How do Small and Medium Enterprise (SME) survive the COVID-19 outbreak?

Fitriasari, Fika

doi:10.22219/jiko.v5i3.11838

Cited by 160 publications

(147 citation statements)

References 11 publications

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“…The appropriate approach resulting from both years of risk management and the appointment of specialized staff significantly reduces the impact of potential threats to the operations of small and medium-sized enterprises. For this purpose, it is also recommended to select and apply the optimal business model in which the key partnership with suppliers is the most important, ensuring joint counteracting the negative effects of the pandemic [ 83 ].…”

Section: Summary Of Resultsmentioning

confidence: 99%

Risk Assessment of the SME Sector Operations during the COVID-19 Pandemic

Grondys

Ślusarczyk

Hussain

et al. 2021

IJERPH

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The subject matter of the article relates to the assessment of the perception of selected types of risk in economic activities of the SME sector, which change their intensity as a result of the outbreak of the COVID-19 pandemic. The current economic downturn is unprecedented and involves many companies and industries that have faced new, previously unknown challenges and threats. The objective of the article is to identify the most important risks and their resources based on the empirical research carried out in small and medium-sized enterprises in Poland. The formulated objective was accomplished using the data collection method, i.e., the survey and reports on the condition of the SME sector in Poland as well as statistical data analysis methods, i.e., structure index and the analysis of variance, using the SPSS system. The process of primary data collection was carried out by means of an electronic survey among selected enterprises of the SME sector, conducting business activities in Poland. In the study, the employment factor was taken into account as a determinant of the perception and assessment of the intensity of selected risks arising from the economic activity in the Polish market in the conditions of the current economic downturn. On the basis of the obtained results, the impact of market, economic, financial and operational risks, depending on their intensity, on the functioning of micro-, small and medium-sized enterprises was identified. Based on the analysis of variance, the effect of the size of the company on the level of individual risks was also examined. As a result of the observations made, it was established that, during the pandemic, the level and type of risk is similar in all the surveyed enterprises. They are most often threatened by strong competition in the industry, an increase in energy prices and insufficient profit. The overall results of the empirical research indicate the importance and the need to manage the key threats to the Polish SME sector.

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Section: Summary Of Resultsmentioning

confidence: 99%

Risk Assessment of the SME Sector Operations during the COVID-19 Pandemic

Grondys

Ślusarczyk

Hussain

et al. 2021

IJERPH

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“…Furthermore, business resilience is linked to the organization's ability to adapt to the environment and new circumstances to mitigate the effects of the incident ( Supardi, Kudus, Hadi, & Indonesia, 2020 ). Resilience strategies require coordination, various crisis management techniques, good relationships (among all stakeholders), a comprehensive network, recognition of risks and opportunities, and timely and scalable intervention ( Alves, Lok, Luo, & Hao, 2020 ; Fitriasari, 2020 ). The literature on resilience identifies proactive, absorptive/adaptive, reactive, or dynamic attributes of resilience ( Supardi et al, 2020 ).…”

Section: Thematic Discussionmentioning

confidence: 99%

Reviving tourism industry post-COVID-19: A resilience-based framework

Sharma

Thomas

Paul

2021

Tourism Management Perspectives

624

364

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The COVID-19 pandemic struck the tourism industry severely. Based on the review of 35 papers that studied the tourism industry in the wake of the pandemic, we propose a resilience-based framework for reviving the global tourism industry post-COVID-19. Our framework outlines four prominent factors for building resilience in the industry: government response, technology innovation, local belongingness, and consumer and employee confidence. We argue that using such inclusive resilience; the tourism industry may transform into a new global economic order characterized by sustainable tourism, society's well-being, climate action, and the involvement of local communities. We also offer directions for future research in the area.

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“…In the relatively closed home environment, many people choose to move offline entertainment, listen to songs on the website, keep fit, or learn through online courses and so on, which become the urgent real demand at present. It can say that the crisis is quietly changing people's life, entertainment mode, and bringing new changes to people's lifestyle (Fitriasari, 2020). According to the data of prospective industry research institute, the scale of the foreign market economy is about 27.1 billion yuan in 2019 and expecting 48.6 billion yuan in 2024, with a compound growth rate of 12.4%; the scale of the online education market is estimating to exceed 300 billion yuan in 2020.…”

Section: Coronavirus (Covid-19) Pandemic and Accelerating Change Of Retail Business Modelsmentioning

confidence: 99%

Impact of COVID-19 Pandemic on Consumer Economy: Countermeasures Analysis

2021

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The COVID-19 pandemic will change China’s macroeconomic environment in terms of total demand and total supply in the next one to two quarters. The article compares the economic environment at present and that of severe acute respiratory syndrome (SARS) to define the potential influence of the new coronavirus (COVID-19). The potential impact on the macroeconomy includes the slower growth of consumption and investment, fluctuation of prices, and the contraction of export and import. The policy environment will also change in terms of monetary and fiscal policy, which will affect firms’ financing and tax paying. The impact on the consumer economy will be large. First, three modes of the influence on different types of retail industries include moderate, positive, and negative. The epidemic accelerates the revolution of business patterns in China, since the no-man delivery, sinking market, and indoors economy have emerged as the new powers in changing the business models. In general, although the impact of the epidemic on consumption seems comparatively the largest, the “compensatory consumption” can alleviate it to some extent.

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How do Small and Medium Enterprise (SME) survive the COVID-19 outbreak?

Cited by 160 publications

References 11 publications

Risk Assessment of the SME Sector Operations during the COVID-19 Pandemic

Risk Assessment of the SME Sector Operations during the COVID-19 Pandemic

Reviving tourism industry post-COVID-19: A resilience-based framework

Impact of COVID-19 Pandemic on Consumer Economy: Countermeasures Analysis

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