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A Literature Review on Management Practices among Small and Medium-Sized Enterprises
Article Number: SIS629840AI180223
18th February, 2023
Author(s):
Elida Serwaa Adjei-Boateng
Abstract:
Medium and Small sized Enterprise management is the act of aligning and integrating all
facets of a small business, including managing your staff, vendors, finances, business strategy, and day-to-day operations. For the proprietor, running a small or medium-sized business has certain special
difficulties. You need to understand financial management, human resource management, and the laws
and regulations pertaining to your industry in addition to the fundamentals of small company principles.
Small and Medium-sized Enterprises (SMEs) continue to perform poorly despite the increased interest in
private enterprises' contributions to employment and income creation. In this study, the review covered
the SME management practices from a variety of areas such as; financial management, cash
management, investment returns among SME owners, financial reporting and analysis, working capital
management among SMES, accounting information (value-relevance), inventory management practices,
fixed asset management practices, challenges of effective financial management practices among SMEs,
accounts payable management, accounts receivable management, and the relevance of SMES sector
We see that the quality of managerial practices improves the level of performance of firms. SMEs
promote economic growth in every nation hence there is a need for policymakers to support the
improvement of the managerial skills of entrepreneurs in order to increase the (SMEs) contribution to
economic growth and employment.