NC State
BioResources
Sedliačiková, M., Hajdúchová, I., Krištofík, P., Viszlai, I., and Gaff, M. (2016). "Improving the performance of small and medium wood-processing enterprises," BioRes. 11(1), 439-450.

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.
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