After a decade of reforming policy, building and developing the multi-sector market economy, Small and Medium Enterprises (SMEs) in Vietnam have developed strongly and contributed to creating employment, increasing GDP, and raising the nation’s volume of exports. However, SMEs have found difficulties on the way to development due to lack of management experience and financial resources, and due to uncertainty within the business environment. As a result, SMEs often faced obstacles during their operations. This thesis examines the relationship between financial management and profitability of SMEs to determine whether financial management practices and financial characteristics impact on SME profitability. Objectives of the thesis are (1) to investigate and describe features of financial management practices and financial characteristics of SMEs in Vietnam, (2) to develop and test a model of SME profitability, and (3) to contribute knowledge of the relationships between financial management and characteristics to improve SME profitability by using tools of efficient financial management. In terms of structure, the thesis has six chapters. The thesis begins by defining the research problem and questions, and providing a justification for the research study. Chapter one also reviews the research background, and presents definitions of terms, significance and scope of the study. Chapter two examines the economic background, business structure and the development of SMEs in Vietnam. This chapter also reviews previous research related to financial management for SMEs in Vietnam to identify gaps between financial management for SMEs in Vietnam and financial management for SMEs worldwide. Chapter three reviews financial management including financial management practices, financial characteristics and profitability of SMEs around the world, especially in the developed economies such as the United States of America (USA), the United Kingdom (UK), Australia and Canada. This review emphasizes profitability and the impact of financial management practices and financial characteristics on SME profitability. Objectives of this chapter are to review previous research related to the areas of financial management practices, financial characteristics, and profitability of SMEs and to build a model of the impact of financial management practices and financial characteristics on SME profitability. Chapter four discusses aspects of the research methodology including research design, data collection and data analysis methods, and hypothesis testing to support the model. Objectives of this chapter are: (1) to justify the research methodology of this study, (2) to explain research methodology used in the study, and (3) to demonstrate how research design, and data collection and analysis can be utilized in this study to answer the research questions outlined in the chapter 1. Data analysis and findings are presented in chapter five. This chapter presents descriptive findings of financial management practices, financial characteristics and SME profitability and findings of the research study related to testing the model of SME profitability. Objectives of this chapter are (1) to systematically present the descriptive findings of the research study, (2) to interpret significance of these findings based on data analysis, (3) to present the results of testing the model of SME profitability, and (4) to explain how the model, developed from a literature review, was supported by data analysis. Finally, the thesis ends with chapter six where conclusions are summarized and applications of the research findings are indicated for the financial management practitioners. The thesis provides descriptive findings of financial management practices and financial characteristics and demonstrates the simultaneous impact of financial management practices and financial characteristics on SME profitability. In addition, the research study provides a model of SME profitability, in which profitability was found to be related to financial management practices and financial characteristics. With the exception of debt ratios, all other variables including current ratio, total asset turnover, working capital management and short-term planning practices, fixed asset management and long-term planning practices, and financial and accounting information systems were found to be significantly related to SME profitability. With the findings as presented above, this research study provides many implications for financial management practices and contributes to knowledge of financial management of SMEs. The model of SME profitability can be used as guidance for actions to improve the profitability of SMEs in Vietnam.

