Strategic Management in SMEs and Its Significance for Enhancing the Competitiveness in the V4 Countries - A Comparative Analysis

Abstract

The study’s main aim is to determine how the entrepreneurs in SMEs of the Visegrad Group (V4) perceive the strategic management process and how they manage strategic risks within it. The study also focuses on how a perception of examined determinants differs depending on business duration, management education and sex. The research was performed from 9/2019 to 4/2020 in the V4 countries by means of online questionnaire. The findings were interesting. SMEs’ business duration is a significant factor in evaluating the total structure of entrepreneurs’ attitudes to the following fact: firm’s strategic management is inevitable for corporate governance. Both SMEs’ business duration and educational attainment are significant factors in evaluating the total structure of entrepreneurs’ attitudes to the following fact: implementation of strategic management is required for day-to-day operations of a business. However, SMEs’ business duration, management education and sex do not influence managers’ attitudes to strategic management and strategic business risks. The results provide a valuable platform for the creators of national and regional strategic and development plans. Similarly, the results enable a creation of national and international benchmarking indicators in this area that would allow an improvement of the business environment and a creation of risk management systems, which are inevitable for SMEs.

Keywords

• small and medium-sized enterprises (smes)
• strategic management
• strategic risks
• competitiveness
• risk management system