Financial Management Challenges in Small and Medium-Sized Enterprises: A Strategic Management Approach

Abstract

The significance of SMEs in the global economy is multifaceted. They contribute not only to economic growth and employment but also to innovation, entrepreneurship, and the overall resilience of economies around the world. Recognizing and supporting the role of SMEs is vital for fostering a healthy and sustainable global economic landscape. SMEs embody the entrepreneurial spirit. They are often founded and led by individuals with a vision, drive, and willingness to take risks. This spirit is a driving force behind economic dynamism and growth. SMEs often specialize in niche markets and provide a diverse range of products and services. This diversity contributes to a well-rounded and competitive marketplace, offering consumers a broad array of choices.