The SMME that you own has a sudden decline in profit. What would the next step in its control process be after you have realised that the profit is lower than anticipated? a. Taking corrective action b. Setting performance standards c. M

After realizing that the profit is lower than anticipated, the next step in the control process would be: **d. Comparing actual performance with standards** This step involves analyzing the current performance against the set performance standards to identify the extent of the deviation and understand the reasons behind the decline in profit before taking corrective action.