Management in small and middle-sized business and the factor of time

The concept of crisis is rather complex and many-sided, that is why it cannot be described by just two or three words, or even definitions. Therefore, management of crisis also can be rather complex phenomenon. One of the basic problems of crisis management is time, or more precisely, a point that defines the moment of crisis management introduction in a company. Thus, the task of this research is to find the correlation or to be precise the interinfluence of, such notions as "crisis" and "time", because time can be considered as one of the basic aspects, those are necessary to show the essence of crisis management. In order to achieve this goal, the concept of time is characterized from the viewpoints of both costs spent on the introduction of the system of crisis management and the efficiency of the decisions taken to overcome the critical situation. The research allowed to evaluate advantages, as well as disadvantages of the model, which was accepted by the authors.