Application of Lean Management Tools in a Circular Economy Model from the Perspective of Financial Security of SMEs

Purpose: Presenting the possible application of lean management tools in SME sendee enterprises in a circular economy model. Demonstrate where lean philosophy can contribute to efficient resource management, waste reduction and financial security for SMEs. Design/methodology/approach: Critical analy...

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Bibliographic Details
Published inEuropean Research Studies Vol. 26; no. 4; pp. 44 - 61
Main Authors Szczerbak, Monika, Oziębło, Małgorzata
Format Journal Article
LanguageEnglish
Published Anixis Professor El Thalassinos 01.10.2023
Subjects
Circular economy
Consumption
Cost reduction
Economics
Efficiency
Environmental impact
Environmental protection
Innovations
Lean manufacturing
Management tools
Philosophy
Raw materials
Recycling
Resource management
Supply chains
Poland
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Summary:Purpose: Presenting the possible application of lean management tools in SME sendee enterprises in a circular economy model. Demonstrate where lean philosophy can contribute to efficient resource management, waste reduction and financial security for SMEs. Design/methodology/approach: Critical analysis of scientific literature was employed, was conducted to assess the maturity level of applied management tools, including Lean tools, by SMEs, as well as their familiarity with the principles of the circular economy model in Poland and in entities affiliated to international organisations. Findings: The study highlights the validity of implementing Lean Management tools within the circular economy model and identifies the specific areas where Lean tools can be employed. It has been confirmed that environmental protection efforts and quality enhancement lead to increased operational efficiency, cost reduction, and improved company image, ultimately contributing to financial security. Practical implications: The practical use of lean management tools such as Kazizen costing, Design for Disassembly, One Piece Flow will accelerate the implementation of circular economy. Moreover these tools increase the company's financial security and resistance to market risks as well as optimize resources, help to reduce costs and improve quality. Originality/value: The added value of the article lies in enriching the knowledge about evaluating the maturity level of management tool utilization and familiarity with the circular economy assumptions in Polish SMEs from the senice sector. The study also identifies areas requiring further work and development, as well as the benefits that companies can achieve by implementing Lean Management.
ISSN:1108-2976