INTRODUCTION:

The role of SMEs is becoming prominent for sustainable development and inclusive growth initiatives in most economies (Sleuwaegen and Goedhuys, 2002). These enterprises have been widely recognized as an essential springboard for achieving growth and social progress (Barringer and Ireland, 2006). Furthermore, they also serve as a seedbed for resource mobilization and entrepreneurial development, facilitate forward and backward linkages and are efficient in promoting a more equitable distribution of national income and wealth in addition to creating large employment opportunities at relatively lower capital cost than large industries (Little and Nigatu, 2003). SMEs provide ancillary support to large enterprises, foster competitiveness, and aid in industrialization of rural and backward areas (Schramm, 2004).

Like any other developing economy in the world, The Gambia has enunciated numerous policy initiatives to accelerate the growth and survival of SMEs. For instance, enactment of the 2014 - 2018 micro, small and medium enterprises (MSMEs) policy, provision of business training and credit services, creation of an enabling environment, and expansion of infrastructure (Ministry of Trade, Industry and Employment, 2015). Despite all these interventions, the development of SMEs is beset with a multitude of constraints over the past decades. Previous studies have identified a number of constraints impeding the growth and progress of this sector. The inadequate access to appropriate and affordable finance, lack of access to market, high tax burden, lack of sufficient technical and business management skills, inadequate Business Development Services (BDS) and unreliable and high cost of electricity have often been mentioned (Ministry of Trade, Industry and Employment, 2013), United Nation Conference on Trade and Development, 2016), Kamara, 2018). These studies however are not specific. That is, the specific constraints of SMEs are not explored or described.

Therefore, this study assesses the constraints SME face from different dimensions and focuses on multidisciplinary constraints. The issue is of critical importance given the inimitable position SMEs occupy in the economic landscape of The Gambia. It is documented that the SME sector employs over 60% of the labour force and accounts for 20% of the country’s GDP (Social Development Fund, 2014). The sector has also been labeled as the backbone of the Gambian economy that can be used as an essential springboard for economic growth and sustainable development (Kamara, 2018). Therefore, given that SMEs account for vast majority of businesses in The Gambia, they have a crucial role to play in spurring growth.

The remaining structure of the paper is as follows. It reviews the pertinent literature, both conceptual and empirical, followed by a discussion of the methodology employed in the study. Subsequently, the findings are discussed and finally conclusion is offered along with recommendations.

LITERATURE REVIEW:

In this section, both conceptual and empirical review of related literature on the subject under study is tackled.

Conceptual Issues:

Within the extant literature, there is no single agreed definition of what is, or is not, an SMEs as the ways and criteria for defining SMEs vary between countries and institutions (Hooi, 2006). According to Scheers (2011), How SMEs are defined depends largely on the country’s stage of economic development. A study conducted by Auciello (1975) on SMEs in 75 countries identified that more than 75 definitions were adopted by the target countries. In essence, the three common yardsticks widely applied by most countries, singly or in combination for classifying an entity as an SMEs are total workforce, annual turnover and size of capital investment (Emma et al. 2009). These parameters are commonly used because they are considered as less objectionable and most convenient to measure (Liedholm and Mead, 1999).

Moreover, although the number of persons employed has been the key distinguishing and easiest classification factor, the size-class distribution of employment varies markedly across countries (Ayyagari et. al. 2005). For instance, according to Teal (2002), an SME in Ghana is an entity which employs between 5 to 29 workers. In Kenya, establishments with 10- 50 workers are adjudged as SMEs (Mulugeta, 2011). In Cambodia, entities with fewer than 50 staff members are termed as SMEs (OECD, 2018). In Philippines, an SME is defined as any business that employs less than 100 workers (Aldaba, 2012). In Mauritius, firms with 10-49 employees are considered SMEs (Wignaraja and O’neil, 1999). For the Germans, businesses having fewer than 250 employees are deemed as SMEs, while in Belgium, firms with 100 employees are termed as SMEs (Katua, 2014). In the Gambian context, SMEs are considered as firms that employs between 0- 50 employees (Ministry of Trade, Industry and Employment, 2015).