In the last decade, the ever increasing pressure of competition faced by businesses has led to the development of Customer Relationship Management (CRM). In short, CRM is the practice of integrating all aspects of business functions for dealing with customers, with the assistance of technology, and with the intention of boosting company profitability. CRM has been widely promoted as a critical contributor to business survival. However, the high failure rate of CRM projects has also attracted research attention and many factors have been discussed as contributing to the success or failure of CRM implementation. This research argues that CRM is not simply a software package or a computer program. CRM, instead, should be perceived as a strategic issue in order to realize its potential. In addition, this study also argues that CRM implementation is affected by organizational, strategic and cultural factors. In particular, this study was conducted within the context of Chinese small and medium-size enterprises (SMEs), with company size and culture as two major focuses in this study. SMEs were chosen as this segment has been overlooked in CRM study, yet it represents a great potential for growth in CRM adoption. Chinese culture was chosen as most of CRM studies have been conducted within a western cultural background. The Chinese culture has distinctive characteristics different from western culture, and this has strong influences on business operations. A quantitative method was adopted for this study and a mailed survey was used to collect data to examine the relevance of these factors within this context. Research participants were recruited using a systematic sampling technique through a comprehensive Chinese business directory. Results suggest that there are positive associations between a company’s CRM implementation and its practice of organizational, strategic, and cultural issues. In particular, four organizational issues – organizational integration, executive commitment, system readiness, and resource availability; three strategic issues – vision, planning, and customer-centric culture; and one cultural issue – networking, have an impact on a company’s CRM implementation.

The aim of this research was to discover the issues influencing the adoption of e-commerce by small and medium business enterprises (SMEs) in the Australian Capital Territory (ACT). The demand aspect of the theory of diffusion of innovation enabled the formulation of a number of research propositions which formed the focus for this research. Seventy-five randomly-selected SMEs within the ACT were interviewed. Of these seventy five, fifty had adopted e-commerce and twenty-five had not. Findings complemented results from other studies, but also added to them. Factors from the demand aspect of the theory of time, resources (personnel, financial, technological), business organisation, size, return on investment, push by outside agencies or clients, and communication channels were found to be of little importance. Of greater importance were characteristics of the SME operators themselves (such as their innovativeness, their relative youth and educational level), the size of their business, the number of years it had been operating, and marketing issues. A prime consideration was that of attaining and maintaining a competitive edge over their competitors. Security and privacy issues were of little consideration prior to the adoption process, but became of much greater importance once SMEs had adopted e-commerce. Some things discovered by this research that have not appeared in the reporting of other studies included: � The importance of tertiary education for the primary decision-makers in the organisation; � The role banks played in the adoption process; � The high cost and difficulty of compliance with government regulations, especially regarding the employment of staff; and � The lack of use of specifically established communication channels, set up by government bodies or associated industry organisations to educate and inform SMEs about the potential and process of e-commerce. Results of this research have implications for a large number of associated stakeholders � government, educational institutions, and trade, industry and professional associations � and as such deserve to be widely disseminated.

<p>This paper presents the feasibility study of setting up the new potting tray production line based on the two alternatives: partly outsource a process in the production line or wholly make all processes in-house. Both the qualitative and quantitative approaches have been exploited to analyze and compare between the make or buy decision. Also the nature of business, particularly SMEs, in Thailand has been presented, in which it has certain characteristics that influence the business doing and decision, especially to the supply chain management. The literature relating to the forecasting techniques, outsourcing decision framework, inventory management, and investment analysis have been reviewed and applied with the empirical findings. As this production line has not yet been in place, monthly sales volumes are forecasted within the five years time frame. Based on the forecasted sales volume, simulations are implemented to distribute the probability and project a certain demand required for each month. The projected demand is used as a baseline to determine required safety stock of materials, inventory cost, time between production runs and resources utilization for each option. Finally, in the quantitative analysis, the five years forecasted sales volume is used as a framework and several decision making-techniques such as break-even analysis, cash flow and decision trees are employed to come up with the results in financial aspects.</p>

<p>This thesis focuses on the internationalization process of SMEs, the strategies and methods they use. The major aim of this research was to gain a better understanding of the process by comparing and analyzing three main internationalization process theories: the Uppsala model, network theory and international entrepreneurship theory. An essential part of this study consisted of gathering empirical data from SMEs that has already been internationalized as well as from some of those who intend to internationalize in the near future. Our findings show the application and usefulness of the three theories to these SMEs, especially their heavy reliance on network relationships. The findings also indicate that firms use a combination of variables from all three theories and some aspects of the much criticized Uppsala model are still significant in describing the internationalization process behavior of SMEs.</p>

