Getting Ready for Recession: How SMEs Prepared for Covid-19 Pandemic and Economic Recession

Prohorovs, Anatolijs

doi:10.2139/ssrn.3596611

Cited by 7 publications

(6 citation statements)

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“…In this situation, firms must know how to produce and distribute products and offer services at local levels by optimising distribution to the most remote sections of the rural markets, specifically by developing awareness campaigns and persuading target customers to purchase products or services (Sheth, 2020). The COVID-19 pandemic is a considerable wake-up call for SMEs, demonstrating how businesses could operate their marketing activities by applying technology, such as smartphones, the Internet, e-commerce and Zoom meetings (Prohorovs, 2020;Yi, 2020). Therefore, SMEs' marketing managers should sense and respond to market demands by accelerating e-commerce adoption in their sales operations.…”

Section: Literature Review and Hypotheses Developmentmentioning

confidence: 99%

Survival strategies of SMEs amidst the COVID-19 pandemic: application of SEM and fsQCA

Rahman

Fattah

Bag³

et al. 2022

JBIM

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Purpose As a global pandemic, the COVID-19 crisis has profoundly affected the development of local firms, threatening the survival of small and medium enterprises (SMEs). This study aims to present an integrated framework by investigating the impact of strategic tools (i.e. firms’ capability of business agility, marketing operational efficiency, optimisation of innovation capability [OIC], managing employees’ satisfaction and rethinking customers’ experience) on the survival strategies of SMEs amidst the COVID-19 pandemic. Design/methodology/approach The current study used data from managers of SMEs and conducted an asymmetrical analysis (i.e. structural equation modelling [SEM]) to investigate the factors influencing the survival strategies of SMEs amidst the COVID-19 pandemic. This study also applied an asymmetrical approach (i.e. fuzzy sets qualitative comparative analysis-fsQCA) to explore the causal recipes and analysis of the necessary conditions to identify the factors required to achieve the expected outcome. Findings Results from SEM support all hypotheses. Results from fsQCA with the same data set show that firms’ business agility and OIC are necessary conditions for SMEs’ survival strategies. The result from fsQCA also reveals multiple sufficient conditions to succeed SMEs’ survival strategies amidst the COVID-19 pandemic. Practical implications Findings prescribe how SMEs adapt to this vulnerable business condition by applying the strategic tools and recipes suggested for survival. Originality/value This research applied an innovative analysis to reveal necessary and sufficient conditions that conventional methods such as SEM have limited power. This pioneering research in the context of the COVID-19 pandemic is considered novel in terms of the prescriptive strategic recipes offered to SMEs to adapt to and survive in the crisis caused by COVID-19.

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Section: Literature Review and Hypotheses Developmentmentioning

confidence: 99%

Survival strategies of SMEs amidst the COVID-19 pandemic: application of SEM and fsQCA

Rahman

Fattah

Bag³

et al. 2022

JBIM

View full text Add to dashboard Cite

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“…The study also serves as an appeal for the creation of recommendations regarding work recovery, stimulation of consumption, and cash flow relief, all in order for SMEs to survive during the economic recovery followed by the COVID-19 pandemic. Prohorovs (2020) introduces the need for a clear understanding of the COVID-19 crisis' specifics, so that enterprises can adapt to the new situation faster while reducing damages. The author compares the current economic recession caused by the COVID-19 pandemic with previous economic crises.…”

Section: Literature Reviewmentioning

confidence: 99%

The impact of the COVID-19 crisis on the perception of business risk in the SME segment

Čepel¹,

Gavurová²,

Dvorský³

et al. 2020

Journal of International Studies

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The aim of the study is to evaluate the impact of the COVID-19 crisis on entrepreneurs' attitudes towards the selected business risks in the SME segment. 1502 SMEs took part in the research, while 822 of them provided their responses regarding business risks before the COVID-19 crisis and 680 during the COVID-19 crisis in Czech and Slovak business environment. Market, financial, and personnel risks were considered by Czech SMEs as the three most significant business risks, both before and after the COVID-19 crisis. The statistically confirmed differences in SMEs' attitudes based on the time of providing responses are most apparent in the perception of financial and personnel risks. 35.7% SMEs in Czech Republic and 35.3% in Slovakia considered financial risk as one of the three most significant business risks before the COVID-19 crisis. During the crisis, it changed to 53.6% SMEs in Czech Republic and 59.7% in

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“…Survival strategies aim to avoid failure or death (Krishnan et al, 2021;Shepherd et al, 2000). During the crisis, businesses should develop survival plans to fulfill their strategic goals and future growth (Bourletidis & Triantafyllopoulos, 2014;Dahles & Susilowati, 2015;Prohorovs, 2020). Many factors have been discovered to influence business survival, including the technological intensity of the sector (Aghion et al, 2001), profitability, and financial constraints (Bellone et al, 2008;Headd, 2003).…”

Section: J O U R N a L P R E -P R O O Fmentioning

confidence: 99%

Livelihood strategies of women entrepreneurs in Indonesia

Hendratmi

Agustina

Sukmaningrum

et al. 2022

Heliyon

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Getting Ready for Recession: How SMEs Prepared for Covid-19 Pandemic and Economic Recession

Cited by 7 publications

References 0 publications

Survival strategies of SMEs amidst the COVID-19 pandemic: application of SEM and fsQCA

Survival strategies of SMEs amidst the COVID-19 pandemic: application of SEM and fsQCA

The impact of the COVID-19 crisis on the perception of business risk in the SME segment

Livelihood strategies of women entrepreneurs in Indonesia

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