The Muamalat Newsletter Vol. 1 2024

FEM eNewsletter | June 2024 52 approach to handling business matters should be considered genuine flexibility. In some cases, what appears as flexibility is actually a guise for inadequacies in planning, which some might term “faux flexibility”—a superficial adaptability that masks underlying deficiencies in foresight and strategic preparation. The absence of robust planning within SMEs can often stem from a lack of willingness or skill to engage in such strategic exercises. While the business landscape is indeed volatile and filled with uncertainties, this does not render it completely unpredictable. Effective planning isnot onlypossiblebutalsoessential (Ramirez, 2024); it is a misconception that only larger corporations benefit from strategic planning. In reality, it is the smaller firms that engage in thoughtful and strategic planning that often experience accelerated growth compared to their peers. This suggests that while adaptability is crucial, it must be grounded in solid planning. The ability to anticipate changes and adapt strategically gives SMEs a true competitive advantage, distinguishing them from competitors who might only react spontaneously to challenges without a strategic framework. Thus, effective planning is not just a hallmark of larger entities but a critical success factor for businesses of all sizes, particularly for SMEs aiming to navigate the complexities of today’s market environments. References Anning-Dorson, T. (2021). Organizational Culture and Leadership as Antecedents to Organizational Flexibility: Implications for SME Competitiveness. Journal of Entrepreneurship in Emerging Economies, 13(5), 1309–1325. https://doi.org/10.1108/ JEEE-08-2020-0288 Cui, W., Khan, Z., & Tarba, S. Y. (2018). Strategic Talent Management in Service SMEs of China. Thunderbird International Busi- ness Review, 60(1), 9–20. https://doi.org/10.1002/tie.21793 Kotsantonis, S., Rehnberg, C., Serafeim, G., Ward, B., & Tomlinson, B. (2019). The Economic Significance of Long‐term Plans. Journal of Applied Corporate Finance, 31(2), 22–33. https://doi.org/10.1111/jacf.12343 Miroshnychenko, I., Strobl, A., Matzler, K., & De Massis, A. (2021). Absorptive Capacity, Strategic Flexibility, and Business Model Innovation: Empirical Evidence from Italian SMEs. Journal of Business Research, 130, 670–682. https://doi.org/10.1016/j. jbusres.2020.02.015 Ramirez, J. G. C. (2024). The Power of Planning: How Business Plans Drive Effective Management Strategies. Integrated Jour- nal of Science and Technology, 1(3), 1–14. Schilke, O. (2014). On the Contingent Value of Dynamic Capabilities for Competitive Advantage: The Nonlinear Moderating Effect of Environmental Dynamism. Strategic Management Journal, 35(2), 179–203. https://doi.org/10.1002/smj.2099 Wong, A., Holmes, S., & Schaper, M. T. (2018). How do Small Business Owners Actually Make Their Financial Decisions? Under- standing SME Financial Behaviour Using A Case-based Approach. Small Enterprise Research, 25(1), 36–51. https://doi.or g/10.1080/13215906.2018.1428909