DIAGNOSTICS OF A LIFE CYCLE PHASE OF THE INNOVATION-ORIENTED COMPANIES BASED ON THE CONTROL SYSTEM MONITORING
The article presents the authors' hypothesis on the nature of the relationship of innovative management of a company with the level of its economic and financial well-being. The recommendations for improving the management in innovative companies are justified. Traditional tools of financial analysis, which are used for the evaluation of the economic performance of innovative companies, can not be considered effective. This can be explained by the fact that these companies are forced to sacrifice the current economic and financial performance in order to achieve commercial success in the future. This situation is most typical for small companies. In order to assess the economic performance of innovative firms, one should not use traditional economic and financial indicators as being not able to give an objective evaluation of these results. A company performance must be evaluated not only by its economic and financial indicators. It is mandatory to consider the effectiveness of the management system and the quality of staff.