Pandemic to Endemic: A Review of Key Enablers of Small Medium Enterprise Resilience

Abstract

The existence of various COVID-19 variants from Delta to Omicron has led to speculation that the spreading of the virus will continue; hence, the endless battle to fight it persists. The uncertainties in its progress from pandemic to endemic, renders it necessary to understand the applied mitigation and adaptation strategies amongst SMEs to build their future resilience as they are vulnerable and have limited resources. This study aims to develop a conceptual framework of the key enablers of SMEs’ resilience during the pandemic. Specifically, these enablers will be examined from the point of view of strategies and capabilities. A reviewed research articles from the Scopus database has been conducted focusing on selected keywords in 2020 and 2021. The findings reveal that financial resources, government support, embracing digital technologies and changing business approach are the key enablers for SMEs’ resilience. This study further provides a unique snapshot of business decisions and expectations particularly during this pandemic. It is suggested for the policy makers to consider designing recovery aids as they contemplate the scale of the required interventions. Significantly, this study also explores and provides deep understanding on the survival strategies; adaptive strategies and dynamic capabilities of SMEs during the pandemic and most importantly it directs and points out their path, present and in the future.