INNOVATIVE APPROACH TO THE MANAGEMENT OF SMALL TA MEDIUM BUSINESS
Abstract
Small and Medium-sized Enterprises (SMEs) are a crucial pillar of the economy, yet their success is often limited by inadequate management and inability to adapt to rapidly changing environments. In this context, an innovative approach to SME management becomes particularly significant as it enables enterprises to remain competitive and effectively adapt to change. The problem lies in the necessity of developing and implementing innovative management approaches for SMEs to ensure their stability and growth. Consequently, there arises a need to investigate methods and strategies of innovative management aimed at enhancing the competitiveness of SMEs. The aim of this research is to systematize and analyze existing approaches to innovative management of SMEs, identify their advantages and disadvantages, and develop recommendations for the practical implementation of innovative strategies in enterprises within this segment. The object of the research is the process of managing SMEs, and the subject is innovative approaches to this process, including strategies, methods, and tools. The research utilized analysis of scientific literature, empirical studies, and observations of the practical implementation of innovations in the functioning of SMEs. Interviews with specialists and analysis of financial indicators of enterprises were also employed. The author conducted an analysis of contemporary trends in SME management, identified the main challenges faced by enterprises in this segment, and examined innovative management approaches, identifying their advantages and disadvantages, and proposed recommendations for their practical implementation. The conclusion of the research is that an innovative approach to SME management can significantly enhance their competitiveness and stability. For the practical implementation of the research results, support of state policy to stimulate innovation processes in SMEs is recommended, along with providing support and consultations on innovation development, and fostering collaboration between research institutions and enterprises to facilitate the implementation of innovative solutions.
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