Miller told HR magazine the nature of SMEs makes alignment of employees and values significantly more important than in large corporates.
It is especially vital when companies grow and the founders have to hand control over to other leaders they have recruited.
"The first stage is the entrepreneurial or start-up stage, where employees can easily fit around one table," she said. "After that it moves to the emerging enterprise, where more formal structures and job roles have to be defined."
Miller said this can lead to challenges as a founder cannot personally control all the values after a certain point.
She added that as companies grow, it becomes crucial that all formal communications and practices follow the values, to ensure they are not lost.
Recruiting people who are aligned with the ethos of the organisation also becomes increasingly important.
"Often these companies won't have dedicated HR departments, which makes exceptional people management key," she said. "How you articulate your values to your employees suddenly becomes incredibly important."
Miller's full research will be unveiled at the CIPD's HR in SMEs conference in London on 12 May. She will also chair the event.
Read HR magazine's report on the HR and the SME growth cycle.
