Factors influencing the growth of small and medium enterprises in the northern region of Thailand after the COVID-19 outbreak / Ausawatap Akartwipart and Boonyanuch Cheewakiatyingyon

• Main Authors: Akartwipart, Ausawatap, Cheewakiatyingyon, Boonyanuch
• Format: Article
• Language: English
• Published: UiTM Press 2024
• Subjects: Small business. Medium-sized business
• Online Access: https://ir.uitm.edu.my/id/eprint/108905/1/108905.pdf; https://ir.uitm.edu.my/id/eprint/108905/

This was mixed methods research to study the importance of internal and external variables on the growth of small and medium enterprises and factors influencing their growth in the northern region of Thailand after the COVID-19 outbreak. This mixed methods research consisted of quantitative research with a sample group of 392 small and medium-sized enterprise entrepreneurs in 8 northern provinces of Thailand and qualitative research with in-depth interviews among 36 entrepreneurs. The findings revealed that entrepreneurs prioritized the environment at a very high level (M=4.80), followed by business strategy at a very high level (M=4.71), government assistance at a high level (M=4.19), and competition at a moderate level (M=3.35). The results of the logistic regression analysis showed that both internal and external factors influenced the growth of small and medium enterprises in the northern region of Thailand, arranged in order of influence size, namely the manufacturing with the greatest influence, environment, business strategy, government assistance, and competition, respectively. Entrepreneurs can apply the findings by responding to business challenges from uncontrollable external environments. Entrepreneurs should make every situation an opportunity for growth by closely monitoring the environmental situation and developing the organization by combining strategies, namely products and services, customer and marketing, and innovation in business operations. In addition, government agencies and related partners could employ research results to develop proper policies for assistance, leading to business growth.