The main aim of the article is to identify specific management practices of small and medium-sized enterprises (SMEs), which determine processes of their growth and development, and then to determine the character and force of dependence between the identified practices and the growth and development of SMEs. It occurred that the HR practices and the monitoring of results determine significantly the growth and development of small and medium-sized enterprises in Poland and the Czech Republic. In order to accomplish the goal, the authors constructed a model of dependence and also made an evaluation of the significance and force of its influence. The unit data obtained from 383 companies operating on the territory of Poland and 381 ones based in the Czech Republic were used for this purpose. The data were analyzed statistically using structural equation modeling. The results point to, first of all, a substantial direct and indirect impact of HR practices on the growth and development of companies in the examined size class in both countries. We recognized four crucial factors of HR practices: (1) attracting talented people to the company, (2) rewarding well, (3) causing that employees know precisely their tasks, decision areas and responsibilities, (4) running an SME enterprise in such a way as to promote cooperation between employees and to create a good working climate. In addition to traditional human resource management practices, we observe in SMEs the need for introduction more humanistic management models focused on building commitment and employee satisfaction. The influence of HR practices on the growth and development of an enterprise is additionally strengthened by the monitoring of results. In the case of Polish enterprises, there is a direct impact of the monitoring of results on the development of a company. In the case of Czech enterprises, we have to do only with an indirect influence of monitoring practices on the company's development. Among studied monitoring of results variables, three should be particularly stressed. It is essential that managers and leaders define targets and measures of meeting the targets. The results obtained by the company should be also presented and discussed and monitored on a continuous basis. Results could allow SME's practitioners a better understanding of crucial factors they ought to focus their management efforts. Keywords