Advisory Services and Economic Efficiency of the Slovenian Family Enterprises

Abstract

We have empirically analysed connection between the use of business advising services and the efficiency in business performances of the Slovenian small- and medium-sized firms. The empirical evidence is gathered with surveys using the written questionnaire. The obtained dataset is used in the quantitative empirical analysis. With the statistical methods, correlation and multivariate factor analysis we have shown a strong positive influence of business advising services on business efficiency in the sample of the Slovenian small and medium-sized family firms. The economic efficiency of the analyzed family firms is determined strongly by entrepreneur’s satisfaction considering consultant’s work, quality of gained advisory solutions, consideration and implementation of gained advices into professional family run businesses. The obtained results of the quantity analyses show opportunities for the greater impact of the business advising services assisting small and medium-sized family business to improve economic efficiency.