Empirical diagnosis carried out across the globe on the economic contribution of SMEs to the advancement of economies has shown that SMEs are significant contributor to social and economic development of national economies (Cunningham and Maloney, 2001). Based on estimates of the United Nations Industrial Development Organization (UNIDO, 2005), around the world, SMEs make up almost more than 90 percent of total enterprises and 50-60 per cent of total employment. The U.S economy, which is the world’s largest economy, primarily relies on the success of SMEs for stability, job creation, productivity and innovation. It is estimated that there are about 23 million small firms and they employ over 50% of private sector work force and are responsible for generating over one half of U. S’s export revenues (Kamara, 2018). In industrialized nations such as in the European Union (E.U), SMEs are considered as an important vehicle for employment generation. Around one million new business firms are getting started annually in the E.U and these forms 99% of all enterprises and 65% of the business turnover. In the Organization for Economic Co-operation and Development (OECD) zone, about 95% of private sector businesses are SMEs and they are responsible for employing nearly 60% of private sector employees (Kamara, 2018). In Ghana, they account for approximately 92% of all business activities, generate 70% of its GDP, and create 80% of employment opportunities (Kamara, 2018).

Statistics on the failure of SMEs to successfully occupy their position as the engine of their respective economies is well established in the business literature (McEvoy, 1984). Despite the numerous economic reforms instituted to augment the performance and competitiveness of this sector in most countries, they still encounter various problems which act as obstacles to their effectiveness in functioning.

There is the problem of shortage of finance for running their daily operational needs, which left them highly susceptible to the effects of exogenous shocks of world market rivalry emanating from liberalized trade and severely limits their expansion efforts (Arthur, 2005). SMEs are less able to invest effort and resources in establishing partnership and relationships with governments, NGOs and other agencies as their large scale counterparts do, making it very difficult for them to shape government policy development inhibiting their business operations. Furthermore, they have to compete with large enterprises for skilled labour and raw materials, however, their weak financial position place them at a disadvantage in the market (Arthur, 2005). They also lack access to accurate and recent market information, owing to their incompetence to carry out research, a factor that obstructs their ability to spot and harness new opportunities readily (Gebeyehu and Assefa 2004). SMEs are more likely to struggle with the formal monitoring and evaluation requirements standards to enhance their business activities. They find it demanding to invest massively in such undertakings, due to their weak financial base (UNIDO, 2002).

Empirical Issues:

On the empirical front specifically on The Gambia, The African Development Fund, (2006), The Ministry of Trade, Industry and Employment, (2013) and Kamara, (2018) have examined the constraints on SMEs development. However, none of these studies have organized SMEs constraints according to their severity towards business growth. The study of the constraints on SMEs growth is a highly relevant academic exercise in the sense that the discoveries from such a study may serve to avert SMEs failure and offers a greater understanding of SMEs growth in The Gambia. This study, thus to the best of the author knowledge, is the first of its kind to critically investigate the constraints negating the success of SMEs in detail from management to financial issues in The Gambia. This therefore makes this study novel and very important in our quest to reduce absolute poverty, unemployment and high-income imbalances.

METHODOLOGY:

This study is based on a qualitative approach, conducted by means of intensive literature review. The literatures incorporated in the study comprise of online and offline materials ranging from articles in journals, books, compiled data, progress reports and previous research documents. The online materials were mainly sourced from highly rated international journals and prominent databases for management by taking into consideration the universal constraints of SMEs, regardless of financial, marketing, managerial or operational aspects.

FINDINGS AND DISCUSSIONS:

Based on the literature review carried out, numerous constraints negating the success of SMEs in The Gambia were identified. In this part, the constraints that were so critical are elaborated.

Lack of Access to Credit:

Findings from studies of SMEs in diverse settings have stated that lack of access to finance is a dominant barrier to the growth and development of SMEs (Beck, Kunt and Maksimovic, 2006). The accessibility of credit is decisive for dynamic enterprises whose growth potential surpasses their internal sources of finance. However, due to limitations in the credit markets of developing economies, a large proportion of firms start their entities with no or little support from formal financial institutions (Dockel and Ligthelm, 2005).

