Survival and Sustainability Strategies of Small and Medium Enterprises (SMEs) During and After Covid-19 Pandemic: A Conceptual Framework
Permatasari D., Mutoharoh, Najihah N.
Abstract
Globally, the economy is a sector that has experienced a significant negative impact due to the Covid-19 pandemic. Small and Medium Enterprises (SMEs) are the most vulnerable trade sector to risk because they tend not to have sufficient resources to survive during the pandemic. Therefore, to maintain its existence, survival and sustainability strategies are essential concerns for SMEs. Accordingly, this paper aims to develop a framework on how SMEs build survival and sustainability strategies during and after the Covid-19 pandemic. The strategies were developed by adopting the Resource-based View (RBV). The proposed framework includes increasing human resources, expanding and increasing network utilization, maintaining financial resources, and increasing innovation in technology. Through strengthening and optimally utilizing resources, it is expected that SMEs can maintain their business existence well and can create a competitive advantage during and after the Covid-19 pandemic.
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