-The purpose of the article is to explore opportunities for rethinking the strategy of small and medium enterprises (SMEs) using the "Blue Ocean" concept and its inherent value innovation paradigm as an alternative to the traditional competitive strategy rationale. The paper also highlights important aspects of analytical tools of a relatively less known practice for Bulgaria, such as the "Strategy Canvas", the "Four Actions Framework", the "Eliminate-Reduce-Raise-Create Grid" and the "Six Paths Framework", and shows how to apply them when analysing and creating a new and uncontested market space. Special attention is paid to the possibilities concerning the practical use of the described tools in a leading SME from the Bulgarian knitwear industry.Keywords -"Blue Ocean" strategy, small and medium enterprise (SME), strategic management, value innovation.

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Abstract:The present paper's research objective is to reveal the specifics and capabilities of the accountancy to serve as an information base for planning of the business of SMEs. In this regard, a research method (a survey) focusing on study of documentation in a number of Bulgarian SMEs has been carried out. Based on the results gained after the implementation of the research method, main sources of information for planning purposes in SMEs have been synthesized and evaluated. The main conclusions are that due to relatively high level of quality, actuality and availability, the accountancy-based data can constitute a major source of information for planning purposes in SMEs.

Analyzing the strategic aspects of managerial accounting in the context of reporting in industrial SMEs is a critical management issue. This paper aims to present the main results of an empirical study on this topic among some SMEs from the knitwear industry in the southern part of Bulgaria. Analytical and synthesis methods, descriptive statistics, and comparison techniques are used for this study. All the companies studied have been on the market for more than ten years and have experienced and well-trained managers and other characteristics that imply the availability of managerial reporting/accounting and the application of adapted models for strategic planning in SMEs. The analysis is intended to draw basic conclusions about the application of strategic management accounting in SMEs. In addition, the authors’ broader intention is to propose ideas for improving the strategic management reporting techniques that could be useful for management, especially in cases where strategic planning has been implemented. The authors find that the owners or managers of SMEs in Bulgaria are not aware of some features of management accounting that could be useful for their business, especially for strategic planning. It is believed that the range of services offered by external accounting organizations limits the level and thus the role of management accounting information for strategic management. Observations show that some models and techniques that could be good indicators of high risk of business failure are not applied because of the limited information base.

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