Surviving COVID-19 and beyond : a conceptual framework for SMEs in crisis
Eyup Kahveci
This study sets out to review in detail the available information on SMEs crisis management. Despite SMEs' crucial role in the economy, relatively little research has been carried out on the effects of the economic crisis on SMEs and how they can cope with a crisis. This work will generate fresh insight into the crisis management for SMEs and provide a clear and easily understandable framework to survive COVID-19 and beyond. Ensuring sound cash flow during the crisis is the center of our framework. It is also crucial to have timely, accurate information and confident, courageous management. It will enable accurate analysis of the situation to restore or establish a new level of homeostasis from the perspective of bounded rationality. There is no generic treatment for overcoming a crisis. Tailor-made strategies and implementations empower companies to approach crisis resolution in the context of equifinality. There is only one goal: to survive the crisis. Yet, every company will have its own unique way to reach this goal.
Year of publication: |
2021
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Authors: | Kahveci, Eyup |
Published in: |
Verslas : teorija ir praktika : Vilniaus Gedimino Technikos Universiteto mokslo žurnalas. - Vilnius : [Verlag nicht ermittelbar], ISSN 1822-4202, ZDB-ID 2404327-8. - Vol. 22.2021, 1, p. 167-179
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Subject: | Coronavirus (COVID-19) | Small and Medium Enterprises (SMEs) | crisis management strategies | strategic decision making | enterprise survival | Strategisches Management | Strategic management | Coronavirus | KMU | SME | Krisenmanagement | Crisis management | Unternehmenserfolg | Firm performance |
Saved in:
freely available
Type of publication: | Article |
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Type of publication (narrower categories): | Aufsatz in Zeitschrift ; Article in journal |
Language: | English |
Other identifiers: | 10.3846/btp.2021.13020 [DOI] hdl:10419/248101 [Handle] |
Classification: | D21 - Firm Behavior ; D81 - Criteria for Decision-Making under Risk and Uncertainty ; G01 - Financial Crises ; L10 - Market Structure, Firm Strategy, and Market Performance. General ; L21 - Business Objectives of the Firm |
Source: | ECONIS - Online Catalogue of the ZBW |
Persistent link: https://www.econbiz.de/10012604199
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