Open AccessSURVIVING COVID-19 AND BEYOND: A CONCEPTUAL FRAMEWORK FOR SMES IN CRISIS
Author(s) -
Eyüp Kahveci
Publication year - 2021
Publication title -
verslas: teorija ir praktika
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.369
H-Index - 17
eISSN - 1822-4202
pISSN - 1648-0627
DOI - 10.3846/btp.2021.13020
Subject(s) - crisis management , context (archaeology) , covid-19 , financial crisis , business , equifinality , conceptual framework , work (physics) , perspective (graphical) , economics , public relations , computer science , political science , sociology , management , engineering , medicine , mechanical engineering , paleontology , social science , disease , macroeconomics , pathology , artificial intelligence , infectious disease (medical specialty) , biology
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.