (2021),
open innovation or crowdsourcing allows entities to share research resources to find
solutions or create value for a new or existing business. Based on the findings obtained by
the authors, SMEs that are open to investment activities have a higher chance of
registering positive results.
One of the areas in which SMEs can pursue investment opportunities is additive
manufacturing (AM). According to Luomaranta and Martinsuo (2020), AM enhances
operations, changes shape in manufacturing without tooling, and facilitates independent
parts manufacturing without additional cost. Based on an explorative qualitative research
design featuring 25 semistructured interviews in 20 firms, Luomaranta and Martinsuo
(2020) mapped AM-related processes and activities in three workshops and analyzed
supply chain innovation. The researchers defined AM as using digital product designs
and joining layers of material to produce goods. This process either revolutionizes the
entire process or complements traditional manufacturing. The authors found that
integrating multiple components into one enhances the production of compelling parts.
They added that the implementation of AM is different for different supply chain firms.
SMEs seeking to enhance their competitiveness could leverage AM and take advantage of
supply chain innovations.
Technology entrepreneurship involves forming a new venture and transferring
existing businesses by developing novel digital technologies and integration. Eliakis et al.
(2020) assessed the survival and growth of innovative technology entrepreneurship. The
researchers stated that establishing and running a technology entrepreneurship venture is
more challenging than running a traditional venture. They also identified the initial,
maturity, and decline phases of corporate growth, intensifying the significant impact of
innovation capability on long-term corporate growth. Eliakis et al. (2020) adopted a
mixed-method investigation using a case narrative, a qualitative study of a single success
story of an innovative firm that had survived its infancy and proceeded to its maturity of
10 years of continuous growth. In addition, they combined quantitative studies using a
questionnaire-based survey of 18 newly established innovative technology firms. The
authors identified four factors that enhance entrepreneurial survival: change, prior work
experience, and entrepreneurial experience. They advised that business leaders must gain
employees’ loyalty to increase retention. The authors asserted that it is rare that
technological innovation becomes the source of organizational failure; in most cases,
human attitudes are why organizations fail. To actualize business sustainability,
organizations must build an inner working culture by investing in technology, product
innovation, early market entry, company culture, and horizontal company structure.
The other glocalization approach SMEs can adopt is to involve local suppliers in
the supply chain. Jimenez-Ibañez et al. (2021) noted that local suppliers could help
multinationals sustain a continuous high quality of raw materials at lower prices.
Jimenez-Ibañez et al. (2021) analyzed the opportunities that foreign direct investment
(FDI) provides to the host country and domestic companies. The author examined
opportunities that are derivable from a joint venture between foreign and domestic
companies, noting that joint ventures facilitate the transfer of technology to local
suppliers. Jimenez-Ibañez et al. added that multinationals enhance the efficiencies of
local companies. In their study of China’s market, Jimenez-Ibañez et al. deduced that
local companies’ capabilities determine how well they benefit from spillovers from
foreign investors. Jimenez-Ibañez et al. added that the multinational effect on capable
local sectors improved productivity, mainly when supported by foreign suppliers. In their
submission, Jimenez-Ibañez et al. advised that the government should give investors
adequate freedom of determination when deciding where to transfer their foreign
investment. Freedom should enable the investors to determine their entry mode, partner,
and ownership share. The researcher asserted that SMEs could take advantage of joint
ventures with foreign investors by benefitting from the in-house research and
development (R&D) capital and the technical or managerial resources to upgrade their
efficiency.
Innovative approaches that help businesses overcome institutional problems and
transportation costs promote sustainability. Sun et al. (2022) provided insights into
market integration and potential benefits to SMEs. According to Sun et al. (2022), when
trade is free from institutional problems, transportation costs fall, and businesses grow, as
was evident in the Asian economic boom in the decade before 1870. Ferreira et al. (2021)
amplified the influence of innovative host-country developmental capabilities in
promoting market integration. Ferreira et al. (2021) suggested that emerging market
enterprises (EMEs) could sustain innovation when the host country has in-built
capabilities to contribute. Inputs, innovation intermediaries, and cost reduction in the
transaction are a few contributions expected to benefit globalization. Ferreira et al. (2021)
added that globalized joint ventures enhance competitive advantages over local
companies that refuse to expand to the foreign market. Globalization benefits depend on
the receiving company’s ability to learn and integrate resources gathered from multiple
countries. Failure to implement knowledge could result in negativity. Developed
institutions stimulate innovation, resulting in access to innovation, intermediaries, and
innovation relationships and enabling enhanced capabilities to produce what was initially
difficult to make. Despite all the chances of growth foreseen in globalization, Ferreira et
al. (2021) maintained that EMEs investing in countries with similar development levels
put them in control. The authors advised that EME absorptive development could benefit
a company’s growth in the host country, making glocalization necessary. For SMEs in
developing countries such as Nigeria, EME absorptive development could benefit
innovation by taking advantage of the country’s in-built capabilities.
Local SMEs can learn from foreign enterprises seeking to enter the local market
by reselling their bonds and stock to domestic residents. Foreign enterprises compete with
local enterprises, causing domestic capital flight, unclear net capital flows, investment
growth, capital inflow, higher acquisition, development that challenges capital flows, and
unstable domestic financial markets (Zhang, 2020). Borderless emerging markets
enhance assets to trade in secondary markets by supporting the international markets’
private sectors. Zhang (2020) observed that the probability of a monetary crisis lies in
how regulation and the judicial system enforce a contract. The authors added that when
foreign holders of domestic debt increase, financial globalization changes the mix of
creditors. As domestic debts support foreign debts, foreign debts destroy domestic debts.
On a final note, the authors suggested that countries should adopt a discriminated
financial system at an early stage in the global market because it helps increase capital
inflows, investment, and growth. Globalized innovation transfer is not automatic; it
requires freedom of trade, partnership, and in-house development from the local receiving
companies to integrate the innovation. SMEs in Nigeria can learn from borderless foreign
enterprises and integrate globalized innovation to promote sustainability (Tetteh et al.,
2021).
Glocalization and Supply Chain Networking
The global market has increased in the last decade, adding to the complexity of
supply chain management and promoting the shift to an interwoven world culture. In the
past decades, it was evident that there was adequate research on the smooth and improved
operability and sustainability of supply chain management (Chang et al., 2020).
Technology advancement is softening the operation of globalization. Sabouhi et al., 2020)
inferred that cybersecurity attacks, lapses in communication networks among the
stakeholders, and poor implementation of resilience in operations and supply chain
management (OSCM) are obstacles facing the supply chain.
In emerging economies, supply chain management (SCM) is still in its infancy.
Sabouhi et al. (2020) emphasized the crucial role of a supply chain network (SCN): it
boosts sustainability and enhances operational cost reduction. Supply chain challenges
exacerbate the global distribution of firms’ suppliers and customers. The researchers
indicated that the survivability of an organization rests on its resilient and operational
design. Another measurement the authors identified is customer service level, by which
the supply chain (SC) can evaluate, and the quality supply chain integration is the best
approach to withstand market fluctuation and meet customer demand. Sabouhi et al.
(2020) underlined pertinent information about SCM, which determines the trade-off
between total cost, the effect of the quality of the facility, the effect of transport route
disruptions on the total cost, and the trade-off between customer service level (CSL). An
emerging economy should adopt the advanced technology that comes with globalization
to grow its economy. In Nigeria, advanced technology is necessary to protect the supply
chain from theft, road kidnapping, and vehicular damage due to poor road conditions to
meet the scheduled supply of raw materials and finished products.
Engaging stakeholders in a firm’s standardization planning to use nondestructive
activities for a more sustainable environment enhances the positive relationship between
sustainable supply chain management (SSCM) and organizational performance. Chang et
al. (2020) conducted a research study on firm performance in SMEs in Pakistan.
Researchers evaluated SSCM and found that it depends on a good relationship between
supply chain members and adequate communication and capital flow. Chang et al. (2020)
highlighted aspects of glocalization required by SMEs, noting that business incorporation
strategies for supply chain effectiveness require the promotion of education and good
health for their staff and host community. The authors observed that introducing a
collaboration framework and monitoring practices in internal and external management
facilitates SSCM.
Poor supply chain management could result in a crisis that may take time to
resolve. Sumukadas (2021) discussed how OSCM lessons could prepare the organization
for a product recall crisis. A well-built OSCM could foster an effective response during
the challenging part of an organization’s recall crisis. Sumukadas (2021) described the
vital role OSCM plays behind the scenes in a product recall crisis, noting that a timely
response to any recall crisis could soften public opinion. In contrast, the opposite could
damage the company’s image permanently. The author emphasized the significance of
recall preparation before the products reach the consumers and dishonor the organization
because recovering the products is costly. The author shared an insightful overview of
OSCM; however, his discussion focused on the two fronts of crisis response:
communication and compensation. Sumukadas (2021) indicated that the organization’s
prior reputation matters, indicating that a positive reputation softens crisis management.
