Successful rural SMEs – which catalysts work?

This study is concerned with exploring the determinants of success in the context of rural locations. Generally, it is assumed that success can be measured in quantitative terms such as growth and profitability, while occasionally surrogate measures such as growth and employment are used (Storey, 1994). However, other research suggests that success may be measured in a much more personalised way by each stakeholder, which necessarily encompasses both quantitative and qualitative measures (Beaver & Jennings, 1995). Despite this plurality of methods, and despite different definitions, there are certain common characteristics, which influence the success potential of SMEs in a rural context. Whilst previous research has considered the subject of growth (of employment, market share, turnover) and profit as key determinants of success, this study will provide a richer and deeper understanding of what may characterise the term ‘success’ with respect to the English definition of rurality than is currently presented in the literature