Enhancing Competitiveness of Small Firms: Strategic Approaches and Empirical Insights

Abstract

Small firms represent a vital segment of economies globally, contributing to innovation, job creation, and economic growth. However, they often face significant challenges in competing with larger enterprises. This article explores strategic approaches and empirical insights aimed at enhancing the competitiveness of small firms. Key strategies include leveraging digital technologies, optimizing operational efficiencies, enhancing customer relationships, investing in human capital, harnessing data analytics, and fostering strategic partnerships. Empirical evidence highlights the effectiveness of these strategies in improving market position, profitability, and sustainability for small firms.