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Small and medium-sized enterprises (SMEs) function in unstable macroeconomic contexts, especially in emerging markets characterised by significant economic volatility. SMEs are crucial for job creation and poverty alleviation; however, they encounter various challenges that impede their growth. Small and medium-sized enterprises in the Mashonaland West Province of Zimbabwe face limitations due to political and economic instability. This research examines operational challenges through a qualitative methodology. Data were gathered from 21 purposefully selected SME owner-managers, each possessing a minimum of five years of managerial experience, across five districts. Inductive thematic analysis, facilitated by NVivo software, was employed to examine open-ended interview responses. Identified key obstacles include cash shortages, inadequate working capital, elevated inflation, foreign currency limitations, increasing costs, and inconsistent government policies. Recommendations for policy include the revision of monetary policy, stabilisation of the local currency, adjustment of tax structures, and enhancement of price control mechanisms. Managers of small and medium enterprises are advised to enhance cash flow and inventory management practices. Future research should undertake comparative studies among developing countries.