Sample Essay
It is essential for a business to be able to service the first five years after its launch or inception. Small firms which are able to survive this initial period are able to maintain their business in the long term and are more able to have successful growth. However it also needs to be highlighted that market environment as well as the competencies of the firm can ensure success of the micro or small firm. “The future involvement of a firm is, to a large extent, influenced by its behaviour shortly after establishment. Results further indicated that the development of resources in support of international market competitiveness may be regarded as the key issue and that the basic resources and competencies of the firm are determined during the establishment phase.” (Moen & Servais, 2002)
The human resource management and development strategies of the small firm can also influence the growth of the firm in the future. The larger firms have to increase productivity in order to be efficient and cover their costs of operations while the smaller firms are able to develop their human resource to be effective, efficient as well as highly specialised. “Unlike larger firms focusing on a pay based incentives to recruit and retain employees, small companies invest in their IT staff for a longer period, as they offer technical training and benefits contributing work and life balance, job security, flexibility, and growth opportunities. Moreover, mid-market firms are likely to have new IT jobs, as 60 percent of its composition expects further growth.” (Peter, 2007) additionally the management of the small firms can make way for future growth and success of the small firms and companies in the following decades.
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