MANAGEMENT OF ECONOMIC EFFICIENCY IN SMALL AND MEDIUM-SIZED ENTERPRISES
Abstract
Efficient management of economic resources is paramount for the sustainable growth and success of small and medium-sized enterprises (SMEs). This paper explores strategies for enhancing economic efficiency within SMEs, focusing on optimizing resource allocation, minimizing wastage, and maximizing productivity. Through a comprehensive review of literature and case studies, it identifies key factors influencing economic efficiency in SMEs, including financial management, operational processes, technology adoption, and human resource utilization. The findings underscore the importance of strategic planning, innovation, and adaptive management practices in fostering economic efficiency. Ultimately, the paper provides actionable insights to empower SMEs in navigating economic challenges and achieving long-term viability.
Keywords
Economic efficiency, management ,small and medium-sized businesses , return on equity.
References
- Mazzarol, Tim, and Geoffrey N. Soutar. "Sustainable Competitive Advantage of Small Business Enterprises: A Review and Contingency Approach." Journal of Small Business Management, vol. 45, no. 2, 2007, pp. 119-142.
- Brealey, Richard A., Stewart C. Myers, and Franklin Allen. Principles of Corporate Finance. 12th ed., McGraw-Hill Education, 2020.
- Grant, Robert M. Contemporary Strategy Analysis: Text and Cases. 9th ed., Wiley, 2016.
- Drucker, Peter F. Innovation and Entrepreneurship: Practice and Principles. HarperCollins, 2014.
- Stevenson, William R., and Michael J. Certo. Entrepreneurship: Transforming Innovation into Economic Success. 6th ed., McGraw-Hill Education, 2018.
- Armstrong, Michael. Armstrong's Handbook of Human Resource Management Practice. 14th ed., Kogan Page, 2020.
- Porter, Michael E. Competitive Strategy: Techniques for Analyzing Industries and Competitors. Free Press, 2008.
- Bodie, Zvi, et al. Investments. 11th ed., McGraw-Hill Education, 2020