The purpose of this article is the identification and prioritisation of stakeholder groups of small and medium-sized enterprises in the Czech Republic. The prioritisation of stakeholder groups was performed on the basis of the professional judgement of respondents and the Stakeholder Circle Methodology for ensuring objective prioritisation without personal influence of respondent. According to results of the author’s research it is clear that priorities assigned to stakeholder groups based on the professional judgement differs from priorities assigned based on the Stakeholder Index in the Stakeholder Circle Methodology. Author analysed if there is any statistically significant relationship between the Stakeholder Index and priority in the Stakeholder Circle Methodology. This hypothesis was confirmed at the 99% confidence level.