SMEs in Covid-19 Crisis and Combating Strategies: A Systematic Literature Review (SLR) and A Case from Emerging Economy

Abstract

The paper intends to understand the research trends in “Covid-19 and SME” through a Systematic Literature Review (SLR) and extract themes to explore the most affected areas of SMEs during the Covid-19 pandemic. Subsequently, the study attempts to know the struggles of SME during Covid-19 crisis in a developing country . Furthermore, the study provides a critical dynamic resilience strategy framework to manage the SMEs in the crisis period. The authors extracted data from Scopus and Web of science to conduct a Systematic Literature Review (SLR), Extracted data from both databases were merged using R programming get the same tag in R programming. The study adopts a bibliometric analysis to present the research corpus in the domain of “Covid-19 and SMEs”. The cluster method of R programming has been used to usher the significantly affected areas of SMEs. Based on the cluster theme, an open-ended questionnaire was developed and used to interview 23 SMEs in Bangladesh for the case study. NVIVO-13.00 was used to extract the topic from the transcriptions of the interviews. The study reveals that Cash flow shortages and Supply Chain Disruptions are the critical constraints of SMEs. On the contrary, Digital transformation has gained momentum during this crisis. Enterprises that made the best use of digital platforms through technology, digital marketing, and innovations secured the peak of success and profitability. The study also recommends a critical dynamic, resilient strategy model to adopt in the "new normal" for successful navigation of SME business in the future. The study is the first of its kind that integrates SLR and a case study on the hurdles of SME owners during the Covid 19 crisis. Thus, it helps advance the understanding of the subject matter and enables the formulation of resilient strategies by policymakers and SME owners to navigate the business in any potential crisis in the future. The study has significant methodological contribution as it presents how to merge both Scopus and web of science data to conduct bibliometric analysis through R programming. Besides, it also contributes to using R’s clustering method to extract themes for “SME and Covid -19” domain. Finally, the study presents an overview of SMEs in crisis such as Covid-19 and a case study of a rising economy and its response measures. The Case study has been designed to concentrate on Bangladesh’s SME owners and practical implications potentially limited to Emerging Asian Economies.