A study conducted by Aryeetey et. al (1994) found that due to the lack of credit stemming from the weaknesses in the financial markets, majority of African SMEs operate with financial constraints. A World Bank study as cited in NTSIKA Promotion Enterprises (NTSIKA, 2004) stated that only 2% of SMEs in the globe are financed through formal sectors. In particular, credit posed an obstacle to SMEs because banks are averse to lend them credit on the belief that the risk accompanying credit to SMEs is high (Paul and Rahel, 2010).

Moreover, the low expected net returns from small loans offered to SMEs have imperiled their relationship with banks. The inability of SME entrepreneurs to furnish precise information about their business operations has also contributed to the lack of access to credit (Rosmary, 2001). Smit and Watkins (2012) reported that South African banks are reluctant to extend loans to SMEs partly due to their weak expected returns and high risk.

Abdullah and Baker (2000) argued that SMEs are still in short of credit despite the presence of many indigenous financial institutions available that extend credit facilities. Peterson et. al (1983) concluded that financial factors were decisive to the existence of SMEs whatever the location or size of the SMEs. Eshetu and Eleke (2008) also pointed out that financial distress is a chief problem for SMEs as short repayment periods, high collateral requirements and high interest rates are among the major difficulties that make access to credit challenging.

Banks are unfamiliar with SMEs because they consider them too- risky, un- trustworthy, and requiring excessive administrative costs (Rosmary, 2001). Furthermore, many SMEs rarely approach formal money-lending institutions, as they are not confident of getting loans (Huang and Brown 1999). In addition, their narrow relationship with bank staffs has done little to change their perceptions of the bureaucracies and difficulties involved in accessing loan. Monk (2000) argued that SMEs initial sources of capital in developing countries are in most cases own savings, complemented by borrowing from relatives and friends. They satisfy their capital requirements by approaching informal credit institutions that operates within their immediate vicinity, but seldom use formal institutions (Charmes 2000). This issue becomes more critical when they attempt to enlarge their operations. Arimah (2001) also believed that SMEs encountered obstacles in accessing credit when they want to expand.

Inadequate Managerial Knowledge and Skills:

Findings from several studies in various parts of the world have demonstrated that business knowledge and managerial skills are influential factors that promote the vitality of SMEs and enable them to remain profitable in the global market economy (Hitt et al. 2009). Newton (2001) reported lack of relevant managerial ability and business skills as the major reasons for the failure of SMEs. SMEs need to create enough force to survive and deal with their day-to-day business problems if they are to remain competitive and profitable in the long term. Verhees and Muhlenberg (2009) also believed that failure to possess basic knowledge for managing and running an enterprise leads to eventual stagnation or bankruptcy. A study by Eshetu and Zeleke (2008) concluded that poor management and technical skills and low level of education were factors that mostly affected long-term survival of SMEs.

SMEs require access to a pool of suitably qualified, skilled and motivated labour in order to sustain growth (Olawale and Garwe, 2010). However, as Gomez (2008) points out, one of the main reasons why SMEs never grow out of their size category is that their owners, due to poor management skills, do not pursue expansion. The author notes that while SMEs engage in entrepreneurial activities, they do not have an entrepreneurial attitude or goal. This is because they do not expect their businesses to be the primary provision of income that can then be invested in household activities and other strategies such as education of children and land acquisition. On the other hand, SMEs do not accumulate capital by reinvesting profits, thereby showing a non- entrepreneurial attitude that reduces their chances of expansion. It is in this vein that UNIDO (2008) point out that most SMEs owners are entrepreneurs of necessity who run their business as an activity of last resort in the absence of employment alternatives.

Even though SMEs tend to entice motivated managers, they can seldom match large- scale establishments, and that hampers their efforts to improve their management (Quartey and Abor, 2010). Thus, despite the training programmes, many SMEs cannot compete in terms of attracting and retaining the best possible minds. People are not attracted to the SMEs because of the poor remuneration levels. The most successful, adaptive and innovative SMEs are those in which entrepreneurs and often the workers have good to high levels of education, technical / managerial skills and training (Rogerson, 2008). However, as King and McGrath (2002) point out, the majority of the people who run SMEs in Africa have very little educational background, making them generally less equipped to carry out routine managerial activities necessary for the efficient and effective running of their businesses. The lack of requisite management talent weakens the innovative capacity of many SMEs in Africa, as they are unable to pursue systematic research and development activities (UNIDO, 2008). It also negatively impacts their operations, growth and profitability. In view of the fact that better conditions of service are offered by competing employers, especially the private sector, it has proved extremely difficult to attract and retain the necessary skills and experience in the service of SMEs (Arthur, 2005).

