Financial Management at a Small Enterprise

This study examines the specific features of financial management at a small enterprise. Aim. This study aims to determine major problems of financial management at a small enterprise and proposes potential solutions in the context of patterns in the development of small enterprises. Tasks. This study analyzes factors that determine the efficiency and growth of small enterprises, defines the criteria for classifying an enterprise as a developing one (i. e., one with a potential for further growth that can be transformed into a medium-sized enterprise), and identifies major problems of financial management at a small enterprise, focusing on their causes and possible solutions. Methods. This study examines scientific papers and regulatory documents on small businesses, analyses the integration of statistical data and the results of the author’s observation of the activity of small, developing enterprises, as well as surveys of entrepreneurs. Results. The problem of financial management at a small enterprise is viewed in the context of increasing the efficiency of its overall operation. Of paramount importance are the entrepreneur’s personality and entrepreneurial talent, which are factors that determine the potential for the development of a small enterprise, as well as the need to successfully solve information problems to ensure further growth and business development. This study shows that the problems of financial management at a small enterprise are mainly due to the entrepreneur’s lack of understanding of the importance of reliable reporting of information for managerial decision- making. Inefficient managerial decisions stem from a misunderstanding of the nature of profit, its management, basic principles of accountability, the relationship between principal performance indicators in the context of limited time resources, and the ensuing inability to focus on the issues of financial management. The author believes that by addressing the information problem and by building a new management system, an entrepreneur should be able to focus on the crucial issues of business development and education in the field of financial management, which would lead to more efficient decisions and, consequently, better company growth.

финансы малого предприятия, управление финансами, развитие малых предприятий, информационная проблема, small enterprise finances, financial management, small enterprise development, information problem

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