INNOVATION ACTIVITES – PARADIGM OF LONG-TERM DEVELOPMENT OF SMALL AND MEDIUM ENTERPRISES
- 1 Faculty of Economics, University Dzemal Bijedic, Mostar, Bosnia and Herzegovina
The aim of this work is a reflection of the impact of innovation activites in the development of small and medium enterprises, especially in the long run. Innovation activites the trend of modern business, but at the same time is a prerequisite for sustainable long-term development.
On the basis of small and medium enterprises is instability, which is the result of inadequate business. Under inadequate shall be deemed to be a business that is unable to meet the demands of the business environment. Given these shortcomings, this paper will demonstrate the impact of innovation activites to increase the profitability of small and medium-sized enterprises in the long term.
The application of innovation activites in small and medium-sized enterprises includes organizational changes, starting with the method of management that will promote culture and climate that will encourage the adoption of new knowledge, skills, tools and all druh’s requesting to be placed in front of the business.