Please I need literature review on business survival challenges and techniques during challenging envirnment for building construction SMEs

Literature Review: Global Challenges & Survival Strategies of SME     2
LITERATURE REVIEW: GLOBAL CHALLENGES & SURVIVAL STRATEGIES OF SME
Table of Contents
Introduction    3
Role of SME in Economic Development    4
Global Challenges of SME    6
Challenge of Global Market Competition    9
Challenge of Global and Financial Economic Crisis    11
Challenge of Information & Communication Technology    13
Challenge of the Multi-National Companies    16
Challenges from Transnational Corporations    17
Challenge from Te
orism & Regional Conflict    18
Challenge of International Trade War & Dumping    20
Survival Strategies of SME facing Global Challenges    21
Conclusion    23
References    25
Introduction
Small and medium scale Enterprises have been given a significant place in the developing economies. It has been suggested it through economics theories that the small and medium scale enterprise are the leading solution to the reduction of problems like unemployment and poverty. Economic theories have also contemplated that small scale and medium scale enterprises have significantly contributed towards boosting economic growth. It is these aspects that researchers have been attracted towards effectively studying the growing importance of small and medium scale enterprises. This has a contributed towards and effective development of qualitative as well as quantitative literature that have explore to the internal and external factors that has affected the survival and challenges of the small and medium scale enterprises. Systematic review had significantly contributed the policy makers towards the insides and existing prospective of the entrepreneurs in order to understand the ever-changing market conditions and the context of present business environment.
Economic globalisation has opened numerous challenges and opportunities for the SME. In terms of opportunities the weight of challenges is even more. With the prospect of globalisation every small and medium size economies are open towards the world market. They have to constantly face the competition of the large Enterprises and large economies. This are the basic aspect for the challenges that every SME have to face in this particular era of globalisation. It has also been recorded that most of the small and medium scale enterprises in the developing economies has faced a significant down fall in the rate of the growth and have to confront various critical global challenges. Economic literature however does not have any unique theory to understand the economic challenges that small and medium scale enterprise phase. This literature review has effectively discussed the various strategic approaches recommended by various researcher that have been a conceptual aspect in regards to the contemplated challenges that every business entity has to face in the globalised economy.
Role of SME in Economic Development
Several research has contemplated the role of SME in the economic development. Since the very beginning of the 1990 the researchers have constantly focussed, they are research on discussing the role of SME in the growth of the economy. With regards to the aspect of globalisation that has significantly transform the business sector after 1990 have triggered the research sector to understand the relevant challenges and opportunities for the SME. Various literature has significantly discussed about the prospect of globalisation and have associated the procedural systems and the political phenomenon in the modernised world with the relevant aspects of the small and medium scale Enterprises (Zutshi et al., 2019). It has also in compass to the conceptual understanding of globalisation and how it has emphasized on the economic cultures and political system that have transformed in terms of the dependency modes. Welfare economist and development economies had strongly provided the feasible problems of eradicating the global poverty. It is obvious that creating employment and providing in comes to the people is one of the most important criteria for eradicating poverty. It is the production within an economy that needs to be boost it in order to create a self-sufficiency within the economy which will again boost the income capabilities of the people in the economy.
In this aspect economic globalisation has provided mobility of the capital that has led to sharing of technology that have led to the develop and the developing countries to improve their economic prosperity in dealing with the Global trade. However, it is obvious that most of the economy do not have access to capital in order to boost their productivity. In such aspects they have to depend on the minimum availability of a capital and the excess of human resources that they have in order to eradicate the problems of unemployment and poverty. So economic theories have constantly provided a significant position for the SME in order to boost these major macro-economic variables of unemployment and poverty (Singh, 2019). It is important to mention that the globalisation has an intensified the growth of Information and Communication strategy that have also contributed towards the effect if development of the SME. It is effective to understand that the intensification of the mobility of communication and Technology can inherently improve the business Strategies and the competitiveness of the SME in the market.
The disintegration of the socialist economies has continuously enhance the disruption of the market economy along with the assessment of the capital movement which has accelarated the globalisation procedure. These prospects have to do away with some of the challenges that the small industries and enterprises faces with the cohesive interaction of globalisation procedure. It is essential to understand that these small Enterprises employees around 40% of the total workforce in the developing economy (Prasanna, 2020). The opportunity for livelihood and Employment by Low skilled jobs had resulted in an effective increase in the manufacturing output which has apparently contributed towards the increase in the total export. In the present context economist refers the SME as the backbone for the economy which has contextually revolutionize the economy of China and India. These two economies are one of the fastest growing economies in the world presently. It is important from their growth a prospect that the contextual development of the SME in this economy have significantly revolted in the growth of the industrial sectors of these two-leading economy in the world a presently (Prasanna, 2020). Besides it is also contextual to understand the living ability of SME in the competition and the potency to globalise business activities that have been primarily into question. In this connection the subsequent sections of this chapter will review on the Global challenges and its impact on the performance of the SME by effectively identifying the strategies that are adopted in the different prospect and recommend key concern for the SME should focus in facing the global challenges. 
