Undertaking structural and systemic changes in the function of company competitiveness in Bosnia and Herzegovina

Competitiveness is the main source of business and financial success of a company. It does not stem from coincidence and 'lucky circumstances', because it is the result of carefully run business and development policy. In addition, achieving and maintaining competitive ability requires continuous redefinition and adjustment of structural assumptions of the company's functioning, at the latest through formal bankruptcy procedures. Therefore, perceiving the state and key sources of (non)competitiveness of domestic business, one should understand the intention to suggest necessary changes in order to improve the competitiveness of companies and the economy as a whole. The key message to be addressed is that the country needs to undertake systemic changes to 'encourage' and support competitiveness in the micro-sphere of business, thereby enabling the improvement of macroeconomic aspect. In that sense, it seems (systemically) challenging to affirm the real scope of bankruptcy procedures. For bankruptcy is not a 'bugbear'. On the contrary, if it is efficiently undertaken, bankruptcy is an effective allocative mechanism of scarce resources for more productive uses, but also a chance of a new start and more competitive business.