Abd Latif et al. (2021) provided a case study of cybersecurity in supply chain
management. The researchers based their argument on a high-risk supply chain that
exposed organizations in today’s digital world of supply chain networks. Abd Latif et al.
argued that introducing information technology into organizational operations enhances
process efficiency, and cost optimization sustains continuous business growth.
Incorporating information technology to increase efficiency and support communication
and coordination between the supply chain network systems is essential.
Information technology increases an organization’s exposure to hackers even
though information technology improves business processes, reduces distribution costs,
and increases productivity. For the safe application of digitalized supply chain networks,
setting policies and procedures for deletion, prevention, and documentation are security
strategies that may help organizations safely operate in the digital world (Abd Latif et al.,
2021). Making sensitive information known only to essential personnel, avoiding data
manipulation, and ensuring data are accessible by the proper authorities are necessary
actions SMEs must take to achieve cybersecurity. The authors’ systematic review of
cybersecurity in supply chain management helps professionals responsible for supply
chain (SC) network design be aware of cyber challenges as they use digital tools. To fully
illustrate and emphasize their points, they presented four elements in this study (network
security, information security, web application, and the Internet of Things). Protecting an
organization’s supply chain network from hackers remains a task that all supply chain
management teams must understand and prepare to accomplish.
The other way SMEs can secure the supply chain is through certification and
recertification of standards. Tong et al. (2022) argued that supply chain certification
improves performance outcomes and goes far in sustaining good ethics and operations in
supply chain management. In developed countries such as the US, certifications, and
regulations for working with manufacturers, industry experts, other testing laboratories,
and governments are considered de facto standards (Tong et al., 2022). Tong et al. (2022)
examined supply chain management and research trends of supply chain management
(SCM) in two concentrations: sustainable supply chain management (SSCM) and green
supply chain management (GSCM). The researchers found that both organizational
revenue and sustainability rely heavily on an organization’s environmental innovation,
resulting in increased customer loyalty and business sustainability. Tong et al. (2022)
employed author co-citation analysis to trace the trends of supply chain management
research, supply chain integration (SCI) data, and sustainable SCI journals between 2009
and 2018. Based on the findings by Tong et al. (2022), SMEs should adopt strategies that
boost organizational environmental innovation and positively influence customers’
attitudes. GSCM and SCI provide a wide range of certifications, from products through
specific facilities, processes, and systems to industry requirements and standards.
Globalization and Entrepreneurship
Because China may be losing control of the global market, adopting nearshoring
is more appropriate for reviving globalization and focusing on the road, leading to
business survivability in post-COVID-19 in sub-Saharan Africa, Nigeria. Madhok (2021)
examined how COVID-19 exposed the weaknesses in the current system of government
and commerce in globalization. The author argued that overreliance on China’s emerging
market for all forms of production failed the world during the COVID-19 pandemic. He
analyzed the effect of the economy, state, and society in a global market. Madhok (2021)
determined what works and which obstacles hinder globalization. Madhok (2021)
asserted that centralized production failed during the pandemic because no single nation
could produce a Facemask that could serve an individual country, much less the world.
Therefore, distributed production assets remain emphasized if globalization is to work. In
addition, the author argued that insufficient production in Western economies during the
pandemic remained a priority of economic factors over social factors. Madhok (2021)
added that the emerging market of China is creating a loophole in the global market,
leading to a division of the globalization prime movers such as the international
consensus on trade and the internet. The author inferred that because China’s emerging
market is losing control of the global market, nearshoring is more appropriate than
offshoring to revive globalization. Madhok’s (2021) study shows that SMEs in emerging
markets such as Nigeria seeking to adopt glocalization strategies should pursue economic,
political, and social integration to ensure the local community is inclusive. The effect of
the pandemic on economic, political, and social factors suggests that these three factors
must function together for globalization to work.
In the aftermath of COVID-19, business leaders must review their business
models, consider alternative supply chain options, consolidate existing customers, and
explore all available support to sustain their businesses. Woo et al. (2023) suggested
survivability strategies for businesses in developing countries in the aftermath of COVID-
19. The authors introduced entrepreneurial orientation (EO) to reinstate productivity
among the SMEs affected by the COVID-19 pandemic. Woo et al. (2023) asserted that a
business’ survivability after the worldwide lockdown could depend on its ability to
expand to new markets and make use of all new opportunities that come its way. EO
comprises the practices, processes, and decision-making that accommodate new entries
that propel autonomous decision-making, eagerness to innovate and take risks, and
aggressive competition to share in the global market.
Significantly, business operators need more government input to rescue SMEs in
the Nigerian market. Woo et al. (2023) encouraged business operators to review their
business models for better performance, adjust expenses and expectations while seeking
alternative supply chains, consolidate existing customers, and explore all available
support to manage risk. Additionally, the emergence of the COVID-19 pandemic has
added to the challenges faced by Nigerian businesses. Ultimately, business operators
should reduce loan offers and strive to service existing loans.
Regional, tribalism, sectionalism, and ethnicity are additional problems for
Nigeria’s political system, resulting in a fear of failure that prevents people from starting
or sustaining a business. Ajayi et al. (2021) expanded on the factors affecting the
investment climate, SME productivity, and entrepreneurship in Nigeria. The authors
identified Nigerian investors’ access to finance at 33%, the power of the nation at 27.2%,
and the level of corruption at 12.7%, leading to an average annual growth rate of 6.9% in
2010, mostly in non-oil sectors. Telecommunication, wholesale and retail, hotel and
restaurant services, construction, manufacturing, and agriculture drive Nigeria’s
economy. Ajayi et al. (2021) identified ten significant challenges facing SMEs in Nigeria:
religion, traditions, and customs, political instability, corruption, an inefficient legal
system, the inefficiency of credit and the financial system, poor infrastructure, lack of
market access, and an inadequate power supply. The authors suggested four
characteristics necessary for SMEs’ growth in Africa: a stable economy, competitive
market, global linkage, and investment in health, education, and nutrition. Improvement
to infrastructures, such as access to clean water, broadband Internet in rural areas,
transportation, adequate electricity, reduced bureaucracy, red tape in starting a business,
and transportation, would significantly affect the growth of SMEs in Nigeria.
Blockchain Technology
The organizational unit and social manufacturing community (SMC) enhance
efficiency and reliability, especially for manufacturing and service delivery. Li et al.
(2020) assessed the blockchain-based digital twin-sharing platform for reconfigurable
socialized manufacturing resources integration. The authors observed that social
manufacturing integrates and organizes socialized manufacturing resources in the form of
an SMC, a flexible host designed to meet the increasing demand for small-scale,
personalized, and customized production. In addition, social manufacturing facilitates the
servicing extension of products and supports sustainable product-service systems. The
researchers established that the social manufacturing market occupies manufacturing
demands and resources from SMEs. They found that intellectual property sharing exists
as a crucial benefit of self-organized SMCs and involves absorbing and sharing
knowledge related to product design, production, and improvement among SMCs. A
cyber-physical system concept creates an intelligent object combining man, machine, and
material to deliver innovative applications through collaborative interaction. The authors
adopted a domain-driven design methodology to examine the development and
management of digital twins involving cross-disciplinary knowledge and techniques. The
research promotes a digital twin’s reusability and adaptability. Also, it enables SMEs to
collaborate with others and boost security when using technological innovations. The
blockchain-based digital twin-sharing scheme provides a historical approach to
integrating blockchain tech for digital twin-sharing and protection, making good use of
SMC’s collaboration and sharing advantages.
Blockchain creates benefits beyond digital currencies and influences all sectors of
the economy when transacting parties exchange ownership of digitally represented assets
in a real-time and immutable peer-to-peer system without intermediaries. Weking et al.
(2020) investigated blockchain use beyond Bitcoin as well as blockchain technology’s
effects on business models. The authors suggested that the impact of blockchain
technology should transcend the financial sector and affect any business that acts as or
relies on an intermediary between buyer and seller. They described blockchain as a
decentralized digital database of transactions (a distributed ledger) operated by a
computer network that verifies a transaction before approving and adding it to the ledger.