<p><strong>Background</strong></p><p>The internationalization of SMEs can be expected to gain further momentum because the world economy is becoming increasingly integrated with continued declines in government-imposed barriers and continued advances in technology</p><p> </p><p><strong>Purpose</strong></p><p>The purpose of this paper is to design a theoretical framework for the internationalization of Small and Medium Enterprises, research, analyst and discuss.</p><p> </p><p><strong>Theoretical Framework </strong></p><p>We have created a model of the internationalization of SMEs which includes four elements: Resource, Mode of Entry, Competitor and Marketing. We believe they are primary considerations for the SMEs to develop foreign operation.</p><p> </p><p><strong>Method</strong></p><p>We will use qualitative method in our research</p><p><strong> </strong></p><p><strong>Conclusion</strong></p><p>Optimize the allocation of resources, suitable way to entry foreign market, determine own Competitive advantage, positioning, decision making and controlling.</p><p><strong> </strong></p>

<p>Increasing globalization and decreasing trade barriers have created opportunities for Swedish companies to establish their activities in India. The aim with this dissertation is to explore if Swedish SMEs in the service sector follow the process suggested by the Uppsala Internationalization Model when establishing their activities in India.</p><p>In order to find out if Swedish SMEs in the service sector follow the process suggested by the Uppsala Internationalization Model, a multiple case study was conducted, adopting a qualitative approach. Three Swedish SMEs in the IT industry, that have successfully established their activities on the Indian market, were interviewed.</p><p>The results indicate that none of the companies in this study followed the internationalization process suggested by the Establishment Chain and the Psychic Distance. However, the examined companies in this study internationalized as suggested by the Basic Mechanism of Internationalization.</p><p>There is limited research on the internationalization processes of Swedish SMEs in the service sector when entering the Indian market. Subsequently, this study has contributed theoretically to exploring what factors are of importance for Swedish SMEs in the service sector when entering India. Furthermore, it has possibly contributed to the initial step of further research within the field of SMEs internationalization processes, should further research be conducted involving various internationalization models. In addition, this study has contributed by strengthening the existing research regarding the Uppsala Internationalization Model.</p><p>A suggestion to future research is to explore various existing internationalization models and to investigate what aspects of each model is applicable to Swedish SMEs.</p>

<p>Small and medium size enterprises are currently the major part of economic activities through out the world. Nowadays, they represent about 99% of all types of enterprises in Sweden, with providing high job opportunities to its labour force as these enterprises need focus in their development; the internal control mechanism is a means and a way of directing, monitoring and measuring the SMEs resources. It plays an important role in preventing and detecting fraud and protecting the physical and intangible resources as well as leading to high efficiency of the business operation. one since it contributes a lot for the majority of business enterprise involved in SMEs.</p><p>This study examines and describes the effectiveness of internal control systems in Swedish small and medium size enterprises. The study focuses on the main five components of internal control and their impact on achieving the company’s objectives. In so doing, the study creates a better understanding of effective internal control that may be applicable to the context of SMEs and establish theoretically the features of an effective internal control for sampled SMEs. To achieve this objective we formulate one research question: system of SMEs comply with the principles of effective internal control? into how closely SMEs follow the virtues of effective internal control in their business operation.</p><p>Applying an inductive approach in qualitative interview, the study found out that, contrary to what is generally suggested, SMEs are aware of the importance of having a good internal control system. The findings of the research enabled the emergence of a theory grounded in the collected data. Indeed, the major features of an effective internal control system applicable for SMEs are found to be control activities, effective information and communication system, effective monitoring and evaluation system framework.</p><p>Key words: <strong>SMEs, internal control, control environment, risk management, control activities, information and communication, monitoring and evaluation</strong></p>

