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Purpose: The article aims to analyse the theoretical foundations of value management in both large enterprises and small and medium-sized businesses. Design/methodology/approach: The achievement of the objective involved the critical review of both national and international literature as the primary research method. Originality/value: Financial management, in theory and practice of a developed market economy is characterized by high dynamics, high level of evolution of the subject, scope and determinants of decisions made. At the same time, the basic goal of all enterprises is effective financial management as a determinant of the success or failure of an economic unit. When analyzing the financial management process, first of all, it is necessary to define the main goals, functions and management instruments, and then compare the company's goals with the goals of financial management. In the literature on the subject and in practice, you can meet many goals of the company's activity, i.e. maximizing profit, maximizing sales, achieving a satisfactory level of profit, survival of the company, but all these categories are directly or indirectly related to the profitability. However, the qualification of profit maximization as the superior goal of the enterprise raises a lot of controversy. On the other hand, profit maximization should not be treated as the goal of the company's activity, as it focuses on current effects, ignoring such an important issue as the structure of revenues over time. This gap is filled by maximizing the value of the owners' wealth. Undoubtedly, the main goal of the company is to maximize the financial benefits of the owners. Therefore, the question arises if this issue can be treated as the primary goal in the group of small and medium-sized enterprises. Each unit that conducts business activity must have at its disposal adequate capital which is the basis for the initiation and development of the company's activity. This capital can be obtained in many ways, but a significant part has to be contributed by co-owners. Of course, there are many groups of co-owners ranging from shareholders to sole proprietorship. Each shareholder expects to achieve specific benefits. Thus, he wants to be entitled to a share in the company's profits. The investment will be made in such a unit that will allow to obtain the greatest benefits, and therefore obtain the highest rate of return. [ABSTRACT FROM AUTHOR]

Purpose: The article aims to propose a model for enterprise value management for micro, small and medium-sized entities. In literature, the concept of enterprise value management is commonly associated with large organizations that possess well-established accounting, financial, or controlling departments. Furthermore, they have the necessary potential and resources to implement a fairly complex enterprise value management system. The situation is different for small and medium-sized entities. These businesses often do not have their own accounting department, outsourcing accounting to external providers, and they tend to see accounting as a necessary evil. The purpose of the model is to define the foundations of value management in SMEs and develop a simplified, organizationally effective and cost-efficient solution that could become the first step towards value management in such entities. Design/methodology/approach: The proposed recast financial statements will provide clearer information on the financial condition of economic operators. Findings: The financial statements were analysed in terms of the availability of information necessary for value management in a group of small and medium-sized enterprises. Financial statements prepared in accordance with the Accounting Act or IFRS were found not to provide the information necessary to manage the value of the company, hence the proposal for its transformation and appropriate improvements. Practical implications: The presented model can be applied by a group of small and mediumsized entities that will be interested in multiplying the value for the owners and that do not have the appropriate background in the form of finance and accounting departments. [ABSTRACT FROM AUTHOR]

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