The proposed transaction provides a unique cryptographic signature that ensures
the integrity and authenticity of the record. The researchers noted that blockchain
influences the business model’s use of blockchain to track the transportation of goods
inside of an industrial supply chain, including the use of smart contracts to enable secure,
faster, and less expensive real estate transactions. Also, blockchain allows consumers to
send funds abroad without incoming delays or high exchange fees. They described the
business model as the rationale for creating, delivering, and capturing value. It consists of
customer segments, value propositions, channels, customer relationships, revenue
streams, essential resources, key activities, key partnerships, and cost structure.
Blockchain enables new partners, networks of suppliers, and partners that make the
business model work, such as strategic alliances, joint ventures, or buyer-supplier
relationships, to ensure reliable supplies. Therefore, managers should monitor blockchain
technologies to assess their impact and consider the strategic importance of blockchain
for their business. SMEs seeking to attract and retain customer loyalty must ensure high
integrity, security, and transparency. Tiscini (2020) further assessed the use of blockchain
as a sustainable business model innovation that could help SMEs boost integrity, security,
and transparency. Blockchain enables SMEs to achieve data traceability, accountability,
verifiability, and enhanced consumer and public trust.
International Finance
The increase in the global market over the last decade has created more
globalization complexity for international businesses and promoted the shift of the
world’s intertwined cultures. Lichy et al. (2023) suggested ways that better global
decision-making management can benefit the relationship between postmodern and
shopper cultures. Technology advancement is making globalization management much
easier by the day. Tong et al. (2022) found that sustainability and organizational revenue
growth depend significantly on environmental innovation, enhancing customer loyalty.
They emphasized the organization’s environmental innovation capability to continue
growing and increase its revenue. Social accounting is now a recognized topic in business
literature that advocates for ethics in the accounting profession and the enactment of
social responsibility (Podgorodnichenko et al., 2021). The impact of a global investment
or foreign direct investment (FDI) on national development has its pros and cons. Zhan
and Santos-Paulino (2021) proposed that an impactful FDI with a holistic framework is a
sustainable way to actualize the globalization strategy of the 2030 agenda. The impact of
multinational corporations has dominated and changed the global economic structure for
more than 50 years. Globalization has influenced the international financial market for
many decades. The global market enhances the omnipresence of investors and, at the
same time, weakens international border policies (Pevehouse, 2020). Browder et al.
(2023) highlighted the various means of communication available today through
advanced technology that enhance globalization. Technology advancement is the number
one prime mover of 21st-century globalization.
Culture has a stake in globalization; it dominates global challenges, improves
recognition of political and economic factors in cultural management decision-making,
and ensures the success of global management. To manage the complexity of the global
market, Abatecola and Surace (2020) established the complexity theory approach to
managing advanced technology, the global market, cultural change, and global fortune.
The benefits of globalization are innumerable, as are its challenges. SME sustainability
rests on innovative capability, creativity, and entrepreneurship skills (Heenkenda et al.,
2022). The lessons learned from the COVID-19 pandemic include the need for SMEs to
capitalize on local markets and to focus on addressing the needs of local customers to
ensure sustainability through turbulent times (Streimikiene et al., 2021). However,
glocalization is essential, as evidenced by the events during the COVID-19 pandemic,
when global trade was interrupted, and industries relied on the local market for survival.
Globalization reduces the gap between rich and developing countries by
increasing the economic prosperity of the host country. Globalization in developing
countries has boosted job creation and the countries’ economic status (Mucea, 2021).
Therefore, social responsibility incorporates lean, agile, and green energy engagement
with the host country. Agile, lean, and green energy implementation is a sustainable
strategy for corporate social responsibility. Bouhannana and Elkorchi (2020) affirmed
that agility is a response to efficiency in a turbulent global market. Lean reduces waste
and supports green energy while making supply chain processes less environmentally
harmful. The flow in the supply chain of a retail organization is different from the
workflow of a manufacturing plant. Agility authenticates efficiency in a turbulent global
market and reduces waste. In comparison, green energy reduces environmental impact,
such as air pollution and hazardous materials, through proper disposal. A holistic
approach, in this sense, ensures adherence to the rule of law not because it is the law but
because it is humane.
The economic sphere of China is booming globally, leading the world’s emerging
economy to become the second largest after the United States. Aside from the positive
effect of globalization, it has also deregulated local reality (Schmidt, 2020). The Bali
Package agreement, adopted in 2013 by all members of the World Trade Organization
(WTO), enables globalization to reduce member countries by digitizing custom
documents and establishing free trade zones to enhance exportation and importation
(Hanson-DeFusco, 2023). International imbalance and financial crises result from the
inequality effects of global savings. Ciminelli et al. (2022) asserted that the weakness of
labor protection leads to income inequality in the finances and exports of both developing
and developed countries. Supply chain finance (SCF) aims to remove administrative
barriers, increase supply chain performance, and enhance transactions between suppliers
and customers (Guida et al., 2021). Therefore, SCF decentralizes the inventory system
and increases trust between buying and supplying forms (Li et al., 2020). Glocalization
brings innovation (Dogramadjieva, 2021). The focus of national policymakers should be
to permit national firms to learn technical expertise from foreigners. Jimenez-Ibañez et al.
(2021) asserted that joint ventures and collaboration enhance technology transfer and help
multinationals sustain continuously cheap, high-quality raw materials. After the
emergence of China’s market, Jimenez-Ibañez et al. (2021) added that benefiting
companies’ capability determines how much they benefit from spillovers from foreign
multinationals. Innovation transfer is the bedrock of globalization. For the host country to
integrate innovation into its system, freedom of trade, enhanced partnership, and
infrastructure must be in place.
The risk involved in managing complex global environments requires strategic
entry into the global market. Sun et al. (2022) concluded that market integration was
responsible for the emerging economic boom. Therefore, the emerging global market
boom occurred because of the competitive advantage of innovative firms over the local
companies that are not expanding to a global market (Ferreira et al., 2021). Bhat et al.
(2022) noted that contracts, wholly owned subsidiaries, and joint ventures are the best
entries into a global market. The Greenfield entry mode is more appropriate for entering a
new market with fast-growing formal institutions.
Meanwhile, acquisition market entry is appropriate where there is an existing
connection with the local government. Implementing the democratic process in an
organization can help guarantee an allocation of risk and legitimize corporate power
(Amarachi, 2021). Deciding on a global environment makes sense, considering the
diverse geographical areas involved. However, the excellent strategic governance of a
corporation increases the return on global investment (Odunmbaku et al., 2021). Poor
allocation of funds leads to bad credit and a loss of market share. Ogochukwu and
Kasztelnik (2021) suggested avoiding risky research and development (R&D) by
overseeing the growth enterprise market that exposes mismatched R&D funding sources
and expenses. Jean-Jules and Vicente (2020) added that a sophisticated enterprise risk
management (ERM) system enhances an organization’s financial market value.
Sophisticated ERM embedded in a holistic approach helps avoid management risk. The
more efficient and effective ERM systems prevent bankruptcy, losses, and reputational
costs and promote advanced approaches to risk appraisal and integration of risk
management (RM) into corporate governance (Jean-Jules & Vicente, 2020). There are
enough capabilities to meet production demands in a growing market.
Policies served as the standard for the operation to put daily activities in check.
Naciti et al. (2021). defined corporate governance as the operation and management of
resources, information, risk, incentives, shares, and superiority claims on corporate
wealth. Legal and moral obligations for business activities lie in corporate governance.
Therefore, corporate governance calls for leadership that follows the guiding principle of
good corporate performance practices (Naciti et al., (2021). Corporate governance
activities involve providing infrastructure and education, political roles, soft laws, and
global rulemaking (Amarachi, 2021). The negative effect of private institutions on
societal peace may endanger the entire populace’s health if not effectively managed. Such
adverse effects might include human rights violations, environmental hazards, and
lobbying politicians against the public interest. Some significant benefits of corporate
governance in the emerging market are financial access, the low cost of capital, better
treatment of stakeholders, and improved overall performance. Naciti et al. (2021) asserted
that all these listed opportunities help voluntary and market corporate governance
systems that have no adverse effect on developing countries. Naciti et al. (2021) argued
that decision-making in the corporation persists on awareness of management through the
border. When holistic corporate social responsibility integrates into the international
financial market, all other sectors are vulnerable to growth.
