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Social networks usage is prerequisite for the functioning of companies and their competitiveness. Important is the level, focus of their usage and link with company process. This research will focus on SMEs, how they use social networks and how it affects their innovation potential. The aim of this research is to determine the importance of social networks for SME´s competitiveness and long-term stability. For achieving this goal, 359 European SMEs were researched (2017-2019), 2 main research questions and 7 hypotheses were formed. Pearson´s correlation, Stepwise regression were used and the reached results were verified by experimental testing. The research results showed that companies, which are using social media, main as a component of their business are active at using modern technologies and are declaring the importance of social networks for the development of innovation potential. Fastness and reliability of communication are crucial for business operations in the company. Social networks offer many opportunities and connections between strategic planning, controlling management and performance level. All SMEs mostly use Facebook, and this does not depend on size, age or industry. The research results lead to the understanding, that social networks together with controlling oriented management are supporting SME business activities and their innovation potential and long-term stability in hyper-competitive environment.