PROMOTING INNOVATIVE ACTIVITIES THROUGH ADVANCED MANAGEMENT AND FINTECH MODELS

Global economy is undergoing profound changes, impacting people's lives, businesses, and competitive landscapes. These shifts are driven by globalisation, continuous socio-economic development, the growing role of knowledge in the economy, and the intensified development and expansion of the European Union. In this evolving environment, new business models are becoming increasingly significant. Business and markets are no longer constrained by geographical boundaries. Products that were once confined to national markets are now exposed to international competition. With the removal of geographical restrictions, global markets for goods and services have essentially become operational around the clock. In response to these new challenges, companies adapt in different ways to new management and financial regulatory frameworks. To address the competitive challenges and increased competition, companies may choose to apply one or more business models that influence their overall performance. However, in the catering sector, particularly during the COVID-19 pandemic and quarantine periods, small and medium-sized enterprise managers have often neglected modern business management techniques, strategic planning, and company management. These elements are crucial for maintaining economic stability, forecasting future trends, addressing emerging issues, and safeguarding against factors that threaten business success and continuity. Recognising the increasing importance of strategic planning and management, alongside the need for scientific research and evidence-based recommendations, it has become essential to analyse a company's strategic position and its operational capabilities within this field. Every organisation must have a clear understanding of its current identity and future aspirations. For an organisation to grow and achieve its objectives successfully, it must employ advanced management methodologies and establish a well-defined strategy – a well-defined operational system. While setting goals can be straightforward, their realisation is significantly more complex. Once a company’s strategy is defined, it requires careful implementation. An action plan must be created to ensure the strategy's success, including budgeting, the development of an effective implementation mechanism, and tools for monitoring and evaluating the quality and progress of the plan. Employees responsible for specific strategy points and plan execution must be assigned. These are the next essential steps for the organisation. The key to success lies in responding swiftly to the ever-changing business environment and adjusting strategic directions and implementation measures as needed with a particular focus on strategic change management and the introduction of new, innovative management methodologies.