The success of all nations now depends on how they manage their international
and local economies. Bahorka and Kadyrus (2021) suggested that employing
glocalization in regional innovation policies would eliminate the limitations of
globalization. Also, glocalization requires holistic implementation of renewable energy,
increased power and material effectiveness, integrated policies related to the products,
changes in models of consumption; and more sustainable public purchases, green
workplaces, and ecological fiscal reform (Bahorka, and Kadyrus (2021). Bahorka and
Kadyrus (2021) noted that a circular economy is vital in implementing a sustainable
economy. A circular economy takes, makes, and reuses products in a closed supply chain
to maximize the product’s value. Gajere and Nimfa (2021) encouraged retail SME leaders
to use formal and informal organizational flexibility to meet business and individual
needs and support a good culture for sustainability. Integrating two cultures brought out
the best of the original culture and the uniqueness of both cultures by designing a product
or service for local consumers (Nouira et al., 2022). Global civilization prevails as
evidence of exemplary public implementation by corporate investors. An excellent
financial practice incorporates a holistic approach to mitigating risk management.
Incorporating a holistic approach into international financial management integrates
corporate social responsibility, one of the glocalization strategies, because organizations
can meet the local community’s needs.
Transition
Section 1 began with a discussion of the study’s foundation, background, problem
statement, purpose statement, and nature of the study. The section also included interview
questions, the conceptual framework, assumptions, limitations, delimitations, and the
significance of the study. I established the foundation for investigating factors that are
required to reduce small-scale business failure in Nigeria.
In Section 2, I review the purpose of the research and give a detailed description
of the research methodology and design, population and sampling, and ethical
procedures. Section 2 also includes a discussion of data collection instruments, data
organization techniques, data analysis, and reliability and validity.
Section 2: The Project
To address operational sustainability, Nigerian business leaders should adopt
strategies to foster sustainability beyond 5 years. SMEs in Nigeria face the challenge of
operational sustainability because about 90% of enterprises register functional failure
during their first 5 years of operation (Sunday et al., 2021; Ukwueze, 2021). Addressing
the challenges remains essential because of poverty, banditry, robbery, and other social
vices associated with unemployment (Ukwueze, 2021). Additionally, operational
sustainability for SMEs could negatively affect Nigeria’s economic development, given
that the country depends on SMEs to meet industrialization and manufacturing goals
(Ufua et al. (2020). Glocalization strategies are crucial to moving SME sustainability to
the next level. Nevertheless, leaders of successful SMEs in Nigeria use glocalization
business strategies sparingly.
This section is organized into subtopics with a restatement of the study’s purpose.
I provide an in-depth description of the methodological approaches I used. I identified my
role as the researcher in terms of recruitment, data collection, and analysis. I describe the
population, sample, and approaches to identify and recruit participants. An in-depth
description of the qualitative research method and single case embedded design is also
provided, along with philosophical underpinnings and rationale for adopting these
approaches. Instruments and techniques that were used during data collection.
Furthermore, the description of ethical procedures, data analysis, reliability, and validity.
Purpose Statement
The purpose of the proposed qualitative study is to use an embedded single case
design to explore how leaders of a retail SME in Nigeria used glocalization business
strategies to foster sustainability beyond 5 years.
Role of the Researcher
Given the qualitative nature of this study, I was the data collection instrument and
observer regarding the topic of interest). I recruited participants, collected data using
interviews and document reviews, and carried out thematic analysis. When recruiting
participants, I did not recruit anyone with whom I had a previous personal or professional
relationship.
Interviews were flexible so participants could respond, skip any question, pause,
or terminate. I ensured participants could express themselves. I acknowledged the
importance of participants, affirming their input and being transparent about aspects of
the study involving data use, storage, and protection. Given my role, there was a
possibility that my perspectives and experiences regarding the topic of research could
lead to biases that negatively impacted trustworthiness of the study. l guarded against
these biases by clearly identifying my opinions and using bracketing.
Participants
For this study, participants were leaders of SMEs in Nigeria. They worked in
retail SMEs for at least 5 years. To gain access to participants, I called the CEOs of target
SMEs and requested permission. I then emailed the permission request letter to
CEOs. I engaged participants using emails with the informed consent form and agreed
on scheduling. During interviews, I engaged participants using an interview protocol with
open-ended questions.
Research Method and Design
This section includes an in-depth analysis of the research method and design. I
also provide the rationale for the research method and design choice.
Research Method
I used the qualitative method to address glocalized business strategies used by
Nigerian SMEs. The three most used methodologies for research are quantitative,
qualitative, and mixed methods. Qualitative methods are subjective. By contrast,
quantitative methods are objective, and mixed methods include aspects of both qualitative
and quantitative methods (Ramlo, 2020). This research involved exploring participants’
experiences in depth. Qualitative methods involve subjective analysis of the research
topic, consideration of contextual aspects, and in-depth insights regarding research
problems.
Quantitative methods are limited in terms of their utility for exploring individual
experiences and contexts. Mixed methods involve positive and interpretative paradigms
that offer conflicting views of the world and could, therefore, complicate the
interpretation of findings.
Research Design
A single case embedded design was appropriate for this study. I used this design
to provide in-depth details regarding the research topic and cross-case analyses.
According to Merriam (1988), the case study design is an approach through which
researchers can carry out in-depth empirical inquiries regarding a contemporary research
topic within its real-life context. I used the embedded single case design to focus on
SMEs managed by different managers under one company name.
I chose the single case embedded design over other qualitative designs such as
phenomenology, narrative, ethnography, and grounded theory. For this study, the
phenomenological design was inappropriate because it requires a larger sample size of up
to 20 participants, which cannot be achieved given the focus on a single case with four
managers and one CEO. The narrative is inappropriate because it focuses on personal
stories. The ethnographic design exists to study a social group’s culture, methods, beliefs,
and standards using data. I did not consider the grounded theory because it was based on
the development of a new theory using a systematic collection of data.
Population and Sampling
Defining the Population
The targeted population includes small business leaders of selected SME
companies in Nigeria. The target SME of this study has several businesses in Nigeria,
including a car lot in Abuja, two gas stations in Oyo Town, Oyo State, and a clubhouse in
Akure, Ondo State, southwest Nigeria—each of the businesses obtained by a manager
who works under the company’s CEO. In 2021, the company made the equivalent of
$156,626 in sales, and it has been doing business in other countries for at least 10 years.
Sampling
The leaders of the SME were recruited using a consensus approach. The identified
sampling approach is nonprobability and involves the researcher collecting data from all
members of the target population (Wang et al., 2020). The adoption of consensus
remained informed by the fact that I recruited the managers of the four branches of the
businesses within the target SME retail company. Using consensus sampling, I recruited
leaders who have worked for 5-years or more in the chosen SME in Nigeria. To confirm
data saturation with the selected sample size, I ensured that interviews were
comprehensive and the participants obtained sufficient time to respond. I also used a
semiconstructed interview technique to nudge the participants to provide more insights
into their responses and views. I carried out member checking to ensure the richness and
validity of the data. Guest et al. (2020) say that the amount of data plays a significant role
in determining the value of a qualitative study.
Ethical Research
I adhered to ethical principles in executing the different methodological
procedures in recruitment, data collection, analysis, and presentation. I also adhered to the
research ethics as documented in the Belmont Report, including (1) respect for people,
(2) beneficence, and (3) justice (Miracle, 2016). I showed respect for the participants by
ensuring their identities were kept secret (Humphreys et al., 2021). Before recruiting the
participants, I obtained clearance from the University Institutional Review Board (IRB).
No changes endured to the research approach after IRB approval.
I upheld the confidentiality principle by not including identifying information,
such as names or addresses, in the data collection process (Anderson & Muñoz Proto,
2016). Additionally, I protected the participants using numerical pseudonyms (e.g., P1,
P2, P3, P4, and P5) identified in recorded and transcribed interviews (Wiles et al., 2016).
I protected the participants’ data by not permitting access to third parties; the data
remained stored in an encrypted file on a password-protected laptop. The other aspect of
respect is providing participants with adequate information to make informed decisions
(Miracle, 2016). I issued an informed consent form (see Appendix D) to the participants
that described the objective and purpose of the study, the benefits associated with the
study, and the risks associated with the study. The informed consent form also described
the researcher and affiliate institution. Participants were required to sign the consent form
to participate.
I upheld justice by ensuring that participants were free to withdraw from the study
or decline to answer any question without fear of reprisal. I clarified to the participants in
the informed consent form that they had the liberty to exercise their right to exit the
research—no incentive to participate in the proposed study. I upheld the beneficence
principle by committing to sharing the summary of the findings with the participants
upon their request. I also ensured that the findings of the study remained disseminated to
other interested parties using accessible platforms.