Lack of Access to Market:

Access to markets is critical; not having access to markets has a detrimental effect on the growth and expansion efforts of SME operators as their goal of attaining competitive edge ends in failure (Beck and Levine, 2003). For instance, in terms of location, the majority of SMEs operates from their homes with limited markets for their products and services (Paul and Rahel, 2010). Their collaboration with other businesses escalates their transaction costs and this contributes to limited access to marketing information (Gebeyehu and Assefa, 2004).

Hashim (2015) pointed out that, lack of information regarding customer loyalty, marketing techniques and branding in addition to lack of collaboration with local and international enterprises are the main problems faced by Malaysian SMEs. Hsieh (2014) also stressed that the absence of an appropriate retail and marketing networks, coupled with the lack of a recognized global company brand names are concrete problems faced by indigenous Taiwanese manufacturers in exporting. As such, lack of information about promising markets and foreign opportunities is perceived to be a chief difficulty in the export performance of SMEs in developing countries (Mensah, 2010).

Supply constraints are also recognized as an impediment to the smooth operation of businesses as in one way or another these hamper the ability of entrepreneurs in SMEs to create goods and services for better wealth creation (Ishengoma and Kappel, 2008). According to Negash and Kena (2003), market constraints encountered by SMEs have been ranked as among the most concrete barriers to growth beyond subsistence level. A survey conducted by the Central Statistical Authority of Ethiopia (2003), pointed out that 48% of all business entities in Ethiopia encountered barriers related to access to markets or demand, and absence of appropriate distribution networks, display centres, trade fairs and exhibitions.

Limited Access to Business Development Services:

The term Business Development Service (BDS) refers to support other than credit offered to SMEs at different phases of their business life, including before start- up. The concept of BDS relates generally to activities such as advising, counseling, training, marketing assistance, technology development and its diffusion (Yu, 2002). According to Cortes, Berry and Ishaq (1987), BDSs enable SMEs to become competitive and to effectively alleviate poverty by contributing to the development of local economies and sustainable economic growth.

From the study of Ishengoma and Kappel (2006), it is noted that in most developing economies, majority of firms have no access to business development services. This is mainly due to the nonexistent of institutions that can provide such services or because entrepreneurs are ignorant of their value while others are unaware of the offering of such services in their country (Fay and Clark, 2000). In fact, the existence of a robust institution that can deliver timely and reliable information through efficient information systems is crucial for the prosperity of SMEs. Information pertaining to government regulations and policies, business opportunities, technology, market and raw materials is a prerequisite for the growth and development of SMEs (Rosmary, 2001).

CONCLUSION AND RECOMMENDATIONS:

The nutshell of this study was to assess the constraints that are hindering the optimum performance of SMEs in The Gambia. The findings has demonstrated that lack of access to credit, inadequate managerial knowledge and skills, lack of access to market and limited access to business development services have all combined to constrain the long- term economic growth of SMEs in The Gambia and also limit their ability to make significant contributions. It is therefore imperative that the necessary support and arrangements are made and provided to SMEs if they are to realize their full potential of contributing to the socio- economic development of the economy. The study concludes that in order for SMEs to be effective, profitable and enhance their prospects of success, the government and its concerned bodies should make a concerted effort to boost the managerial capacity and skills of the entrepreneurs through the provision of continuous training and business advice and consultancy. This can be achieved by liaising with Technical and Vocational Education and Training (TVET) institutions. It is further concluded that in addition to collaborating with TVET, the government should put in places policies and initiatives that ensures the provision of timely and adequate financial assistance that are accessible to SMEs at relatively low cost of financing.

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Received on 07.02.2020 Modified on 21.02.2020

Asian Journal of Management. 2020;11(2):216-221.

DOI: 10.5958/2321-5763.2020.00034.7