IMPLEMENTATION PROSPECTS OF MANAGEMENT PRINCIPLES CHARACTERISTIC FOR LARGE COMPANIES WITH THE PURPOSE OF IMPROVING THE FINANCIAL PERFORMANCE INDICATORS OF SMALL BUSINESSES

Abstract

This article presents and summarizes the main principles of management that are characteristic for large businesses and can be used for implementation in small businesses. The main purpose of the research is to determine the main principles of management that can be implemented by small businesses with minimal costs and taking into account some risks faced by business entities, which are primarily related to military aggression. The analysis of the source base shows that there is a lack of research on this topic for the Ukrainian market. The relevance of the research is to show some ways and methods of implementing management principles in the field of finance, marketing and controlling borrowed from large companies for small and micro business entrepreneurs. The study proves that by applying management principles and tools traditionally considered characteristic for large companies, a small business is able to improve the efficiency of its work, improve its financial indicators and raise its level of recognition on the market among competitors. The main principles that can be used by small business entrepreneurs considered in this study are focusing on the needs of the client, flexibility and adaptability, automation of business processes, delegation of authority, brand building and protection of intellectual property. In addition to the basic principles, the study provides a toolkit for their implementation. Among the main tools in the study, the implementation of CRM system, registration of TM, patents and inventions, use of AI and Chat GTP as one of its main tools, ERP system, and scenario forecasting to optimize risk management are considered. In addition, the study demonstrates various ways of acquiring financial resources for the implementation of the above principles and tools. The results of the research can be of practical use for managers of small and micro-businesses, as well as individual entrepreneurs who are looking for ways to improve the financial results of their activities and effective risk management. The above-mentioned principles and tools will be useful both for entrepreneurs engaged in product businesses and for those who work in the service industries as well.