Data Collection Instruments
I was the primary data collection instrument. GHR and Aithal (2022) noted that
qualitative researchers hear participants’ responses, engage with them, and carry out data
analysis. I relied on a semistructured interview technique guided by an interview protocol
to accomplish this role. The data retrieved from relevant document reviews, including
custom data and regulations, financial reports, receipts, and invoices, because they could
provide details on the phenomenon within a specified time and space. The semistructured
interview protocol contained open-ended questions that allowed the participants to
provide comprehensive responses. I ensured that the open-ended questions included in the
protocol were relevant to the study’s research questions. I incorporated elements and
questions that promoted engagement with the participants. To ensure the semistructured
interview technique protocol meets the required reliability and validity standards, I relied
on existing literature and advice from peer review and my chair to formulate the
questions. I pretested the semistructured interview technique protocol with my student
colleague.
I conducted semistructured face-to-face interviews using Zoom video
conferencing. The decision to use Zoom video conferencing took place because various
qualitative researchers have used online-based data collection approaches and have
demonstrated that they help address geographical and resource limitations (Lobe &
Morgan, 2020). I reminded the participants of the importance of having stable Internet
access after we agreed on the scheduling of the interviews. I suggested that the
participants use a quiet and private room for the interviews (within the office). Before the
interviews, I reminded the participants about the purpose of the research, the audio
recording of their responses, and their right to withdraw from the research at any point. I
reminded the participants of their freedom to skip any question or quit. I then commenced
the interviews by using a semistructured interview technique question to ensure that I
asked a similar set of questions to all participants. In total, I asked seven questions (see
Appendix A).
After each question, I used follow-up questions to nudge the participants to
provide additional insights. Interviews lasted between 45 minutes and 60 minutes and
transpired using the record function in Zoom. I inquired whether the participants were
comfortable or needed a break during the interviews. At the end of the interview, I asked
the participants for any questions or comments regarding the interviews, their
participation, and the data provided. After addressing my concerns, I thanked them and
ended the interview.
Data Collection Technique
For this study, the qualitative data collection technique involves semistructured
face-to-face interviews and reviews of company documents, including performance
indicators, sales reports, and business plans—the data collection techniques obtained exist
below.
Review of Company/Archival Documents
Reviewing company documents is the final data collection method employed for
the study. The considered documents include the custom data and regulations and
financial reports, receipts, and invoices because they provide details about the
phenomenon within a specified time and space. The review of the company documents
provides details on how the company has been performing and the plans it has used to
achieve performance. The review provided insights into how the businesses within the
SMEs engage with local factors that affect their business operations. The financial
reports, receipts, and invoices provide insights into cost-effectiveness and resource
diversification. Together with the interview procedures, the information gathered for
examination for patterns in the data.
Data Organization Technique
I stored the recorded interview data and the transcripts in an encrypted file on a
password-protected laptop. I stored the data obtained from reviewing company
documents in a locked cabinet, which only I can access. I also ensured that data be used
only for the purpose intended and destroyed at least 5 years after the completion of the
research as per Walden University procedures. I destroyed the digital data through
permanent deletion and the paper documents by shredding.
Data Analysis
The data compilation for this qualitative single-case study was from a
semistructured interview technique with participating SME organization managers from
different branches and documents from the organization. Making sense of the data
collected involves data analysis in qualitative research. Saunders et al. (2016) and Walden
University (2022) inferred that data analysis involves systematically organizing,
categorizing, and interpreting the data to identify patterns, themes, and relationships
relevant to the research question. Qualitative researchers begin the data analysis after
conducting and compiling the raw data from their semistructured interview technique
sessions (Yin, 2018). I triangulate the data sources by analyzing the interview, document
review, and observing the trends and patterns emerging from all data sources. I prepared
the interview data for analysis by summarizing the interviews and making room for the
member-checking process for consistency in content. Manual transcription is one way a
researcher can record interviews, according to Xu et al. (2022). I employed a data
organization technique involving qualitative software programs like NVivo (Yin, 2018).
NVivo enhanced coding arrangement, labeling categorization of organization and
qualitative data, and streamlining the data analysis process (Yin, 2018). Using thematic
analysis techniques is a broad phenomenon in qualitative research and was used to
analyze data.
I familiarized myself with the transcribed data with a thorough read-through of the
transcripts. According to Terry and Hayfield (2021), the thematic data analysis approach
was suitable for identifying the themes that emerge from interviews. The process involves
several steps, including familiarization, coding, and developing themes (Terry &
Hayfield, 2021). I identified the codes by reading and highlighting the responses that
provide information relevant to the research questions. I then checked and organized the
developed codes by combining or deleting repeated or unnecessary codes. I then
developed the themes by aggregating codes that have similar information. I scrutinized
the initial list of themes and rearranged them by combining similar themes or deleting
redundant ones. I then report on the developed themes in Chapter 3, describing the
interconnectedness of concepts and explaining how the themes addressed the research
questions. I presented the document data in a table format for visualization and easy
analysis. I then interpreted the findings (interviews and document analysis data) together.
I engaged in reflexivity and transcript checking to ensure rigor in the analysis process
(Walden University, 2022). The narrative report is the final output of the analysis process,
outlining the key themes, patterns, and findings from the data collected.
Reliability and Validity
This section discusses the aspects related to reliability and validity based on how
the study addresses dependability, credibility, transferability, and confirmability.
According to Muhammad et al. (2021), qualitative researchers need to establish that their
studies meet trustworthiness requirements, which include a discussion of dependability,
transferability, credibility, and confirmability.
Reliability
The audit trail involved completed documentation of the study procedures and
associated outcomes in this study. According to Souza et al. (2022), reliability addresses
dependability. As noted by Muhammad et al. (2021), how well the methods used in
obtaining the results documented are the study’s dependability. Souza et al. (2022) stated
that an audit trail improves dependability by assessing whether the procedures and results
are relevant to the study. Marshall and Rossman (2016) also found that member checking
improves dependability, which involves participants checking the authenticity of the
collected data interpretation. Evidence also indicates that pilot tests and expert reviews of
the data collection tool help improve reliability (Souza et al., 2022). Accomplishing
reliability in this proposed study entails several steps. First, a single-case study
(embedded) design will collect data from multiple sources within the same company
(Hunziker & Blankenagel, 2021; Saunders et al., 2016; Walden University, 2022; Yin,
2018). This approach buttresses the use of triangulation of the data sources, an essential
technique for determining the consistency of different data sources within the same
method (Hanson-DeFusco, 2023). I transcribed the audio-recorded interviews word-
forword using the manual transcription method. I employed a coding process. Sanders et
al. (2016) referred to as a process of identification of themes and patterns in the data,
which I organized into categories. Flynn and Korcuska (2018) pointed out that reliable
research should demonstrate that member checking allows participants to confirm the
validity of the data gathered. I used member-checking to ensure the accuracy of the
results.
In this study, I piloted the interview protocol. I built a reliable tool with help from
peer-reviewed techniques and suggestions from my chair. Data triangulation explains the
correlation between participants’ views, project time, and space across multiple data
sources, which, apart from the interview transcripts, include project documents and
participant observation at the time of the interview (Ospina et al., 2018). Triangulation of
the data sources also enhances reliability (Hanson-DeFusco, 2023). I triangulated the data
sources, which means I looked at the trends and patterns in the interview data and
document review data.
Validity
The validity of a qualitative study refers to the credibility, transferability, and
confirmability of the findings. Credibility deals with how well the study findings reflect
the participants’ perspectives (Rainer & Wohlin, 2022). I ensured credibility by using the
member checking of the data analysis and triangulation described above. I also used a
semistructured interview protocol with open-ended questions that enabled the participants
to express themselves unhindered. Confirmability focuses on how well others confirm or
support the findings (Souza et al., 2022). I used member checking and triangulation to
enhance confirmability.
Additionally, I used follow-up questions to ensure sufficient probing during
interviews. Transferability measures whether the findings may take place in different
settings and contexts (Rainer & Wohlin, 2022). To enhance the determination of
transferability by others, I provided an elaborate description of the research procedures
and participants. I also meticulously adhere to the described research procedures.
Transition and Summary
This section included an in-depth description of the methodological approach that
I used to assess information about glocalization business strategies adopted by leaders of
thriving SMEs in Nigeria. ’Concerning my role as the researcher, I was an outsider data
collection instrument. In my position and role as the researcher, I took steps to avoid bias
and ensure a balance of power. I used a qualitative method based on a single case
embedded design. For this study, the targeted population was small business leaders of a
selected SME with four retail branches in Nigeria. Participants included leaders who had
worked for 5 years or more in the chosen SME in Nigeria and had thrived beyond 5 years
after establishment. Leaders of the SME were recruited using a consensus approach.
I used a semistructured interview technique using an interview protocol during the
collection of data via Zoom. I used semistructured individual interviews with open-ended
questions to understand the phenomenon from the participants’ perspectives—and other
data obtained by reviewing the company’s documents. I triangulated data sources.
