Innovation as a Strategic Tool for Enhancing SMEs Performance in Sokoto State
DOI:
https://doi.org/10.56919/jbam.2621.025Keywords:
Innovation, Process, Product, Market, SMEsAbstract
This research explores the affiliation between innovation and the performance of SMEsin Sokoto state, Nigeria. Using OLSregression analysis, the study identifies process, organizational, product, and marketing innovation as significant predictors of SME success. Each variable demonstrates a positive coefficient, indicating their collective contribution to improved outcomes. These insights highlight the importance of innovation, competitive pricing, organizational capacity, and effective marketing strategies in driving SME performance. The study emphasizes that SMEs seeking sustainable growth must integrate these factors into their operational and strategic frameworks to sustain their edge within rapidly changing markets.This study concludes that innovationwhether in products, processes, organizational structures, or market strategiessignificantly enhances the performance of SMEs in Sokoto State, Nigeria.The study recommended that policymakers in Sokoto State prioritize innovation-driven policies that provide financial incentives, training opportunities, and infrastructural support to SMEs. Government agencies should establish funding schemes and tax relief programs that encourage firms to invest in product, process, organizational, and market innovation.
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