Specifics of Management in Small and Medium-Size Enterprises in Serbia

Marija Lazarevic-Moravcevic (), Slavica Stevanovic () and Grozdana Belopavlovic ()
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Marija Lazarevic-Moravcevic: Belgrade Banking Academy, Belgrade, Serbia
Slavica Stevanovic: Institute of Economic Sciences, Belgrade, Serbia
Grozdana Belopavlovic: Belgrade Banking Academy, Belgrade, Serbia

Economic Analysis, 2014, vol. 47, issue 3-4, 104-117

Abstract: Under modern conditions for performing business, an enterprise regardless of its size or business activity must be systematically directed and run. Small and medium-size enterprises have certain characteristics that make them considerably different compared to large systems, therefore it is not realistic to expect that the management process in such organizations would develop in the same way as in the large systems. The fact is that the small business often does not involve a small investment, and the management of small enterprises is constantly faced with the problem of "poverty of resources" that leads to the conclusion that the success of SMEs is predominantly determined by the managerial skills of managers/owners. Assuming that the owners/managers of SMEs adequately perceive the capabilities of their enterprise, make the right decisions, finding effective solutions in terms of organization and apply modern approaches to control and the success of the company definitely will follow. In this paper theoretical and empirical research has been carried out with the aim to identify the basic characteristics of successful management of SMEs in Serbia. The research results indicate that the managerial capacity of managers/owners of SMEs is the main strength of the company, and one of the key sources of growth and development. When the influence of external factors is very unfavorable for business development, the management as an internal resource of organization is increasingly gaining importance in creating business success and competitive advantage.

Keywords: SMEs; management; planning; competitive advantage; organizational structure; leadership; control (search for similar items in EconPapers)
JEL-codes: L20 L26 (search for similar items in EconPapers)
Date: 2014
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