Strategic planning: Missing link for SME success in Sri Lanka

The question is not whether your SME can afford to invest in strategic planning, but whether it can afford not to

- By Rohitha Amarapala

IN the bustling corridors of Sri Lankan business, I have witnessed countless Small and Medium Enterprises (SMEs) rise and fall like waves against the shore. As a Chartered Human Resource professional, my journey through government, private sector, and multinational corporations has provided me with a unique vantage point to observe what separates thriving businesses from those that merely survive.

Over several years serving as a member of the panel of judges for the Federation of Chambers of Commerce and Industry’s Best Entrepreneur of the Year competition, I had the privilege of visiting numerous successful SMEs across the country. This extensive exposure provided invaluable insights into what truly drives business success at the grassroots level. What struck me most was not the diversity of their products or services, but rather a common thread that ran through every successful enterprise: the presence or absence of strategic planning.

The strategic planning revelation

My most profound understanding of strategic planning’s transformative power came in 2001 when I joined People’s Bank as Deputy Head of Human Resources under the visionary leadership of CEO Derek Kelly and Chairman Mano Tittawella. This experience forever changed my perspective on organisational transformation and strategic thinking.

People’s Bank was then what many called a “sleeping giant” — a Government-owned institution struggling with bureaucratic inertia and competitive pressures. Derek Kelly, brought in from HSBC with extensive international banking experience, faced the monumental task of restructuring this institution. His approach was revolutionary: he assembled a team of top executives from the private sector and implemented comprehensive strategic planning across all major disciplines including finance, marketing, human resources, and banking operations.