SUSTAINABLE DEVELOPMENT AS A STRATEGIC ADVANTAGE FOR AN ENTERPRISE

Abstract

The purpose of the article is to study and describe some characteristics of sustainable economic growth of business entities (small, medium and large enterprises), to draw reasonable conclusions and to reveal future prospects that will allow balancing their sustainable dynamic development and being able to mobilise and effectively manage their own resources. In both developed and developing countries, the role of small and medium-sized enterprises is important. SMEs are the main driving force behind entrepreneurship development. In many countries around the world (including the EU), small and medium-sized enterprises are seen as the main strategic direction for inclusive growth, employment and economic development. The problem of economic growth of enterprises in a market economy is a pressing issue. Despite many innovative proposals, the activities of the country's enterprises and their growth require more efforts. One of the main guidelines for ensuring sustainable economic growth of enterprises is to ensure the economic efficiency of the country's leading economic sectors and their enterprises. In today's globalised world, due to increased competition, the issue of developing an innovative economy has come to the fore. The role of the leading sectors of both the country as a whole and their individual enterprises is growing significantly. They determine the country's specialisation in the global economic system. Such enterprises determine the national competitive advantage. In the course of working on the issues under study, as a result of theoretical and empirical research, the following were improved and comprehensively investigated: modern approaches to studying the balance of the economy, components of the balanced scorecard, models of sustainable economic growth, which resulted in the identification of modern features and challenges of economic growth of enterprises. In addition, this study analyses the theoretical foundations of the study of sustainable economic growth; identifies the features of sustainable growth of enterprises in the context of globalisation; determines the ways of sustainable economic growth of an enterprise, its financial and economic indicators, models and prospects; defines the mechanism of sustainable development of enterprises; as a result of the study of the functions of small and medium-sized enterprises, its strengths and weaknesses are identified; factors hindering the development and internationalisation of small and medium-sized enterprises are identified. The conclusions and recommendations formed as a result of the study can be used as a starting point for sustainable economic growth of the country's economic entities, small and medium-sized enterprises.