Challenges & opportunities for SMEs in times of crises

• Κύριος συγγραφέας: Παναγόπουλος, Γεώργιος
• Άλλοι συγγραφείς: Panagopoulos, Georgios
• Γλώσσα: English
• Έκδοση: 2022
• Θέματα: Financial crisis; European SMEs; Οικονομική κρίση; Ευρωπαϊκές ΜΜΕ

In this master’s thesis we are going to have a deep learning of the small and medium sized enterprises which are a varied group of companies that often work in the service, retail, manufacturing, and commercial sectors of the economy. Furthermore, there are some crises which are present in the current thesis like the crisis that derived during the infectious Corona virus initially surfaced in the Chinese city of Wuhan (Wuhan) around the end of 2019, the Russian invasion in Ukraine after they annexed Crimea and install their own president while Ukraine invades Russia to drive out their government in 2022 and }nally the Global Financial Crisis which started in the summer of 2007 when American Home Investment Corp. }led for bankruptcy. The crises mentioned before, as well as the Great Recession of 2008, are examined in depth in order to }nd out the effects that had on the European SMEs and as it seemed there were a lot of outcomes that are interesting to mention. For instance, SMEs have encountered supply-side logistical issues as a result of hiccups in the transportation system and a lack of laborers. Lockdown measures, a loss in consumer con}dence, and the closure of many GVCs have all contributed to a major drop in demand for SMEs. Due to continued }nancial concerns from the crisis and the need to retrain employees, several SMEs may }nd it challenging to carry out digital initiatives. Rising import costs are hurting smaller businesses, which has a substantial impact on their incapacity to compete in local markets. In the }nal part of this dissertation, there are some suggestions for the SMEs in order to be prepared for forthcoming crises and techniques that may protect small and medium enterprises from being vanished out of the business world once and for all. Mass layoffs, temporary and permanent closures, bootstrapping of digitization, and strategic alliances were some of the solutions to the }nancial effects.