Global Challenges of SME
The period of economic globalization has been the significant issue which is a concern issue of the challenges faced by the SME in both the developed and developing economies. It is important that the present Global economic condition is characterized by the context of financial instability and innovativeness along with the contextual aspect of recession which have been noted in various resources by the researchers. Based on the review of the selected papers the study has effectively provided the analysis of the Global challenges faced by the SME across the globe. In terms of market there are several challenges in the Global market that needs to be addressed in order to understand the typical and the contextual survival strategies that needs to be taken up in order to ensure the effective development of these SME in the economy (Omar, 2020).
Challenges facing by the SME have been discussed in the several studies. In most of the researchers the identified factor or the challenge is the difficulties related to the financial sources. Lack of critical knowledge regarding the international market variables and changing circumstances along with the inability of the entrepreneurs to reach the customers beyond the local markets have been documented by the researchers as the factors that are the major challenges faced by the SME. The changing circumstances and inadequate managerial skills in the areas of human and financial field is extremely important in terms of understanding the market in which the Enterprises operate and the reasons behind the week marketing and poor feasibility of the study. One of the constraints is the lack of Managerial skill among the enthusiastic business pioneers that have contributed and effective understanding about the relevant Global challenges faced by such small enterprises (Omar, 2020). In many Research and literature has effectively considered the inadequate availability of funds which is directly reflected in the ability of the organisations to provide the necessity like technology and infrastructure. It is obvious to understand the relevant factors that have been defeated by the various literatures in order to understand the contextual challenges faced by the SME and the readiness to address the capabilities of the business owners.
Similarly, literature has also identified the challenges from the conceptual aspects of the increased competition and the rapidly changing market demand along with the other capacity issues that have been indicated in the various literature aspects. It is also effective to understand that in connection to the innovation and the creativity (Mardikaningsih, 2020). Literature has also contemplated that the lack of resources on the lack of economies of scale and scope has not been an effective and the contextual analysis of the increased competition and concentration of the large multinational enterprises in the economy. Inability to complete against the large forms in terms of the research and development expenditure and innovation with an effective emphasis on the domestic and international market is also the major concerns and the proactive challenges that have been documented by the researchers. In a setting it is also contextual to understand that many small businesses have put into geographical isolation that has not only been a factor of competitive disadvantage but also has been a particular aspect about the employment generation and the processes of globalization and regional integration (Liguori, 2020).
Literature and researchers have also documented about the role and contribution that have enabled many firms to remain internationally competitive and collectively a important source of the employment generation. It is obvious to understand that economic literature has given no unique theory to explain the effective impact of the global challenges on the SME. This is potentially because of the differences and the changing nature of the global challenges based on the evolved economic aspects that have been changing over time. To explain the relevant aspects of economic crisis the experiences of the economic and financial crisis cyclically and it is one of the global challenges for every business entity particularly the small and medium scale enterprises in the globalise economy (Lutfi, 2020). The theory has also focused on the fact that the low effective demand in the economy has been accounting aspect of the economic recession. In this aspect it is conventional to maintain the employment growth in the economy. This is also linked with the liquidity trip about the shortage of financial liquidity among the investors in the economy.
The SME are more usually vulnerable to the economic shocks and the global economic crisis challenges in the production sustainability. Researchers and theory that they propounded suggest the intervention of the government in the economy can effectively enhance the aggregate demand special using the fiscal and the monetary policy instruments (Juergensen, 2019). In connection to the Keynesian theory of Business Cycle it is effective to understand the Global challenges of the business entities and the policy intervention. The recent economic recession that is more apparent due to the spread of the pandemic in most countries have used the Keynesian view in the economic crisis management.
The theory of comparative advantage has also been posed in various literature that have utilised it to adjust the procedural system to competition as it helps to allocate the resources to efficient sectors of the economy. Comparative advantage is achieved when the country produces goods or services for a lower opportunity cost than the other countries. This allows the company to sell their products and services at a lower price and helps to increase the sales margins (Dzingirai, 2020). In terms of the movements of low-cost product items considering the other specific attributes of the product such as the price and the quality are important in order to gain competitive advantages from the business internationalisations.
Generic strategies that have been mentioned in most of the researches have contemplated the understanding of the internal and the environmental factors that have a significant impact on the profit determination in the industry. It is also relevant to understand the technology and the legal factors and the strategic planning of the marketing associated to identify the legal influences on the business before creating business plans or making decisions.
Challenge of Global Market Competition
Competition in the present aspect is viewed as the Global dimension. The aspect of competition has become an effective element to in terms of the globalisation since 1980. This has been a contemplative issue that have been a consideration in the terms of the trade resign policies of WTO in 1995. It is effective from the previous analysis that the SME make a severe and a significant contribution to the developed as well as developing economies. It is vital to draw a special attention in terms of the Global competition on these Enterprises rather than on the other industries (Dzingirai, 2020). It is effective to know that the Global competition has been identified as one of the key challenges for the Enterprises in order to understand the significant in part of the business competition.
Global competition in the Global market has been a significant characteristic in the present economic scenario. Economic integration has been contemplated with the changing environment and the heavy competition that have been purely domestic aspects with extremely localised and segmented scenario. It is also contextual to understood and the most effective part of the Global...