Strategic Management of a Small Enterprise in the UK

Abstract

Academic and scientific study on business strategy has recently turned its focus from giant corporations to smaller businesses. Considering the substantial role that small and medium-sized firms (SMEs) play in the economies of most countries, this move is not only necessary but also justified. It is now necessary for small enterprises to implement strategic management practices. This requirement results from the significant obstacles that the market presents, the dynamic nature of the business environment, and other important elements of the current economic landscape, especially in transition economies where most businesses are small and medium sized enterprises (SMEs), many of which are relatively new and inexperienced (Lobontiu & Lobontiu, 2001).