Фінансова стратегія антикризового управління малих підприємств України в умовах воєнних викликів

The article examines the characteristics and effectiveness of anti-crisis financial management of small enterprises in Ukraine under martial law. The relevance of the study is determined by the significant challenges faced by small businesses because of the full-scale war, including the destruction of infrastructure, disruption of logistics chains, decline in effective demand, forced relocation of enterprises, labour shortages and limited access to financial resources. The article summarises scientific approaches to interpreting the essence of anti-crisis financial management and determines its role in ensuring the financial stability and adaptability of enterprises in conditions of economic uncertainty. Attention is paid to the specifics of anti-crisis management in small businesses, which are characterised by limited financial resources, insufficient financial reserves and high sensitivity to external shocks. At the same time, small enterprises have certain advantages, such as flexibility in management decisions, the ability to quickly adapt business processes and restructure financial flows in response to changing market conditions. Based on the analysis of financial indicators of small enterprises for 2021–2024, including balance sheet data, financial potential and financial condition indicators, the main trends in the development of small businesses during the war period were identified. It has been established that in 2022–2023 the activities of small enterprises were characterised by a decline in liquidity, financial stability and profitability due to the negative impact of military and economic factors. However, in 2024 there was a gradual recovery of key financial indicators and a return of many enterprises to profitable operations, which indicates the adaptation of businesses to new economic conditions. The study proves that the implementation of an adaptive anti-crisis financial management strategy contributes to strengthening the financial position of small enterprises. The results of the study can be used to develop practical recommendations for improving the effectiveness of anti-crisis financial management of small enterprises in crisis and post-war conditions.