Investigating factors for enhancing small business sustainability in a competitive market environment

Small and Medium-sized Enterprises (SMEs) has a significant position in development of economic, representing a diverse range of businesses across industries. In this research, our primary aim is to investigate factors that can enhance the sustainability of small businesses within the dynamic landscape of a competitive market environment. The research employs a quantitative design, utilizing a distributed questionnaire as the primary data collection method. A total of 120 respondents, actively engaged in SMEs or intending to enter the sector, were selected through a basic random sampling technique. To analyse the collected data, various statistical methods were employed, including descriptive analysis, reliability analysis, Spearman's rank correlation, and chi-square tests. The Statistical Package for Social Science (SPSS) program facilitated a comprehensive examination of the data. The study focused on three variables which is technology adoption, marketing strategy, and employee development—seeking to determine their impact on small business sustainability. The findings of the study revealed a positive association between technology adoption, marketing strategy, and employee development, with employee development emerging as the most influential factor. This underscores the crucial role of nurturing employee skills and talents in bolstering small business sustainability. The implications of this research extend beyond academic interest, offering practical benefits for SMEs and policymakers alike. Small businesses stand to gain from the insights generated, enabling them to formulate new marketing strategies, enhance overall business sustainability, and gain a competitive edge in the market. Moreover, this research sheds light on the challenges faced by SMEs, providing valuable information for governmental bodies to develop targeted policies and support mechanisms. In conclusion, this research contributes to the ongoing discourse on SME sustainability by exploring factors and their implications for small businesses, fostering a more resilient and competitive entrepreneurial landscape.