Challenges of Enterprises Optimal Growth in Terms of the Covid-19 Pandemic

Abstract

In the conditions of modern globalization, resulting increased competition, the role of the leading industries of the country and their separate enterprises is growing. They define national competitive advantage. Therefore, it becomes important to overcome the challenges of long-term, continuous and stable economic growth of the country's enterprises as well as to achieve their optimal, balanced growth. Theoretical-methodological foundations of balanced economic growth include: modern approaches ensuring the balance of the economy in Georgia, components of a balanced system, assessment of both forms of integration of entrepreneurial structures and the sustainability of the company's economic growth, research of balanced economic growth models of the enterprise. It is important to analyze the potential and components of economic growth in Georgia, development challenges based on enterprise investments, knowledge and technology and find priorities overcoming them. It is important to use a system of balanced indicators, which includes methods of effective planning of enterprise activities, information gathering, objective evaluation of employees and motivation. In order to achieve the goal we can use not only financial, but also marketing, staff and business development indicators. As a result of this approach, the entrepreneur has the opportunity to consider as well as analyze all the cause-and-effect relationships leading to the implementation of his company strategy. It is important to balance financial indicators with other non-financial indicators. Financial management often faces economic problems that often reduce the effectiveness of managerial decision-making process. The Balanced indicators model allows the transmission of specific activities and strategies in the form of a set of fairly comprehensive indicators forming the system of strategic control and management of entrepreneurial activity. The Covid-19 pandemic has posed new challenges to Georgia. It also has set lots of tasks. In 2020, the economy of the experienced a deep crisis. At the same time, new opportunities and areas have emerged. The crisis has caused the both proliferation of remote services and a very rapid growth in the pharmaceutical field. The fields of technological and artificial intelligence have become more important, increasing the need to maintain a reasonable balance between the state and the private sector. The balance between the center and the regions changed, nature, ecology and the village acquired a new destination. The pandemic has changed our hospitality traditions. The country needs to overcome the negative consequences caused by the pandemic, restore the already reached level of the economy and accelerate development. The analysis of international ratings of Georgia showed that in order to achieve the economic growth of the country, it is necessary to improve the infrastructure, macroeconomic stability, labor market dynamics and the stability of the financial system. In order to tackle economic growth and unemployment, it is important to increase state support for companies through the implementation of various programs, to ensure universal access to monetary resources, and to liberalize the tax system. The government can create a competitive environment, develop basic infrastructure, improve level of education, make it easier to do business, introduce low, reasonable taxes, reduce business loans, reduce interest rates. It is important for companies, start-ups, to be closely acquainted with the requirements of the DCFTA representing a Deep and Comprehensive Free Trade Agreement with the EU. This will give us possibility to see the opportunities given by the agreement, what are the requirements in terms of goods and their quality in the EU market. Georgian products are often not competitive in terms of both price and quality in Georgia. It is important to know how businesses work together in the EU. This will enable entrepreneurs to overcome low productivity, low access to knowledge and technology. It is also important for entrepreneurs to realize that it is necessary to increase the quality of products, to disseminate relevant information about products in the EU and other markets. The results of the research conducted according to the questionnaire developed to identify the existing problems showed the factors hindering the balanced, optimal economic growth of enterprises (companies) in Georgia, the challenges and the ways to solve them optimally. Based on the above mentioned issues we have formulated the following important priority areas: effective implementation of measures to prevent the spread of coronavirus through the provision of a flexible health care system; increasing the competitiveness of the manufacturing, agriculture and tourism sectors to make the country attractive for investment; raising entrepreneurial culture, improving access to finance; implementation of programs adapted to the regional and cultural peculiarities of Georgia. In summary, it is important to adopt European standards as soon as possible, to harmonize Georgian legislation with EU legislation, achieve optimal quantity, quality, safety and security standards and stable delivery of products exported by Georgia in line with EU standards. It is also an important priority to promote internationalization, electronic communications, information technology, innovation, research and development, green economy development. Keywords: Financial profit, non-financial performance, aspects of balanced economic growth and operations of the company, economic sustainability and social orientation.

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