CONCEPTUAL APPROACHES TO THE FORMATION OF SMALL BUSINESS DEVELOPMENT STRATEGIES

Résumé

Small businesses are pivotal to economic growth and innovation, yet developing effective strategies for their growth poses unique challenges. This article examines conceptual approaches to the formation of small business development strategies, integrating theoretical frameworks with real-world insights. It discusses the importance of small and medium enterprises (SMEs) in the economy, modern strategic planning approaches suited to small firms, key factors influencing strategy formation, and the challenges SMEs face. Conceptual and theoretical frameworks – including resource-based views, dynamic capabilities, and effectuation – are analyzed to understand how small businesses formulate strategy. The paper incorporates relevant statistical data and case examples (with a focus on Uzbekistan and international contexts) to illustrate current trends, such as digital transformation and innovation in SME strategy. Modern strategic planning methods and tools are reviewed, and the influence of internal resources, external environment, and institutional support on SME strategy is explored. The article concludes with strategic recommendations to enhance small business development, emphasizing formal planning, innovation, capacity building, and supportive policy measures for sustainable SME growth.