Foresight technologies in financial provision of small business in Ukraine

Human resource management (HRM) is one of the elements enabling an organization to remain competitive in turbulence conditions. The effective practice of HRM makes competent and innovative employees contributing to the achievement of organizational objectives. This study aims to analyze HRM practices in creating innovation and organizational performance. The questionnaire was used to measure the respondents’ perceptions of variables used by a Likert scale. A survey of 126 manager samples and middle managers at export-oriented short and medium enterprises (SMEs) in Bali, Indonesia, was conducted to test the model. The analysis has shown that the proposed model was proven to be compliant with the research hypotheses. HRM significantly affects organizational performance and innovation, and it was found out that innovation can improve organizational performance. However, in the process of simultaneous testing, it was found out that innovation cannot improve organizational performance. The lack of attention to investments in human resources became one of the barriers to SMEs in creating innovation.

In the process of small business establishment and development, it is very important to understand both the financial needs of entrepreneurs and the main obstacles and difficulties arising in the way of financing. Alternative sources of financial support, along with traditional ones, create opportunities to increase funds, but the solution to the issue of their attraction should be based on modern effective methods and decision- making technologies. The article uses the decision tree method to determine the optimal alternative to financial support of small business at the early stages of the life cycle. The results highlight the importance of alternative source of resources for small business entities, namely business angels’ means. The empirical and statistical analysis confirms that access to alternative sources of financing for small businesses in EU countries is improving, while in Ukraine, informal financing is a rather new and underdeveloped area. Based on the analysis of the advantages of using the business angels’ funds, it was concluded that they need to implement their potential in small business of Ukraine. The results show that the decision tree method is an effective tool for deciding on the prioritization of a financial alternative to the small business, and is characterized by ease of use, forecast precision and problems solution novelty.

Since the beginning of the administrative and territorial reform in Ukraine, the financial decentralization process has been intensified. It aims at optimizing the budgetary resource redistribution in order to make communities financially independent. This significantly increases the financial capacity for self-organization and self-development of a united territorial community, which determines the need to apply valuation methods to increase the territory’s investment attractiveness.
The article outlines the peculiarities of the united territorial communities (UTCs) management under fiscal decentralization, taking into account the need to apply current methods of value-oriented management. At the same time, the use of SWOT analysis as one of the methods of value-oriented management made it possible to evaluate the efficiency and attractiveness of UTCs under decentralization. The financial activity of 665 UTCs was analyzed and the model for managing the united territorial community was created. It is emphasized that the modern understanding of financial support for united territorial communities remains unresolved today, and the expediency to introduce changes in the UTC, which envisage using the subsidiarity principles, is not justified.
The key directions for managing the UTCs are identified. This refers to communities that began their activities and already faced the first challenges: management of available resources, provision of needs and sustainable development of the community, changes in the ratio of their income and expenditure components, increase in the budget income per capita.
It is recommended to focus on tools of value-oriented management in the united territorial communities in order to attract investors and increase the financial capacity of local authorities.