Global Challenges Impacting SMEs Essay Example | Topics and Well Written Essays - 2500 words

Global Challenges Impacting SMEs - Essay Example As the research stresses globalized and integrated platform, it has become mandatory for the SMEs to develop their resources, capabilities and competencies for being able to confront and mitigate the completion and challenges arising from the developed and emerging countries and at the same time capture the new opportunities arising in the markets of these countries. For this purpose, the SMEs have to first identify the challenges and sources of challenges and prioritise the same so that they can prepare suitable strategic management plans and business development plans which are to be implemented for reinforcing the sustainability, growth and success of these enterprises. According to the dicussion findings challenging and dynamic global markets have created the need for the SMEs to compete with both domestic and international rivals. In addition to that, the need to consider a number of emerging issues like sustainability, ethical and environmental compliance , human rights management and the management of cross cultural business activities and diversified and homogenous human resource groups also act as key challenges that have to mitigated and managed by companies of all level. Nevertheless, in such adverse situations, the competitive capability of the SMEs is often questionable. The SMEs as business organizations face challenges because of two main aspects.