Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/248101 
Authors: 
Year of Publication: 
2021
Citation: 
[Journal:] Business: Theory and Practice [ISSN:] 1822-4202 [Volume:] 22 [Issue:] 1 [Publisher:] Vilnius Gediminas Technical University [Place:] Vilnius [Year:] 2021 [Pages:] 167-179
Publisher: 
Vilnius Gediminas Technical University, Vilnius
Abstract: 
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.
Subjects: 
Coronavirus (COVID-19)
Small and Medium Enterprises (SMEs)
crisis management strategies
strategic decision making
enterprise survival
JEL: 
D21
D81
G01
L10
L21
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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