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Sample Essay – HRM
“The skills required include leadership and management, developing management systems and techniques and team building. Other skills include planning, delegation and financial management.” (Fuller-Love, 2006) The skill of the management, their strategic insight about the market and their skills pertaining to managing resources and people can directly effect the future growth pattern for the small firms.
In the past the role of the information technology has been very strategic and influential in shaping the growth and the success of the small firms. The innovation in technology and the advancement in the communicative technology allow the smaller and micro firms to operate dynamically and operate in accordance with a much larger market.
This enables them to compete with the much larger companies in the market increasing competition. “Changes in technology, economic restructuring, new patterns of consumer behaviour, effects of high unemployment et al are some of the factors contributing to the expansion of small businesses” (‘The role of the small firm in the UK economy’, 1999)
In the ensuing decades, information and communicative technology are set to advance more innovatively on a vats scale. This will provide form new avenues for small firms to invest in and make way for growth in the new and niche markets.
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