Interview data were analyzed using a thematic data analysis approach. For document
analysis, I created a table format for the data. I then interpreted sets of findings together. I
adhered to IRB requirements and respect for persons, beneficence, and justice. This
section also included reliability and validity as well as dependability, credibility,
transferability, and confirmability.
Section 3: Application to Professional Practice and Implications for Change
The purpose of this study was to explore how leaders of retail SMEs in Nigeria
used glocalization business strategies to foster sustainability beyond 5 years. Four leaders
of SMEs in Nigeria participated in the interview. Six themes emerge from the qualitative
analysis of obtained interviews. Theme 1 involved the effect of fluctuations on the dollar
exchange rate for businesses, especially those relying on imports. The solution to the
fluctuation presented the deliberate reduction in prices and sharing profits to remain
competitive. Theme 2 was that frequent changes in government policies involving fuel
prices and regulations made it challenging for businesses to plan and adapt. Some
businesses lowered prices in response to government policies to attract more customers.
Theme 3 was that instability in the electricity supply impacted the pricing and operational
costs of businesses. Some businesses preferred commercial electricity over personal
generators, but power supply issues remained a challenge. Theme 4 was that choosing the
right location is crucial for business success, with strategic relocations leading to better
outcomes, which are necessary to avoid excessive competition. Theme 5 was the
importance of diversification strategies for sustaining businesses in Nigeria. Reinvesting
profits from one business into other ventures helps maintain consistent cash flow and
meet financial obligations. Theme 6 illustrates strategies for cost control, including
maintaining customer trust, quick inventory turnover, controlling expenses, and reducing
prices to retain customers and sustain businesses.
Presentation of the Findings
Theme 1: Exchange Rate
The exchange rate was a significant concern for participants. They highlighted
fluctuations in the dollar exchange rate have a direct impact on their businesses,
particularly industries that rely on imports. To mitigate the adverse effects of exchange
rate fluctuations, some leaders adopted a strategy of reducing prices and sharing profits to
maintain competitiveness. Technology, such as mobile banking, can promote
internationalization of commerce as well as enhance the ease of doing business, which
can help SMEs cope with fluctuations in dollar exchange rates (Anetoh et al., 2022).
All businesses in Nigeria rely on dollar exchange. Osahon (2021) argued the
exchange rate is dominant in any economy as it influences the price of imports and
exports. The targeted organization for this study was affected by the dollar exchange rate
because they sold used cars.
Table 1
Theme 1: Exchange Rate
Participant Participant’s Comments
P1
P2
The fluctuations in the dollar exchange rate have a direct impact
on their businesses, particularly in industries that rely on
imports. The dollar rate is the biggest challenge in the car
business right now. As the dollar to Naira went up, car prices
also went up because all cars are shipped from foreign countries
and evaluated in dollars. The dollar rate is the biggest challenge
in the car business right now. As the dollar to Naira went up, car
prices also went up because all cars are shipped from foreign
countries and evaluated in dollars.
Brand monitoring help to keep customer relationship. He
confirmed that the Nigerian business environment is
P3
P4
P5 (Executive
Officer)
unpredictable; therefore, price changes unannounced. He
claimed to reduce the overhead cost to cut down on their daily
expenses. He complains of their location as not selling fast and
suggested diversification into selling engine oil and snacks to
attract more customers.
The COVID-19 pandemic has limited sales. Despite continuous
promotion with the musician in the club, unstable business
environment of Nigeria is a major setback for retail SMEs. Other
businesses of concepts have been paying her salary and
sustaining the club since the pandemic. The industries rely on
imports having a direct effect on the dollar exchange rate. The
dollar rate has affected everything; even daily living is too
expensive now.
The dollar exchange rate always affects our sales because most
of the cars are imported cars but for it to move fast the manager
and I live on return, that is, we reduce the price and share the
profit.
If sales representatives adjust the gas pump gauge to defraud the
customers. Such customers will have less value or quality of gas
per liter for their money. They cannot use the swap card gas
pumps because of electricity fluctuation, collecting cash instead.
The dollar exchange rate always affects our sales because all of
the cars are imported cars, but for it to move fast, the manager
and I live on return, that is, we reduce the price. Lack of
electricity reduces smart technology. Continues devaluation of
Naira against dollar adversely affect sales price. The dollar
exchange rate always affects our sales because all of the cars are
imported cars, but for it to move fast, the manager and I live on
return, that is, we reduce the price and share the profit.
Theme 2: Government Policies
Government policies were a significant theme in the study. Continuous lack of
power supply is a significant business challenge. Government policies remained
identified as another critical factor affecting these SMEs. Participants mentioned
government policies related to fuel prices and regulatory changes were not stable and
changed frequently, making it challenging for businesses to plan and adapt. Some
businesses tried to gain more customers by reducing their prices in response to
government policies. Technology and mobile banking can help SMEs adapt to changing
government policies by offering financial services that can be tailored to customers’
needs (Anetoh et al., 2022). Business leaders need to adjust expenses and expectations
while seeking alternative supply chains and consolidating existing customers to manage
risk. Government policies must emphasize the importance of SMEs to determine the
nature of infrastructure, access to finance, and business framework. Dosumu et al. (2020)
argued government policies for SME development in Nigeria were inconsistent because
there was not sufficient information about the operational difficulties of SME
development programs. Inconsistencies involving government policies affect all SMEs in
Nigeria.
Table 2
Theme 2: Government Policies
Participant P articipant’s Comments
P1
P2
P3
The government policies are not stable, and dollar value
negatively affects car buying and selling. He also admitted that
diversification into other businesses like the Gas station and
Clubhouse enhances sustainability. We dropped the
transportation business because of the lousy road network.
Lack of good roads nationwide adversely affects business
mobility.
Government policies changes frequently. The dollar rate has
affected everything; even daily living is too expensive now. It is
hard for people to survive daily livelihood now
P4
Not stable. Government policies changes frequently. The dollar
rate not steady because Nigeria depends on foreign products.
Lack of infrastructure stability like electricity affects our price.
P5 (Executive Brand monitoring help to keep customer relationship. He
Officer) confirmed that the Nigerian business environment is
unpredictable; therefore, price changes unannounced. He
claimed to reduce the overhead cost to cut down on their daily
expenses. He complains of their location as not selling fast and
suggested diversification into selling engine oil and snacks to
attract more customers.
Theme 3: Stable Electricity
The instability of the electricity supply in Nigeria persisted, highlighted as a
significant challenge. It remained noted that this lack of infrastructure stability,
particularly in the context of unstable power supply, affects the pricing and operational
costs of businesses. Some businesses prefer to use commercial electricity over personal
generators to save on costs. However, power supply issues still had a substantial impact.
The challenge of electricity supply has also been mentioned as an obstacle to SMEs’
growth by previous researchers (Ajayi et al., 2021; Ali, 2021). Olujobi et al. (2021)
contributed to the literature on stable electricity in Nigeria. Various researchers have
highlighted the role of renewable energy and smart grid planning in addressing challenges
related to the integration of renewable energy into the power grid (Boussemart et al.,
2020; Pasari & Nandigama, 2020). The availability of electricity produces goods and
services for small and medium-scale operators. Uninterrupted power supply promotes the
constant operation of SMEs (Gumel, 2019). Therefore, the need for more smooth
electricity supply in Nigeria limited the use of high technology to strengthen
SMEs.
Table 3
Theme 3: Stable Electricity
Participant Participant’s Comments
P1
P2
P3
P4
P5 (Executive
Officer)
Lack of infrastructure stability like electricity affects our price.
The incessant power supply is our greatest challenge. It is
cheaper to run our pumps on commercial electricity than on
personal generator. It also influences the price we sell when the
overhead increases when we run on generators.
The instability of the electricity supply in Nigeria a significant
challenge, particularly in the context of unstable power supply
affects the pricing and operational costs of businesses.
Some businesses prefer to use commercial electricity over
personal generators to save on costs. However, power supply
issues still had a substantial impact.
Lack of infrastructure stability like electricity affects our price.
The business does not use much smart technology at the gas
filling station. They cannot use the swap card gas pumps because
of electricity fluctuation and bad internet network most of the
time, collecting cash instead.
Theme 4: Location
The interviewees emphasized the importance of selecting the right location for the
business. Some leaders shared personal experiences of the positive effects of relocating
their businesses to more strategic locations, where they attracted better success. They
further mentioned that location choice should remain carefully considered to avoid
excessive competition. Either at the inception or thinking of expansion, the strategic
location of the business is paramount to business growth. Perez-Benitez et al. (2021)
alluded that location decision determines business success. For instance, a Gas station on
a traffic road will sell less than one on a less traffic road.
