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

Abstract

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.