Abstract
Objective: Evaluate the use of financial analysis tools in SMEs as a mechanism to achieve higher levels of competitiveness. Methodology: For the analysis, a quantitative research was applied, which a Lickert type survey applied to 40 busines spersons from the city of Barranquilla, selected intentionally, supported and who voluntarily and covered by the law of habeas data participated in the research. Recommendation: The concluding observations indicate that SMEs have not been using financial planning mechanisms, which largely corresponds to the levels of training of business leaders. The reflections also suggest that it is important to bring SMEs closer to the promotion and training organizationsin order to achieve results that are more favorable. Conclusion: In the final part, it can be said that SMEs grow largely thanks to the intuition of their leaders, but not because of organized financial planning, which can lead to scenarios of uncertainty or loss of resources. Keywords: Competitiveness, Entrepreneurship, Financial Planning, SMEs
Highlights
Competitiveness and globalization have become fundamental terms in the strategic planning of any company that wants to be sustainable over time, which is why they are topics of interest to researchers, governments and business organizations due to their close association with the success of an entity[1]
SMEs that do not have a person in charge of finance indicate that the same owner who deals with commercial, banking and human resource aspects implicitly carries out this activity
Financial planning is a fundamental tool for SMEs, regardless of their economic activity
Summary
Competitiveness and globalization have become fundamental terms in the strategic planning of any company that wants to be sustainable over time, which is why they are topics of interest to researchers, governments and business organizations due to their close association with the success of an entity[1]. Companies′ competitive strategy is the result of the interaction between their financial decisions and their market environment[5]. While cost reduction programs are popular strategies during times of crisis, companies are still seeking to develop competitive advantages over competitors by maximizing revenues through differentiation, minimizing costs through efficiencies, or specializing in a niche market; to do so, decision makers must know and understand the nature and factors that individually or collectively affect their competitive position[6]
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