Table 4
Theme 4: Location
Participant P articipant’s Comments
P1
P2
P3
P4
P5 (Executive
Officer)
Location affects sales negatively.
The importance of location in small business performance,
especially in the gas feeling station business in Nigeria.
We once invested in transportation, using a heavy-duty truck to
move containers across the country. We back out because of
continuous loss; we couldn’t profit because of the lousy road
network in the country.
Study the location very well before starting the business. Our
present site is not selling fast on the express road linking Ibadan
to Lagos—lots of competitors.
One thing I would have known earlier affected my business was
to discern the correct location. Relocating the car business to
Abuja attracted better success than when I was operating it at
Akure in Ondo State.
Theme 5: Diversification
Diversification transpired as a valuable strategy for achieving sustainability. Some
leaders explained that they reinvested profits from one business into other ventures,
helping them to sustain their companies in Nigeria. Diversification not only provided a
buffer for slow-performing businesses but also enabled them to meet staff salaries and
cover deficits during slow periods. The Executive officer underscored the importance of
reinvesting profits from one business into other ventures for long-term sustainability.
Furthermore, the executive officer highlighted how diversification enables companies to
maintain consistent cash flow and meet their financial obligations, even in the face of
business fluctuations. M1’s comment emphasizes the adaptability of diversification and
its ability to support other business operations when needed. M2’s comment further
demonstrates how businesses can expand into new areas, such as selling engine oil, to
diversify their revenue streams and capitalize on changing market demands.
The literature discusses the role of technology and innovation in promoting
sustainability, aligning with the idea of diversification and innovation to maintain cash
flow and financial stability (Eliakis et al., 2020; Zhang, 2020). Ajayi et al. (2021) also
indicated that reinvesting profits from one business into other ventures to survive is an
important diversification strategy for sustaining businesses in Nigeria. The importance of
accommodating local ideas and customer demands in innovative strategies for SMEs
remains vital to the business (Gajere & Nimfa, 2021). Mac-Ozigbo and Daniel (2020)
also pointed out the contribution of diversification to the growth of a SME. Government
policy incorporates the exchange rate, which is the government’s rules and regulations
guiding the business’s operation and regulating the currency exchange. Diversification is
a process of venturing into other businesses in line with the original business for
survivability.
The idea of diversification and innovation to maintain cash flow and financial
stability remains important (Eliakis et al., 2020; Zhang, 2020). Ajayi et al. (2021) also
indicated that reinvesting profits from one business into other ventures remains a vital
diversification strategy for sustaining businesses in Nigeria. The importance of
accommodating local ideas and customer demands in innovative strategies for SMEs
remains vital (Gajere & Nimfa, 2021). Mac-Ozigbo and Daniel (2020) also pointed out
the contribution of diversification to SMEs’ growth. Diversifying resources to various
businesses helps SMEs sustainability, encourages foreign investment, and fosters
international collaboration. SMEs could diversify their products by designing products
that meet customers’ needs or venture into other businesses as needed in their location of
operation.
Table 5
Theme 5: Diversification
Participant Participant’s Comments
P1
P2
P3
P4
P5 (Executive
Officer)
The adaptability of diversification and its ability to support other
business operations when needed. Initially, we used the Gas
station spot for the car business. The Gas station’s returns helped
us sustain other businesses because of its essential demand in the
country.
Businesses can expand into new areas, such as selling engine oil,
to diversify their revenue streams and capitalize on changing
market demands.
Diversified into selling Engine oil and still working on selling
snacks and soda; more demand lately.
The importance of reinvesting profits from one business into
other ventures for long-term sustainability. Furthermore, the
executive officer highlighted how diversification enables
companies to maintain consistent cash flow and meet their
financial obligations, even in the face of business fluctuations.
My most valuable sustainable factor is diversification. I
reinvested my profits from the car business over the years into
the Gas filling stations with five pumps (three for gas, one for
Kerosene, one for diesel) and clubhouse. The two other
businesses are helping me to sustain the company in Nigeria.
Diversification helped him meet up with the staff’s monthly
salary; whenever one business is slow, we use the other
business’s profit to offset the deficit.
Theme 6: Cost Control
Executives and managers employ various strategies to manage and minimize their
costs. The executive officer emphasized the importance of maintaining customer trust by
preventing tampering with fuel gauges, as such tampering could defraud customers,
leading to a loss of business and a negative reputation. The executive officer’s strategy is
to ensure that the liter displayed on the pump gauge matches the amount dispensed into
the customer’s car. Additionally, the officer mentioned a focus on reducing prices and
sharing profits as a way to retain customers and sustain the business. Manager 1’s
perspective highlights the significance of quick inventory turnover. The manager
prioritized selling cars to serious buyers promptly, even if the profit margin remained
relatively small. This strategy enables them to reinvest the capital and maintain a constant
cash flow, setting them apart from competitors who wait for higher profit margins before
making sales. Manager 2’s approach centers on controlling expenses.
The importance of cost control strategies, such as maintaining customer trust,
quick inventory turnover, controlling expenses, and reducing prices, is supported by
Tiscini (2020) in the context of using blockchain to enhance integrity, security, and
transparency. The literature addresses the importance of technology, innovation, and
supply chain management for cost control and enhancing organizational performance,
which aligns with the concept of controlling expenses and retaining customers (Chang et
al., 2020; Gherghina et al., 2020; Riedel & Asghari, 2020; Sumukadas, 2021).
The study’s findings illustrate how global and local aspects of business interact
and mutually reinforce one another, highlighting the relevance and applicability of
Robertson’s theory of glocalization in understanding the complex interplay between
international business practices and local conditions. The impact of fluctuations in the
dollar exchange rate is a clear illustration of the global-local interplay. SMEs in Nigeria,
particularly those in industries relying on imports, experience direct effects of global
economic trends. Frequent changes in government policies, such as fuel price regulations
and regulatory shifts, create a challenging environment for businesses to plan and adapt.
SMEs respond by adjusting prices to attract more customers, demonstrating the need for a
glocalized response to unstable global factors. The instability of the electricity supply in
Nigeria directly affects business pricing and operational costs. The highlighted local issue
highlights the importance of adapting to and mitigating local challenges within a
glocalization framework. Selecting the right business location is crucial for success. The
choice of location for survival remains essential to avoid excessive competition,
highlighting the importance of local factors in business decision-making. Diversification
for survival remains a valuable strategy for achieving sustainability. The diversification
strategy not only provides a buffer for slow-performing businesses but also enables
consistent cash flow, demonstrating the integration of global and local business strategies.
Strategies employed by SMEs to control costs, such as maintaining customer trust and
quick inventory turnover, reflect the need for local adaptations to remain competitive.
Local adaptability is essential within the glocalization framework.
The literature suggests that SMEs can leverage globalized approaches like
involving local suppliers in their supply chain to enhance efficiency and sustainability,
which is related to the choice of location (Jimenez-Ibañez et al., 2021). The importance of
choosing the right location for business success, as highlighted in Ajayi et al. (2021)
related to the strategic relocations that can lead to better outcomes and avoid excessive
competition. The importance of cost control strategies, such as maintaining customer
trust, quick inventory turnover, controlling expenses, and reducing prices, is supported by
Tiscini (2020) in the context of using blockchain to enhance integrity, security, and
transparency. Cost control reduces business expenses to increase profits, starting with
budgeting. The survival strategy for SMEs takes place to examine their expense lines to
reduce costs. Cost control influences business performance and cost control measures
when SMEs adopt, establishing requirements to ensure an effective cost control system
(Aladejebi, 2020).
Table 6
Theme 6: Cost Control
Participant P articipant’s Comments
P1
P2
P3
The fluctuations in the dollar exchange rate have a direct impact
on their businesses, particularly in industries that rely on
imports. We only rely on God’s intervention because it takes a
while to come down whenever the Dollar rate goes up. We can
only do little with the car price until the dollar rate drops.
Initially, we used the Gas station spot for car business. The Gas
station’s returns helped us sustain other businesses because of its
essential demand in the country.
I reduced my expenses, cut on transportations, running cost of
generators, and launch. I walk, when possible, run the generator
when necessary, and eat reasonably. We are always in
expectation for good or bad even though we gain most of the
time. The Nigeria business environment is unpredictable, and the
government determines the Gas sales price. So, when
government change, many things change.
P4
We do not wait to make too much profit on a car before we sell
it. Once we find a serious buyer, we sell even though the gain is
small so that we, therefore, an reinvest the money, unlike our
competitors that wait until they make much on a car before they
sell. I reduced my expenses, cut on transportations, running cost
of generators, and launch. I walk when possible, run the
generator when necessary, and eat reasonably.
