In recent decades, scientists have paid increasing attention to the strategic management process in medium and small enterprises. Until now, researchers were mainly focused on large enterprises, therefore a large part of strategic management theories and models are developed for large corporations. In year 2010, Latvian micro and small enterprises compose 96.6% of the total number of companies and, therefore, regarded as a very important pillar of the national economy. Development of new strategic management models for small businesses is a very big challenge, because they are very individual and distinct from the large companies. Authors are willing to study the strategic management of Latvian small businesses and to analyse the factors that affect these processes. The study was conducted in-depth and structured one-to-one interviews with seven managers from small enterprises. The main conclusion obtained through data analysis, is that small business managers in general understands the importance of strategic management in business development, and even use some of those forms, but it is unconscious and non-standardized process. Authors believe that the small businesses would need to pay more attention to the company's strategic management process formalization, that is, to define medium-term and operational goals, systematically collect and analyse obtained information, to increase the importance of analytical data in decision-making, to ensure greater flow of information between employees and managers in the company's development.