Abstract
Modern enterprises appear to be more and more focused on their intangible assets, among which the intellectual capital plays an important role. One of its components – relational capital – is an essential value of an organization as it helps build long-lasting relations between the company and its stakeholders. This, in turn, leads to a business’ competitive advantage. With the help of a research conducted, this study attempts to assess the relations between small and medium-sized enterprises (SMEs) and their business environment institutions.