The Factors that Promote Business Growth Opportunities for SMEs in Latvia in Wholesale and Retail Trade Sector

This study seeks to explore the factors that promote and limit business growth opportunities for SMEs operating in Latvia in the field of wholesale and retail trade. The objective of the research is to emphasize the significance of finances and innovation and to investigate the correlation between the finances and firm’s growth. To achieve the aim of the study quantitative research is applied. This study is exploratory and interpretative in nature, with data collected via multiple sources of evidence, incorporating online survey, business reports and previous researches. The respondents of the survey were identified randomly from SMEs database and were selected depending on size and scope of activities. The results of the research reveal that the growth of SMEs is influenced by factors such as finances, human resources and innovation. The most obvious finding to emerge from this study is that access to finances remains a major obstacle for SMEs and limits their growth opportunities. Despite the importance of the subject, there exists a paucity of researches scrutinizing this issue. Consequently, it is hoped that this research will contribute to a deeper understanding of the subject and will equip policy makers, managers and researchers with useful evidence and insights.