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The impact of strategic planning in the reduction of corporate bankruptcies An applied study on: Omani industrial companies

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Jun 1, 2024
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Abstract of the Student #Thesis: Mohamed Ahmed Al Lawati

Strategic planning has garnered significant attention in the business realm, particularly among researchers who continue to debate the extent of its impact on business success. This study aims to contribute to this ongoing discourse by demonstrating the tangible impact of strategic planning implementation on business success, especially under volatile economic conditions. It seeks to provide concrete evidence rather than merely presenting various viewpoints or statements. Additionally, the study aims to offer a clear picture of strategic planning's role in business development, driving competitiveness, and improving financial performance, benefiting stakeholders, investors, employees, and the broader environment.

The study addresses a range of key concepts in business administration, strategic planning, business evaluation mechanisms, and outsourcing. It incorporates international studies in this field, including those examining the impact of financial crises—particularly the global financial crisis of 2008—on company performance. Insights from these studies were crystallized into hypotheses and tested on Omani industrial companies listed on the Muscat Securities Market to assess their applicability to local conditions. Appropriate statistical methods were used to analyze the necessary data.

A diverse mix of data was employed in this study, including literature reviews, questionnaires, company visions and missions, and financial statements from the sample companies. Various methods of analysis were utilized to uncover the true role of strategic planning in business performance, helping to adopt new ideas and trends in line with business challenges.

The study observed a certain ambiguity in the understanding of strategic planning among administrators at both local and international levels. Nonetheless, this did not prevent companies from applying strategies in various ways. The research demonstrated a significant impact of strategic planning on business performance, aligning with findings from some international studies on the subject.

The study yielded fruitful results and made several recommendations to enhance business stability and development. These findings aim to improve the understanding and implementation of strategic planning concepts across different types of businesses.

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© The Author(s). Authors retain copyright and grant U7Y Journal the right of first publication.
This article is published under the Creative Commons Attribution 4.0 International License (CC BY 4.0).

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