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Advancing SME Sustainability: Rising Above the Atrocities of Crisis
Author(s): Meng Kui Hu (Universiti Sains Malaysia, Malaysia)and Daisy Mui Hung Kee (Universiti Sains Malaysia, Malaysia)
Copyright: 2021
Pages: 20
EISBN13: 9781668437285
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Abstract
The world has been struck by multiple crises that crippled the socio-economy of nations in the past. The impact of these crises was so significant that they initiated numerous policy changes worldwide. The radical crises in this context refer to the Spanish flu, the Asian financial crisis, the global financial crisis, and the current COVID-19 pandemic. Due to their small capital structure with limited resources and fragile nature, SMEs were severely impacted by these crises. Many SMEs were forced to close down their business operations. Somehow, the remaining SMEs managed to persist and survive through the crises. Moving forward, SMEs can better prepare for future crises by understanding and learning from the predicaments of these past crises. Consequently, SMEs must also be adaptive to new business environments and responding promptly to crises by realigning their strategies to achieve business sustainability in the long term.
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