Re-structuring small and medium sized enterprises for better survival in the post-COVID-19 world

ABSTRACT

The impact of COVID-19 on small- and medium-sized enterprises (SMEs) was globally felt as a result of sanctions on several economic sectors such as transportation, tourism, and business education. As a result, there was a reduced demand for goods and services to about 41.3 percent of the global businesses, while others were temporarily closed due to the pandemic. The main objective of this study was to explore the impact that COVID-19 had on entrepreneurship and the restructuring mechanisms by the SMEs in the post-COVID-19 pandemic world. The study established the restructuring and support mechanisms necessary for cushioning and sustaining the enterprises. The findings might be significant in informing the policymakers on the precise global economic situation resulting from COVID-19 and way forward measures for the sustainability of SMEs.

KEYWORDS:

• Restructure
• SMEs
• COVID-19
• post-pandemic world

Disclosure statement

I, at this moment, declare that the disclosed information is my work based on research done and that no other situation of actual, potential, or apparent conflict of interest is known to me. I undertake to commit myself to giving information willingly in case of any change in these circumstances, including if an issue that might arise in the course of modifying or completing this work.