Improving the Performance of Small and Medium Wood-Processing Enterprises

Mariana Sedliačiková, Iveta Hajdúchová, Peter Krištofík, Igor Viszlai, Milan Gaff

Abstract


This paper investigates the financial aspects of small and medium enterprises (SMEs) in the Slovak wood-processing industry. The aim of the survey was to determine the level of understanding and implementation of financial controlling, and to identify its potential for future implementation. The survey revealed a low level of understanding and implementation of this tool in Slovak wood-processing SMEs, because the use of all analyzed instruments of financial controlling was in small enterprises in a range of 15% and in medium-sized enterprises up to 40%. However, medium-sized enterprises were substantially more equipped than small enterprises at applying and recognizing the benefits of financial controlling. Based on the results of this research, the framework for a standardized model of financial controlling for Slovak wood-processing SMEs was proposed, as a practical way of improving company performance models.

Keywords


Wood-processing industry; Financial controlling; Small and medium enterprises (SMEs); Financial health

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Welcome to BioResources! This online, peer-reviewed journal is devoted to the science and engineering of biomaterials and chemicals from lignocellulosic sources for new end uses and new capabilities. The editors of BioResources would be very happy to assist you during the process of submitting or reviewing articles. Please note that logging in is required in order to submit or review articles. Martin A. Hubbe, (919) 513-3022, hubbe@ncsu.edu; Lucian A. Lucia, (919) 515-7707, lucian.lucia@gmail.com URLs: bioresourcesjournal.com; http://ncsu.edu/bioresources ISSN: 1930-2126