Target Orientation of Financial Management in Manufacturing Enterprises

Abstract

Innovation in financial management is an up-todate and key option for increasing the performance of manufacturing businesses and achieving their intended goals. Entrepreneurial subjects are taking advantage of the period of recession and the slowdown in the changes, the impact of the economic crisis on the release of pressures and the negative trends in the development of the business environment. They are open to new challenges and opportunities to strengthen and improve their performance, achieve better economic performance and focus on sustainable development that will support the long-term and lasting nature of its existence. The main objective of this contribution is to analyze the possibilities of using new methods and approaches in the financial management of production enterprises, to identify the benefits and threats of the target orientation in financial management, to propose an appropriate system of transfer of acquired knowledge into the business sphere. The main benefit of this contribution is the presentation of an innovative approach to financial management, which is the target orientation, the results of the survey on the possibilities for implementation in small and medium sized enterprises, the formulation of the positives and the negatives of target orientation of the financial management, and the proposal to transfer knowledge from this area to the financial management of the manufacturing enterprises.