The Feasibility Study of Approaches to SMEs Business Resilience in Post-Pandemic Times

Abstract

Over the past few years, the epidemic has led to the destruction of families, a run-on resource in the healthcare sector, and an overall economic downturn, which is particularly evident among Small- and Medium-sized Enterprises. Some of the enterprises were shut down permanently, affecting the livelihoods of many people. Now with the opening of the country's borders, people's lives are gradually back in order in this post-pandemic era. It is time to think about how to get SMEs back into production as they contribute the most to the global GDP. Thus, this paper aims to address possible ways for SMEs to create business resilience and achieve sustainable growth through risk management, digital transformation and strategic alliances in the highly uncertain context through critically assessed prior research. The findings suggested that active risk management, implementation of digitalization and selected strategic alliance have positive influences on the resilience of SMEs. Although there might be inherent limitations of SMEs, it is still helpful in the recovery of SMEs.