Small and Medium Enterprises – SMEs as a whole play a very vital role in the stability of a country’s economy and this importance becomes more relevant in the wake of the recent financial crisis which started in the United States of America and eventually affected other parts of the world like a giant tidal wave which swept the entire financial sector of the world.
The role of SMEs in trying times of today becomes all the more relevant and important as larger organisations continue to report huge losses and file bankruptcies due to a large credit crunch and deteriorating economic conditions. The importance of SMEs in a recovering economy is quite significant as in times of an economic downturn the small and medium enterprises take benefit of strategic business conditions and grow with the stable recovery in an economy. In light of recent events and given the significance of SMEs in recovering economies, the need to support SMEs and address several problems related to SMEs is elevated. SMEs face several problems related to financial management, human resources and marketing management. In order to solve these problems the appropriate identification of these problems is necessary. This essay highlights the financial management problems faced by SMEs by answering a critical research question. The essay addresses the question what the major problems of financial
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