Improving SMEs’ Business Sustainability Through Competitive Intelligence

Abstract

This paper proposes the conceptual framework for implementing Competitive Intelligence (CI) to enable sustainable growth in Small and Medium Enterprises in Thailand. The research proposes a CI framework that leverages on publicly available financial statement information and market information, as these two sources are readily and regularly available at low cost with minimal and efforts to perform data analysis. Data sourced from financial statement would allow SMEs to gain insights and to quantify levels of relationship into key performance indicators vis a vis competitors and stakeholders, while market information would allow SMEs to monitor local and external operating environment and changes in market trends. With such insights, the CI framework would enhance the decision making process in SMEs, particularly in setting strategic directions and taking tactical actions. The research proposes that CI is conducted continuously as a close-loop process with four key elements, comprising a) data update, analysis and communicate, b) management take/ adjust strategic and tactical plans, c) realign / align target and benchmark and d) monitor plan against benchmarks.