BUSINESS DIVERSIFICATION OPPORTUNITIES FOR SMALL AND MEDIUM ENTERPRISES IN LATGALE REGION

Authors

  • Liga Mieze Mg.soc.sc., student, Rezekne Academy of Technologies, Rezekne
  • Anda Zvaigzne Dr.oec., associated professor, leading researcher, Rezekne Academy of Technologies, Rezekne
  • Aļona Klodane Mg.soc.sc., lecturer, Rezekne Academy of Technologies, Rezekne
  • Aija Cerpinska Mg.soc.sc., lecturer, Rezekne Academy of Technologies, Rezekne

DOI:

https://doi.org/10.17770/jresd2023vol15.7332

Keywords:

small and medium enterprises, business diversification, Latgale region

Abstract

Purpose and aim of the study: The present research aims to identify and assess business diversification opportunities for small and medium enterprises in Latgale region.

Design / Methodology / Approach: The research also conducted an expert survey, and all the experts indicated that the introduction of new products/services is an important and very important opportunity for small and medium enterprises to grow. In addition, most of the experts indicated that implementing a diversification strategy by a company would contribute to reducing/diversifying risks thereto.

Main Findings: The research identified the following disadvantages that could arise from business diversification: a decrease in quality (all available resources and attention are redistributed to several industries/products of diversification) and a lack of resources (human, technical and financial), depending on the kind of diversification strategy and the specifics of the company’s economic activities.

Originality: The research gives insight into the theoretical aspects of diversifying the economic activities of enterprises and analysed development opportunities for small and medium enterprises in Latgale region.

Implications: With the rapid growth of the market, small and medium enterprises need be able to effectively adapt to changing conditions, and consequently business diversification becomes important for such enterprises.

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Published

28.11.2023

How to Cite

Mieze, L., Zvaigzne, A., Klodane, A., & Cerpinska, A. (2023). BUSINESS DIVERSIFICATION OPPORTUNITIES FOR SMALL AND MEDIUM ENTERPRISES IN LATGALE REGION. Journal of Regional Economic and Social Development, 15, 40-49. https://doi.org/10.17770/jresd2023vol15.7332