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The Importance of SMEs in New Zealand - Essay Example

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This essay analyzes the importance of SMEs for New Zealand, which is threefold since they create a means of entry into business for new entrepreneurial talent; give a productive outlet for individuals who value independence in economic terms and create the most efficient form of running a business…
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The Importance of SMEs in New Zealand
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Download file to see previous pages New entrepreneurial talent; give a productive outlet for individuals who value independence in economic terms and create the most efficient form of running a business in certain industries where economies of scale do not apply.
In fact, the third reason may well be the most important reason for the existence of SMEs and the efficiencies gained by them are important enough for larger companies to be envious. Global companies that operate in New Zealand such as GE emulate the business models created by smaller companies to gain the advantages of adaptability and flexibility. During his tenure, Jack Welch, the CEO of GE made it a special focus to establish the best management systems and allowed his company to behave like a small company (Welch, 2005).
There is strong evidence to support the idea that small companies are more efficient than their larger counterparts and the extensive study conducted by Eugenio and Pernías (2006) correlates production and innovation strategies with the size of the company. In their study, they looked at the tile industry and found that small companies were more likely to be more innovative in terms of production and use those innovations to come up with new designs and products for their customers. After examining a multitude of companies around the world, they concluded that in comparison to other firms, “Small firms tend to be more innovative overall (Eugenio & Pernías, 2006, Pg. 1)”.
Small companies in New Zealand can lay claim to several advantages that come from being small, flatter and having a more compact organizational structure which is a direct result of the size of the company (Pirich, 2001). Thackston (2000) recommends that short chains of command would make company management easier and would also make the company more flexible in terms of changing the business according to the needs of the company. ...Download file to see next pagesRead More
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