Risk Management at Small and Medium-Sized Enterprises Under the Coronavirus Pandemic
International Conference on Engineering Innovations and Sustainable Development, 2021
; 210:87-94, 2022.
Article
in English
| Scopus | ID: covidwho-1826174
ABSTRACT
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.
Factors of external and internal environment; Risk management; risks of functioning and development; Small and medium-sized enterprises; Environmental management; Risk assessment; Risk management; Sustainable development; Business Process; Coronaviruses; Economic prosperity; Factor of external and internal environment; Gross domestic products; Product and services; Risk management; Risk of functioning and development; Risks management; Small and medium-sized enterprise; Coronavirus
Full text:
Available
Collection:
Databases of international organizations
Database:
Scopus
Type of study:
Prognostic study
Language:
English
Journal:
International Conference on Engineering Innovations and Sustainable Development, 2021
Year:
2022
Document Type:
Article
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