Risk Management at Small and Medium-Sized Enterprises Under the Coronavirus Pandemic

The economic prosperity of many countries of the world directly depends on the share of the gross domestic product, which is made up of products and services of small and medium-sized enterprises. Currently, new risks associated with the coronavirus pandemic have emerged in the external environment of their functioning. This study identifies and analyzes these risks, identifies the main measures that contribute to their leveling, supplements the classification of internal and external risks that influence the economic sustainability of small and medium-sized enterprises (SMEs) significantly. The developed conceptual aspects of risk management at SMEs enable to identify, minimize and effectively prevent the impact of risks that can negatively affect the main business processes, considering the peculiar functioning of enterprises. At the same time, an emphasis is made on the dual influence of risks, because small and medium-sized enterprises can open new positive opportunities and directions for business development in the crisis. It was concluded that timely and reliable identification of possible risk situations will help the management of small and medium-sized enterprises to organize or adjust business processes affected by the coronavirus pandemic, ensure the sustainability of activities in the risky economic environment and stay in occupied market niches. © 2022, The Author(s), under exclusive license to Springer Nature Switzerland AG.

Analysis and Cost Estimation Algorithm as a Tool for Industrial Enterprise Management

An effective cost management system at industrial enterprises determines the level of their competitiveness, contributes to the formation and development of new markets for innovative products, which is relevant in the context of modern economic instability. At present, when the whole world faces the limitations of business activity caused by COVID19, not only small and medium-sized, but also large enterprises are experiencing problems associated with the organization and implementation of production and marketing of products, works, services. Gaps in many production chains lead primarily to increased production and marketing costs. Therefore, the formation of the algorithm for their estimation will allow the manufacturer to identify and evaluate possible changes in production costs and develop measures to optimize them. The starting point of cost management is the analysis of financial, production and administrative processes at the enterprise. Performance indicators depend on the level of costs at the enterprise. Features of the production structure of the industrial enterprise, the nature, type and scale of production have a significant impact on the magnitude, structure of costs and the procedure for their accounting. © 2021, The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG.