Analyzing the strategic aspects of managerial accounting in the context of reporting in industrial SMEs is a critical management issue. This paper aims to present the main results of an empirical ...study on this topic among some SMEs from the knitwear industry in the southern part of Bulgaria. Analytical and synthesis methods, descriptive statistics, and comparison techniques are used for this study. All the companies studied have been on the market for more than ten years and have experienced and well-trained managers and other characteristics that imply the availability of managerial reporting/accounting and the application of adapted models for strategic planning in SMEs. The analysis is intended to draw basic conclusions about the application of strategic management accounting in SMEs. In addition, the authors’ broader intention is to propose ideas for improving the strategic management reporting techniques that could be useful for management, especially in cases where strategic planning has been implemented. The authors find that the owners or managers of SMEs in Bulgaria are not aware of some features of management accounting that could be useful for their business, especially for strategic planning. It is believed that the range of services offered by external accounting organizations limits the level and thus the role of management accounting information for strategic management. Observations show that some models and techniques that could be good indicators of high risk of business failure are not applied because of the limited information base.
The paper is an attempt to highlight the importance of human resources in a knowledge-based society as well as the activities related to it in the State of Kuwait. The purpose is to present the ...extent to which the State of Kuwait has focused on human capital development and some best practices in this area. Some of the job opportunities for young people in Kuwait are presented. The development of broad-based professionals with knowledge focused on the future and digitalization is planned. The understanding of learning and professional development is part of the value system, and in this respect future generations must be aware of their role in economic development. To support these processes the Kuwait Investment Authority, for example, offers a variety of train ing programmes for citizens at different stages of their careers.
The purpose of this paper is to broaden the understanding of the Erasmus+ Program mobility impact on the business and management education in Bulgarian and Russian universities. In particular, it ...offers an extension of its scope formed on the example of the Erasmus+ cooperation between the University of Ruse (Bulgaria) and Kazan National Research Technical University named after A.N. Tupolev (Russia) in the business and management study fields. This case study report highlights some important organizational aspects of the business and management Erasmus+ education in Bulgaria and Russia. It presents also some practical aspects and is based on the Erasmus cooperation between the two mentioned universities. The findings from the case study appear to be in line with existing literature; for instance, it confirmed that academic mobility is shaping the curricula in the universities involved.
The reason of being of corporate accounting is not only to record, interpret and present data about existing business processes, but also to provide information for supporting main decision-making ...activities of management. This article presents basic problems outlining the relationship between accounting and strategic management of companies. The main ideas are connected with the philosophy of presenting information in financial and management reports, on the one hand, and the levels of management activities and their relationship to the development strategy of the organization, on the other hand. The aim is to trace the relationship between the segmental accounting and the strategic management of diversified organizations and to highlight problem areas, deserving management attention. The research methods of analysis and synthesis have been used. The outcomes of the research show that choosing a proper cost structure and allocation basis at operating segment level will contribute to increasing the capabilities of managers to make better corporate strategic decisions.
The purpose of the article is to explore opportunities for rethinking the strategy of small and medium enterprises (SMEs) using the “Blue Ocean” concept and its inherent value innovation paradigm as ...an alternative to the traditional competitive strategy rationale. The paper also highlights important aspects of analytical tools of a relatively less known practice for Bulgaria, such as the “Strategy Canvas”, the “Four Actions Framework”, the “Eliminate-Reduce-Raise-Create Grid” and the “Six Paths Framework”, and shows how to apply them when analysing and creating a new and uncontested market space. Special attention is paid to the possibilities concerning the practical use of the described tools in a leading SME from the Bulgarian knitwear industry.
Based on strategic management principles, it is reasonable to assume that lower-level units within the organizational structure, such as business and functional levels, will be carrying out the ...strategies. However, such organizational units should be considered not only as decision implementers, but also as strategists and program developers for the areas of activity in which they operate. Managers at the functional level solve problems related to setting goals and objectives in areas such as marketing, resource allocation, finance, production, and accounting. There is a lack of research on functional strategies, emphasizing the need for additional studies and publications. The goal of this paper is to outline significant elements of functional strategies, with a particular emphasis on their distinctiveness in comparison to other strategic aspects of management in small and medium-sized enterprises (SMEs). Additionally, the paper aims to explore the feasibility of implementing such strategies within these enterprises. The study seeks to accomplish its objectives through the utilization of theoretical deduction, in conjunction with the analysis of data derived from a concise survey of SMEs and pertinent practical illustrations. From a scientific perspective, the study's findings are predominantly positive rather than normative-regulatory in nature.
The present paper's research objective is to reveal the specifics and capabilities of the accountancy to serve as an information base for planning of the business of SMEs. In this regard, a research ...method (a survey) focusing on study of documentation in a number of Bulgarian SMEs has been carried out. Based on the results gained after the implementation of the research method, main sources of information for planning purposes in SMEs have been synthesized and evaluated. The main conclusions are that due to relatively high level of quality, actuality and availability, the accountancy-based data can constitute a major source of information for planning purposes in SMEs.
Business strategies often only skim the surface of the matter at hand, presenting general and vague descriptions of the direction of development without providing specifics or hinting at their ...essence. Strategies must be operationalized to effectively drive concrete actions and results, i.e., presented with a higher degree of specificity. Avoiding streamlined formulations and providing clear and objective language can aid in creating an engaging and mobilizing strategy. Questioning techniques can be employed as an initial phase in operationalizing business strategy. The inquiries used to construct the business strategy are founded on the fundamental questions applicable to any economy – “For whom?”, “What?”, and “How?”. These questions point to the market-product-technology trinity, which constitutes the essential components of any business and, consequently, any business strategy. In addition,, it is important to ask further questions that clarify the relationships between different elements of the business to formulate a strong business strategy. A fair assessment of the developed strategy’s efficacy can be made by providing specific answers to these questions.
Purpose of the article: The article aims at presenting and analysing key changes in the strategic internal control of companies under the pressure of crisis phenomena. The research question is how to ...adapt the strategic internal control to an evolving crisis through inclusion of control environmental sustainability measures, and strategic model adaptation.Methodology: A qualitative approach has been applied along with the research of larger companies from the brewery sector and small-and medium sized enterprises from the knitted fabrics manufacturing sector in Bulgaria. The study has also taken into consideration some companies’ strategic documents, as well as interviews with companies’ managers. The gathered information has been systematized, compared and evaluated with the help of the “Relative (Competitive) Advantage Matrix” model.Scientific aim: Understanding the impact of changes in strategic internal control on management under the pressure of crisis phenomena.Findings: The analysing of the quasi-control environment and competitive advantages is an important strategic management issue during crises. Competitive advantages derive mainly from the characteristics of the product (or service) that make it better than the products (or services) of competitors and they are associated with changes in the strategic internal control of companies under the pressure of hard times.Conclusions: Strategic internal control has to be adapted to the crisis situation through control environmental sustainability measures, strategic model adaptation and selected competitive advantages. Business processes are changing as a result of crisis times, then the control environment, risk assessments and competitive advantages need to be more detailed and analysed in different aspects. At the same time, the strategic internal control in hard times faces unexpected results, such as a drastic reduction in the incomes, a decrease in retail sales or a drastic increase in online sales. Using the collected information, comparisons can be made to better outline similarities and differences that will point out ways for improvement. This information should be brought to the attention of the personnel of the companies. The change in the activities should not be delayed in time, since information quickly becomes out-dated.
The introductory part of this paper offers a brief description of the main types of corporate decisions and the traditional approach to their coordination emerging from the development of the theory ...and practice of management in large corporations. Then a short analysis outlines the deficiencies in the usage of the traditional approach when holding out opportunities for small business growth. The disclosed difficulties in turn offer a challenge to seek for a “reverse” way to coordination of strategic and tactical financial decisions suitable for small companies. The purpose of this research is – based on a suitable example – to highlight and discuss important conceptual issues related to such an alternative approach.
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