Good practice in introducing development strategies in small and medium enterprises

Abstract

The key success factors, characteristic of particular industries, are the source of success for the company’s activity. In case of strategy introduction some good practices become such factors which can determine the success or the failure of the introduced strategy. Huge corporations are most often characterized by complex teams responsible for the development of programmes and projects which translate the strategy to specific activities. Small and medium companies, in which no risk management tools are used during strategy implementation, operate in a totally different way. In implemented projects steering committees operate occasionally and strategic management belongs exclusively to the competencies of the highest level managers— the management board and/or the owners. In such cases good practices come to assistance. The authors of this article, based on their own experiences in preparing and introducing strategies in small and medium companies operating in various sectors, analyze good practices which provide efficient and successful strategy introduction. Examples of companies which introduced some business practices in their activities, which allowed mitigation of rising risks and at the same time successful introduction of prepared strategy, have been reviewed.