International Journal of Management, Accounting and Economics Vol. 8, No. 4, April, 2021 ISSN 2383-2126 (Online) © Author(s), All Rights Reserved www.ijmae.com 195 Original Research Impact of Working Capital Management on Organizational Performance: Evidence from Small Enterprises of Bangladesh Mohammad Mizenur Rahaman 1 , Md. Zillur Rahman, Syed Towfiq Mahmood Hasan, Mrinmay Roy Department of Business Administration, Shahjalal University of Science and Technology, Sylhet -3114, Bangladesh Abstract The main purpose of the study is to discover the impact of working capital indices on the organizational performance of small manufacturing firms in Bangladesh. This study was mainly conducted based on a quantitative research method while data collection was performed by researchers themselves with face-to-face interviews of owners and managers from nine manufacturing sectors. Data were collected from 98 manufacturing small enterprises from four different districts conveniently based on access priority. Data analysis was performed using SPSS, and simple OLS model was developed based on regression analysis to understand the impact level, while correlation and descriptive statistics were produced to understand the scenario and relationship among the variables. This study found that days receivable outstanding (DRO), current ratio (CR), networking capital turnover (NWCT) have a direct impact on the profitability of the firm while days’ inventory outstanding (DIO) is not a determining factor for the financial performance of those firms. This study has practical implications in the field of small manufacturing industries in Bangladesh as well as in developing countries for managing working capital in their firms. Keywords: Working capital Management, small enterprise, profitability 1 Correspondig Author’s Email: mizen-ban@sust.edu