Write an essay on Impact of Global Recession on the Business Perspective of Small and Medium Enterprises.
The prime of this research study is to identify and analyze several factors and concepts related to global recession. Therefore, it is expected that the outcome of the research will able to depict several factors and concepts that can have impact on the business perspectives of small and medium enterprises. In this research study, the impact of global recession on the small and medium enterprises has been discussed. The study will also discuss about the research outline, research philosophy, research approach along with qualitative and quantitative data collection method.
For this particular research study, the researcher will consider positivism research philosophy, descriptive research design and deductive research approach. The researcher will consider these factors so that the study can able to cover all the factors related to global recession that can have impact on the small and medium enterprises. For the collection of data relevant to the study, the researcher will include both quantitative and qualitative research method.
As mentions by Price, Rae and Cini (2013) quantitative data collection method has the potential to identify the trend relevant to the research topic. The article also mentions that research activity including mathematical intervention for manipulating the captured data is known as quantitative research method. Since, identification of the factors of global recession that can have impact on the business perspectives of small and medium enterprises requires mathematical intervention. Quantitative research method will help the researcher to capture several perspectives of the research study in a much more effective way.
The quantitative research method includes the many steps that can help the research study to add value to the outcome. The steps are described as follows:
For achieving the desire result for any particular research study, quantitative research method is very important. In addition, quantitative research method will also help the researcher validate the above mention steps for the successful completion of the research study. As per the article by Gaggioli et al. (2013), validation of each step is necessary for the successful completion of the research study. Moreover, quantitative research method will also help the researcher to cover all the perspective related to global recession, which will eventually create positive impact on the overall outcome of the study.
Apart from the validity and reliability, quantitative research method will provide assistance for maintaining the consistency of the entire research study. Maintaining consistency for the completion of the research study is important, as it will help the researcher to identify the inter-relationship among several factors of the research study.
As per the article by Onwuegbuzie and Frels (2013), qualitative research method can help the researcher to capture in-depth information about the research topic. Since, global recession impact on the small and medium enterprises is a broad topic, implementation of qualitative research method is crucial. Since, the findings of the qualitative research method have the potential to provide added value to the research topic. Qualitative research method will also help the researcher to provide detail description about the research topic.
As mentions by Pickard (2012) qualitative research method is much more descriptive as compared to the quantitative research method. It also includes several steps that the researcher will have to consider in order to complete the entire research study. The steps for implementing qualitative research method are as follows:
Article 1: Small business responses to a major economic downturn: Empirical perspectives from New Zealand and the United Kingdom. International Small Business Journal, p.0266242612448077. (Smallbone et al. 2012)
As mentions by the article by (Smallbone et al. 2012) many small medium enterprises operates on a tightly controlled cash flows. Since, these organizations often do not have large available resources to input more cash for the success of the businesses. Therefore, small and medium enterprises look to utilize available money effective so that the organization can able grow in the target market. However, recession minimizes the purchase pattern of the people. Therefore, it also have huge amount of negative impact on the cash flow for the small and medium enterprise. At the time of recession, many small businesses face the issues of late payment that created huge amount of negative impact on the business perspectives of the small business enterprises. Therefore, the article highlights that recession primarily affected the entire cash flow for the small and medium enterprises. Therefore, it induces small organizations to borrow more from the market that eventually create negative impact on the business aspects of the organization.
As mentions in the article by (Smallbone et al. 2012), the success of the small and medium enterprise heavily depends on the few major customers. Since, majority of the small companies generate their bulk of the revenues from these few prestigious customers. However, as mentions earlier recession cause people to spend less. As a result, many small businesses have to face challenges regarding the loss of demands. In fact, recession has caused many small organizations to close the businesses due to the lack of demand. Furthermore, the article highlights that recession can also force big organizations to close several branches to minimize the loss. Therefore, it also creates negative impact on the overall demand of the small and medium businesses. Since, many small and medium business enterprises heavily depend on these large organizations in order to generate higher revenue.
From the above discussion, it can be assess that global recession has the potential to create huge amount of negative impact on the purchasing pattern of the people, which eventually results in the loss of demand. Thus, qualitative and quantitative research method will help the researcher assess the factors that have major impact on the loss of demand for the small and medium enterprises.
Article 2: Strategically surviving bankruptcy during a global financial crisis: The importance of understanding chapter 15. Journal of Business Research, 67(1), pp.2738-2742. (Evans and Borders 2014)
As per the article by (Evans and Borders 2014) many organizations reduces their number of staffs in order to cope up with the adverse impact of global recession. Since, global recession leads to the financial shortage that eventually results in the budget cuts in whatever way possible. Now, the article mentions that one of the most popular ways of reducing the budget of any organizations is minimizes the employee strength. In addition, as recession minimizes the overall demand for the organizations, organizations feel that they can easily cope up with the existing demand of the market with the reduce workforce. However, these staff reduction procedure has created huge amount of negative impact on the economic prosperity of any society.
In addition, the article also highlights that global recession induces small and medium organizations to close or reduce many businesses. Therefore, it induces investors to invest less for reduce investment. Furthermore, global recession also increases the amount of risk for the investors to consider. Since, at the time of recession, global market also changes to a certain aspect. Therefore, it eventually increases the risk associated with the investment. The article also mentions that reduced investment badly affects industrial production. Therefore, it minimizes overall production level of the entire community, which eventually will affect business perspective of the small and medium enterprises as well.
The article highlights that global recession reduces number of staffs and investment for the economy. In this regards, quantitative and qualitative research method will help the researcher identify several perspectives related to the identified issue in the article.
Conclusion:
The purpose of the quantitative research study is to evaluate collected information for the fulfillment of the research objectives. On the other hand, qualitative research method will describe the global recession phenomenon in a much more effective way. In case of qualitative research method, the researcher plays a key role in evaluating different perspective of the research study. On the other hand, researcher remains neutral at the time of implementing quantitative research method.
References:
Evans, J. and Borders, A.L., 2014. Strategically surviving bankruptcy during a global financial crisis: The importance of understanding chapter 15. Journal of Business Research, 67(1), pp.2738-2742.
Gaggioli, A., Pioggia, G., Tartarisco, G., Baldus, G., Corda, D., Cipresso, P. and Riva, G., 2013. A mobile data collection platform for mental health research. Personal and Ubiquitous Computing, 17(2), pp.241-251.
Onwuegbuzie, A.J. and Frels, R.K., 2013. Introduction: Toward a new research philosophy for addressing social justice issues: Critical dialectical pluralism 1.0. International Journal of Multiple Research Approaches, 7(1), pp.9-26.
Pickard, A., 2012. Research methods in information. Facet publishing.
Price, L., Rae, D. and Cini, V., 2013. SME perceptions of and responses to the recession. Journal of Small Business and Enterprise Development,20(3), pp.484-502.
Smallbone, D., Deakins, D., Battisti, M. and Kitching, J., 2012. Small business responses to a major economic downturn: Empirical perspectives from New Zealand and the United Kingdom. International Small Business Journal, p.0266242612448077.
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