In recent years, with the economic development in China and the direct flights between Taiwan and China; there are more and more Taiwanese enterprises invest in China industrial market. This business environment change results in the increasing Taiwanese employees travelling between China and Taiwan frequently, or even been dispatched to China for long-term. In the future, the opportunities of work exchange between Taiwan and China will increase rapidly. Taiwan and China has no language barrier, however, the thinking logic, attitude towards work, and corporate management style between two places are fairly divergent. All these differences impact both Taiwanese and Chinese enterprises development. Today, China¡¦s workers strive for their work and almost catch up with Taiwan. Do Taiwan¡¦s workers notice it? The author has been dispatched to China for more than five years, and returned to Taiwan for three years. We can see the way of business management and the working environment between Taiwan and China through the experience of author. This narrative will give an overview and suggestions to those Taiwanese who is willing to work in China, and to those Taiwanese who plan to return to Taiwan market. For the workers who are seeking for opportunities of work exchange, the author suggests they should have abilities such as authorization management, regulate the rhythm of the work, resource integration, and excellent communication skill with local workers. On the other hand, for the workers who return to Taiwan job market, face to the primary depression, adjust mindset, and balance work and family lives are the keys to a successful transfer.

Die vorliegende Studie analysiert die Ergebnisse einer bundesweiten Unternehmensbefragung zum Finanzierungsverhalten deutscher KMU. Im Fokus stehen die Verfügbarkeit konkreter Finanzierungsinstrumente für KMU und deren Akzeptanz im Mittelstand. Dies soll die derzeitigen Möglichkeiten und Grenzen des heimischen Banken- und Finanzsystems verdeutlichen. Darüber hinaus werden verschiedene Aspekte des Innovationsverhaltens der befragten Unternehmen beleuchtet. Es zeigt sich, dass die Finanzierung aus erwirtschafteten Gewinnen einen überragenden Stellenwert besitzt. Zudem werden neben dem traditionell verankerten Bankdarlehen, vor allem kurzfristige, flexible, aber teure Kontokorrent- und Lieferantenkredite für Investitionszwecke genutzt. Alternative Finanzierungsinstrumente, wie Mezzanine, Beteiligungskapital sowie auch Kapitalmarktfinanzierungen haben bisher nur eine marginale Bedeutung erlangt. Als mögliche Ursachen hierfür sind mangelnde Kenntnisse und persönliche Vorbehalte auf Unternehmensseite, aber auch die grundsätzliche Nichteignung dieser Alternativen festzustellen. So liegt das nachgefragte Finanzierungsvolumen bei KMU häufig unter den Mindestgrenzen derartiger Kapitalgeber. Staatliche Förderinstrumente, welche vor allem von größeren mittelständischen Unternehmen in Anspruch genommen werden, können dabei nur einen Teilbeitrag leisten, um die Finanzierungsrestriktionen zu reduzieren. Im Bereich der Innovationsfinanzierung zeigt sich daher vor allem bei mittelgroßen Projekten ein besonderer Finanzierungsengpass. / This study analyzes the results of a nationwide survey on the corporate financing behavior of German SMEs. The availability of specific financial instruments for SMEs and their acceptance from an entrepreneurial perspective is investigated. Therefore, the current possibilities and limitations of the domestic banking and financial system are illustrated. Moreover, various aspects of the innovation behaviour of the companies are highlighted. It is shown that funding from earned profits has an outstanding importance. Furthermore, beside the traditional Bank loan, especially the short-term, flexible but also expensive overdraft and supplier credit are frequently used for investment purposes. Yet alternative financing capital such as mezzanine, private equity as well as capital market financing instruments had only a marginal importance. Possible reasons for these findings are on the one hand a lack of knowledge and personal reservations from the entrepreneurial perspective. On the other hand, a general unsuitability of these alternatives partially is noted, e.g. the funding volume from SMEs is often below the requested minimum limits of these alternatives. State subsidies, which are taken mainly from larger SMEs, can only make a partial contribution to reduce these financing constraints. Finally, a special funding shortfall is highlighted for medium-sized project´s in the field of innovation financing.