Creating winning SMEs and surviving in the midst of crisis: A conceptual framework
Industry and trade sectors are among the most important factors in the economy of a country. They serve as the driving force of an economy and a source of livelihood and community development. Since September 2008, the global financial crisis has dramatically impacted the economy of most countries a...
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| Main Authors: | , |
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| Format: | Conference or Workshop Item |
| Language: | English |
| Published: |
Academy for Global Business Advancement (AGBA)
2015
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| Subjects: | |
| Online Access: | http://repo.uum.edu.my/19448/1/AGBA12%202015%20727-735.pdf http://repo.uum.edu.my/19448/ http://www.agba.us/pdf/2015-AGBA-Malaysia-Conference-Proceedings.pdf |
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| Summary: | Industry and trade sectors are among the most important factors in the economy of a country. They serve as the driving force of an economy and a source of livelihood and community development. Since September 2008, the global financial crisis has dramatically impacted the economy of most countries around the world.To turn such adversity to opportunity, firms are required to increase their efficiency, reduce waste and consistently invest in innovation (Financial Crisis Inquiry Commission [FCIC] Report, 2011; Honohan, 2010). Furthermore, continuous performance in an organization is crucial as it determines whether a firm pre-determined targets can be achieved or vice versa (Goffin & Perkins, 2009).The issue was the measurement of performance in the context of corporate culture and finding out the link
between the success of an organization and corporate culture.To ensure the efficacy of an organization of securing long-term sustainable development and dealing with the changes, it is of utmost importance to optimize their performance significantly (Babeľová & Vaňová, 2014).Babeľová and Vaňová, (2014); Armstrong (2000) described the essence of performance management as an effort to obtain the best results by means of performance within a framework on planned goals, standards and attribute requirements or competence that has been mutually agreed. Considering the study of Mathis and Jackson (2005); Trebuňa (2011) which states that the process of performance management
system is comprised of employee‘s performance reward and improvement, measuring, evaluation,
encouraging and identifying.The definition of performance management according to Auginis (2007) is an on going process of developing, measuring and identifying the performance of an individual and teams and then matches it to the organizational strategic goals.Grant (1996) advises that the analysis of organizational knowledge gives insight into the relationship between organizational capability and competitive advantage, and he sees organizational capability as the outcome of knowledge integration.Meanwhile John Whitmore in Coaching for Performance (1997) regarded performance management as performance is the implementation of functions that are required from an individual; performance is an act, an achievement, and a public exhibition of skill.Small and medium enterprises (SMEs) are
considered to be the backbone of many economies and contribute greatly to a country‗s wealth (Lazányi 2014).Indeed, these enterprises represent an essential source of economic growth and development in advanced industrialized countries, just as they do in emergent economies (Robu 2013). The paper is concluded with a presentation of an integrated conceptual framework for Creating a Winning SMEs and Survive in the Midst of Crisis. |
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