MANAGEMENT OF ECONOMIC EFFICIENCY IN SMALL AND MEDIUM-SIZED ENTERPRISES

The ability to measure and manage economic efficiency in small and medium-sized enterprises is highly valued competitive advantage. Economic efficiency reveals the absolute size of indicators of efficient usage of resources employed, efficiency and effectiveness of business processes, products and services. While measuring and managing economic efficiency, it is necessary to reflect the influence of internal and external business environment and take into account the diversity of assessment of subject position. Sources of information for assessing the overall economic efficiency of enterprises with subsequent management can be derived from the financial statements of financial accounting. In the proposed plan of economic efficiency it is important for business owners and managers in the to establish appropriate indicators of economic efficiency and to follow and support the long-term strategic goals of the company.