In recent decades, scientists have paid increasing attention to the strategic management process in medium and small enterprises. Authors are willing to study the strategic management of Latvian small businesses and to analyse the factors that affect these processes. 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.