MANAGEMENT PRACTICES WITH INNOVATION FOR STRATEGIC SUCCESS IN SMALL FAMILY BUSINESSES IN BULACAN
DOI:
https://doi.org/10.35631/IJEMP.935007Keywords:
Business Strategy, Family Business, Innovation, Management PracticesAbstract
Small family businesses in Bulacan are facing challenges in sustaining their operations due to changing market conditions, growing competition, and the need to balance the innovation with conventional management practices. While conventional management provides stability, and continuity, integrating innovation has become vital for long-term sustainability. This study examines the influence of innovation on business strategy and family management practices among small family businesses in Bulacan. Using the results of survey and interview questions given to 151 small family business owners in Bulacan, the study explored the connections between business strategy, innovation, and family management practices. The results show that both business strategy and innovation predicted the level of sustainability of family management practices with business strategy being slightly more effective. The results also showed that innovation predicted the strategic use of business strategy practices with the strategic use of business strategy practices in turn predicting the sustainability of family management practices. The study provides some implications regarding the need for family business owners to balance the need to innovate while maintaining conventional management practices. With that, the study adds to the body of knowledge on family businesses by suggesting that innovation can strengthen the effectiveness of conventional family management practices rather than replace them.
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