SMALL BUSINESS PROSPECTS VIA CONTEMPORARY MANAGEMENT TOOLS: NAVIGATING GLOBAL ECONOMIC SHIFTS IN DEVELOPING ECONOMIES

Abstract

Small and Medium-sized Enterprises (SMEs) are pivotal drivers of economic growth and social development, particularly in developing countries. However, these vital entities operate within an increasingly volatile and complex global economic landscape, characterized by economic shocks, supply chain disruptions, and rapid technological shifts. This environment presents significant challenges, including pervasive financial constraints, limited technological adoption, and managerial inefficiencies. This academic article, structured in an IMRaD format, systematically reviews existing literature to explore how contemporary management tools—encompassing digital transformation, strategic planning, human capital management, and supply chain resilience—can enhance the prospects, resilience, and competitiveness of SMEs in these challenging environments. The analysis reveals that while SMEs face unique vulnerabilities, the strategic application of these modern tools, supported by tailored policy interventions and robust ecosystem support, can mitigate risks, unlock new opportunities, and foster sustainable growth. The findings underscore the necessity of integrated, context-specific approaches to management and policy to empower SMEs as engines of inclusive economic development.