SMEs: The effects of strategic management

Abstract

Small and Medium-sized Enterprises (SMEs) are a vital part of any national economy, so it is important for SMEs to be successful in their ventures. One of the defining characteristics of modern SMEs is their agility and quick movements. However, this impacts how well they can utilize strategic management tactics and tools to further their position. This article will analyze how implementing various strategic management techniques impact SMEs and whether these institutional practices can be directly correlated to their success. Furthermore, this article will evaluate the various historical and current management strategies, as well as its correlation to a successful SME. Lastly, this article will discuss projected strategic management techniques that will act as the foundation of a developing enterprise.