Government policies changes frequently. Dollar rate not steady
because Nigeria depends on foreign products. Lack of
P5 (Executive
Officer)
infrastructure stability like electricity affects our price. Affects
our price. The incessant power supply is our greatest challenge.
It is cheaper to run our pumps on commercial electricity than on
personal generator. It also influences the price we sell when the
overhead increases when we run on generators.
The uses a cost-effective strategy to compete in the business and
monitor quality control. He makes sure that he maintains a
reasonable lowest price to retain customers and maintains
certified gauge pumps by regulated agencies. For instance, If
sales representatives adjust the gas pump gauge to defraud the
customers. Such customers will have less value or quality of gas
per liter for their money. One thing he thought he would have
known earlier was that location affects business success in
Nigeria. Relocating the car business to Abuja attracted better
success than when operating it at Akure in Ondo State.
Applications to Professional Practice
The exchange rate’s impact on SMEs highlights the need for SMEs to develop
strategies to mitigate the adverse effects of exchange rate volatility, such as reducing
prices and sharing profits. The findings underscore the importance of risk management
and adaptability in the face of economic uncertainty. Businesses can use various
strategies to minimize the impact of exchange rate fluctuations, such as hedging,
diversifying suppliers, and setting flexible pricing policies. It is evident that the instability
of government policies, especially those related to fuel prices and regulatory changes,
poses a challenge to SMEs in Nigeria. Businesses can respond to policy instability by
staying informed about government regulations, engaging with relevant authorities, and
conducting scenario planning to prepare for potential policy changes. The need for
innovation and adaptability in the face of a turbulent political environment aligns with the
idea of developing flexible business models and strategies. The research also indicated
that the lack of a stable electricity supply in Nigeria impacts pricing and operational costs
for businesses. The findings emphasize the importance of investing in alternative energy
sources, such as renewable energy and smart grid planning. SMEs can explore the use of
solar panels and backup power systems to reduce their dependence on unstable
electricity. Additionally, businesses should consider energy-efficient technologies to
reduce operational costs.
The findings highlight how strategic relocations can attract more customers and
avoid excessive competition, emphasizing the importance of location choice. Businesses
should conduct thorough location analysis before setting up or relocating. Factors such as
market demand, competition, and accessibility need consideration. Market research and
feasibility studies can help SMEs make informed decisions about their business locations.
Diversification prevails as a valuable strategy for achieving sustainability. SMEs should
explore opportunities for diversification within their expertise and market scope. The
theme of cost control emphasizes strategies to manage and minimize costs, such as
maintaining customer trust, quick inventory turnover, and controlling expenses. SMEs
can adopt measures like improving inventory management, reducing waste, and
embracing technology to enhance transparency and efficiency.
Implications for Social Change
The findings of this study offer various implications for social change.
Implementing financial strategies to hedge against currency fluctuations can be
beneficial. For instance, negotiating long-term contracts in local currency or exploring
partnerships with local suppliers could provide stability. Advocating for more stable
economic policies and exchange rate mechanisms could benefit individual businesses and
contribute to a more predictable economic environment. Concerning government policies,
SMEs could engage in dialogues with government authorities to advocate for more stable
and predictable policies. Establishing industry associations to address policy concerns
collectively may enhance their influence. Encouraging transparency and consistency in
government policies can positively impact the business environment, fostering trust and
stability.
Concerning issues about stable electricity, investing in renewable energy sources
or collaborating with local governments to improve electricity infrastructure can help
mitigate the challenges posed by power supply instability. Supporting initiatives for
reliable and affordable electricity could contribute to broader economic development and
improved living standards. Regarding the location, conducting thorough market research
before establishing a business and providing resources or training to entrepreneurs on
effective location selection can enhance the success of SMEs. Promoting informed
decision-making regarding business location can lead to more sustainable local
economies and reduced competition-related challenges. Based on the outcome of the need
for diversification, encouraging and supporting SMEs in diversifying their revenue
streams through training programs and access to financial resources can contribute to
their long-term sustainability. Fostering a culture of entrepreneurship and diversification
can lead to a more resilient and dynamic economy, reducing the impact of economic
downturns on businesses and employment.
Recommendations for Action
Recommendations should (a) flow logically from the conclusions and contain
steps to useful action, (b) state who needs to pay attention to the results, and (c) indicate
how the results may disseminated via literature conferences, training, and other factors.
One of the recommendations for action is to engage in advocacy efforts at both
industry and government levels to address issues related to exchange rates, government
policies, and stable electricity. To achieve the highlighted recommendation, government
officials need to collaborate with SMEs to address policy instability and provide support
for stable electricity initiatives. The other recommendation is to organize training
programs for SMEs on strategic location selection, diversification strategies, and effective
cost-control measures. Industry leaders and associations need to facilitate collaboration,
organize conferences, and advocate and train industry-specific policies. Various channels
could take part in presenting findings, sharing recommendations, and facilitating
discussions. One of the channels is publishing articles in industry journals and magazines.
The other is organizing workshops to educate SMEs on recommended strategies. The
third channel involves utilizing social media and industry forums for information
dissemination and engagement.
Reflections
My Doctoral Study journey has been an interesting engagement characterized by
various discoveries and reflections. In my study, I focused on unraveling the complexities
of glocalization business strategies employed by leaders of retail SMEs in Nigeria to
ensure sustainability beyond the critical 5 year mark. Due to the qualitative nature of my
research approach, one potential source of bias that I had to confront was my
preconceived notions about the challenges faced by small business leaders in Nigeria. As
an outsider to their daily experiences, I had to be cautious not to impose my assumptions
on the participants. Acknowledging this bias was crucial to ensuring the integrity of the
study. To mitigate this, I employed a critical purposive sampling approach, aiming to
capture a range of perspectives and experiences. However, despite my efforts, I
acknowledge that my presence and interactions during the research process might have
influenced the participants. The use of qualitative methods inherently involves a
subjective analysis, and my role as a researcher could have shaped the participants’
responses. Additionally, the nature of the study, focusing on a single-case design within a
specific company, might have led participants to present themselves and their strategies
in a favorable light.
In terms of the study’s impact on my thinking, the exploration of glocalization
business strategies within the context of Nigerian retail SMEs has challenged and
expanded my understanding of sustainable business practices. Engaging with leaders who
have successfully navigated the challenges of glocalization has provided valuable insights
into the intricacies of blending global and local strategies for long-term success. The
decision to opt for a qualitative approach, specifically a single-case (embedded) design,
proved to be instrumental. It allowed for an in-depth exploration of the participants’
experiences, capturing the nuances of their strategies and the contextual factors
influencing their decisions. The choice to exclude quantitative and mixed methods was
justified, as it aligned with the aim of delving into the subjective aspects of the research
problem. As I move forward in this research journey, the awareness of potential biases
and the impact of my presence on the study remains crucial. Continuous reflection and
refinement of the research process will be essential to maintaining the integrity of the
findings and contributing meaningfully to the understanding of glocalization strategies in
the Nigerian retail SME landscape.
Conclusion
It is evident from this study that there is an intricate relationship between global
and local factors in the context of retail SMEs in Nigeria. The glocalization framework
persists through the impact of the dollar exchange rate, government policies, unstable
electricity supply, location choices, diversification, and cost control on business
strategies. Based on this study, adaptive strategies remain needed to navigate the
challenges posed by global economic trends. Mitigating the adverse effects of exchange
rate volatility through price reduction and profit sharing showcases the importance of
local responsiveness in the face of global financial fluctuations. The study further showed
the importance of staying informed and agile in the dynamic political landscape,
advocating for stable policies, and embracing innovation to cope with frequent changes.
The local challenge of unstable electricity supply highlights the necessity for businesses
to adapt within the glocalization framework by investing in alternative energy sources.
Strategic location choices, as highlighted by the study, emphasize the integration of
globalized approaches, such as involving local suppliers, to enhance sustainability.
Diversification emerges as a valuable strategy to navigate uncertainties, ensuring
consistent cash flow and business sustainability. Strategies like quick inventory turnover,
maintaining customer trust, and controlling expenses reflect the need for flexible business
models within the glocalization paradigm.
Therefore, the study suggests risk management strategies for exchange rate
fluctuations, informed decision-making regarding government policies, and investments
in alternative energy sources. It advocates for market research in selecting business
locations, diversification within expertise, and efficient cost control measures. It is,
therefore, clear that the success and sustainability of retail SMEs in Nigeria lie in the
seamless integration of global strategies with local adaptations, embracing change, and
fostering resilience in the face of dynamic economic and political landscapes.
