Reference no: EM131507268 , Length: word count:3000

Topic for research is driving issues in victoria.

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IMPACT OF RECESSION ON SMALL AND MEDIUM ENTERPRISES (SMEs)

RESEARCH PROPOSAL

A Research Proposal submitted to the School of Business and Law, in fulfilment of the requirements of BUSN20016 (RESEARCH IN BUSINESS) for the degree of Master of Management for Engineers

SECTION I

INTRODUCTION

Small and Medium Enterprises (SME's) are the major contributors to the economy of many countries and within the European Union (EU) itself, they produce a turnover of 50 million euros (Lin & Ma, 2010). They are an important part of most western countries accounting for two-thirds of all employment but, when Recession occurs, they face a lot of difficulties and there are many factors that have to be considered that influence their survival (Lin & Ma, 2010; Nanto, 2009). The "Great Recession" of 2007 was sparked by the collapse of the U.S housing market which led many financial institutions and banks to become bankrupt and ultimately resulted in the overall decline of the U.S economy that forced many companies to run out of business (Athanasiu, 2010).

The growth of SME's spark an economy. When SME's grow, jobs are created, unemployment rates drop and the overall economy improves (Sharples, 2011). There is an understandable connection between the struggles of SME's and unemployment rates in many countries, more so, in the year 2007 (the "Great Depression" period) (Sharples, 2011). SME's are the most sensitive sector and worst affected by the economic recession reducing the development rate and increasing the number of bankruptcies with start-ups in particular being the most vulnerable, lacking the resources to survive the downturn (Hodorogel, 2009). Consequently, if proper research is conducted in this area, it would be beneficial to all the SME's in the world.

The purpose of this assignment is to undertake a complete research proposal in the field of Recession and the impacts/issues faced by SME's so that they can safeguard themselves against Recession and be better prepared whenever Recession occurs. The research proposal is centered on how Recession affected all kinds of businesses, particularly SME's, who were the worst hit and what strategic adaptions SME's adopted to overcome and survive it.

PROBLEM STATEMENT

Recession is a phenomenon of decreasing demand for raw materials, products and services and its beginning, progress and ending depends on the operational measures used by different researchers and federal agencies (Shama, 1993). It leads to a drop in share market, an increase in unemployment, stagnant wages, a fall in retail sales and a decline in the housing market (Amadeo, 2015). If a recession lasts longer, it can be classified as economic depression. There were worldwide recessions during the years 2007 - 2009 ("The Great Recession"). Large business companies were a bit resilient during this time with government subsidy and grants but, smaller companies which contribute more to the overall employment growth were badly affected (Nanto, 2009).

RESEARCH OBJECTIVES/QUESTIONS

The overall aim of this project is to investigate the Recession-related effects on small firms, their responses to tackle that (i.e. their strategies) and the resulting impact on the performance of the firm. More specifically, this study aims to answer the following research questions:

Q1: How did recession affect the SMEs?

Q2: What were the impacts suffered by SMEs as a result of Recession?

Q3: How did the SMEs respond to the Recession conditions?

Q4: What are the factors that drive the SMEs performance under Recession conditions?

These questions will help answer the most important aim of this project: providing the best options/schemes that any SME can follow in order to survive economic downturns.

Attachment:- Example of Full Project Proposal.rar