From Challenges to Creativity: Enhancing SMEs’ Resilience in the Context of COVID-19

Zutshi, Ambika, Mendy, John, Sharma, Gagan Deep , Thomas, Asha and Sarker, Tapan (2021) From Challenges to Creativity: Enhancing SMEs’ Resilience in the Context of COVID-19. Sustainability, 13 (6542).

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Abstract

COVID-19 pandemic has brought significant and multiple challenges for SMEs. While
SMEs have traditionally faced financial and non-financial crises, the pandemic has brought about
additional uncertainties on how to maintain business continuity. The purpose of this paper is to
examine how SMEs can mitigate against COVID-19-related crisis by examining the impacts that
the pandemic has had on them through a review of 34 articles. The thematic analysis from the
literature covered three overarching and inter-related challenges including (i) cost and finance-related
challenges, (ii) disruption of activities, and (iii) existential difficulties. The paper’s value lies in
addressing the gap between the espoused literature’s claim of the beneficial impact of new techno�logical advancements and SMEs’ ability to survive in the context of the COVID-19 pandemic. The
additional value of this paper is a framework of recommendations to help enhance SMEs’ resilience
and responsiveness in the context of COVID-19. These recommendations include collaboration,
openness, taking advantage of opportunities/victory, and durability.

Keywords:SMEs; COVID-19; rapid review; resilience; technological advancements
Divisions:Lincoln International Business School
ID Code:45366
Deposited On:23 Jun 2021 08:51

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