A COMPREHENSIVE REVIEW OF LITERATURE PERTAINING TO FINANCIAL AND NON-FINANCIAL INDICATORS ON THE PERFORMANCE OF SMEs: EVIDENCE FROM THE TOURISM SECTOR

The study aims to bring to the attention of tourism managers and entrepreneurs an up-to-date review of the information sources related to the most important financial and non-financial indicators used in the decisional environment in order to determine the adaptation strategies of a company to the marketplace. The data has been collected, starting in august 2022, by analyzing the Scopus database from three perspectives: indicators, performance and tourism. 90 articles have been identified based on the criteria commonly used during the last 10 years. The results show that the indicators are used both from the financial and non-financial perspectives. Last, the main indicators used in the management of the smart enterprises in tourism have been identified. These indicators are clustered together in a portfolio of analysis methodologies, such as balance score card, specific to each company, which are the foundation of the process of adoption of the strategic decisions concerning the companies’ adaptation to the marketplace. This study is among the first to offer theoretical and empirical proofs of the manner in which the non-financial indicators become key aspects in the administration of the tourism businesses. The implementation of the new strategic pathways and the continuous evaluation of the results obtained will provide the tourism businesses long term competitive advantages and they will ensure a lasting loyal customer base.