Assessing Effects of Business Innovations on Financial Performance of Small and Medium-sized ..

Despite the fact that small and medium-sized businesses have a huge positive effect on economic development and job creation, small businesses in Kenya are constantly failing. Their contribution to Kenya's gross domestic product is threatened by their high rate of collapse. While empirical studies from developed economies have revealed that business innovations are an effective approach to addressing small business financial performance, there is little documentation in Kenya on business innovations as a key determinant of small medium enterprise financial performance. As a result of this research, we were able to determine how market technologies impact financial performance.the success of Kenya's small and medium businesses The study used a descriptive research design to target 258 small medium enterprises in Garissa County, from which a sample population of 155 respondents was chosen using stratified proportionate random sampling. With the aid of SPSS software Version 21.0, data was obtained from primary sources using a questionnaire and analysed usin a quantitative research method to produce descriptive and inferential statistics. The study concludes that each of the following financial institutional and financial product developments has positive and moderate statistical significance at the 0.05 (5%) significance stage.Each of marketing innovation and financial process developments has a statistically strong positively significant impact on the financial performance of small and medium-sized enterprises in Kenya, although each of them has a statistically strong positively significant effect on the financial performance of small and medium-sized enterprises in Kenya. The research suggests that Kenya's financial performance be improved by aggressively implementing financial structural innovations, embracing financial product innovations, developing and acquiring marketing tools, and appreciating and supporting current financial process innovations.

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