Small and medium-sized companies in the COVID-19 era: challenges and prospects

Abstract

The pandemic has significantly affected small and medium-sized enterprises (SMEs) due to their lack of financial and technological resources. The disruption of supply chains has affected the ability of SMEs to obtain raw materials and finished goods, which has increased production costs and decreased revenue. Additionally, digitization has become a crucial tool for businesses seeking to adapt to the pandemic, but many SMEs have faced significant challenges in terms of a lack of technology skills and resources, and limited connectivity in some regions. Government support has been instrumental in helping SMEs survive during the pandemic. Government programs that provide financial aid and business advice have been especially effective for SMEs. However, it is important that government support programs are accessible and easy to understand for SMEs, and that they are tailored to the specific needs of each sector.