Decision making is one of the basic management activities. At the top level of businesses there are strategic decisions that unlike tactical and operational decision making is more complicated, more complex and the consequences of strategic decisions are long‐term character.
Small corporations are an important part of the economy in developed countries. According to the National Agency for Development of Small and Medium Enterprises (SMEs) in OECD countries represent more than 95% of the total number of all enterprises, while their share in the creation of added value is around 50% and the share of employment is within the average of about 60–70%.
The economic crisis has strongly affected the economy in this area, and thousands of small corporations declared bankruptcy. Most of them are dependent on a limited number of customers or subscribers and sales further decline. It is likely that in the form in which they are working now, they will not be able to survive the economic pressure of competitors.
It was found that effective strategic decision making significantly increases performance, success, and survival of small and very small corporations. Insight into the process of strategic decision‐making small corporations is therefore important professional experience and literature. It presents a topic that received insufficient attention in comparison with the process of strategic decision making in large enterprises.