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Dr.Nomita Sharma, University of Delhi, India,

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[email protected]

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Covid-19: Challenges and Opportunities for Small and Medium

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Enterprises (SMEs)

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1. Introduction

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World has been grappling with corona virus, Covid-19 since December

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2019. There are around 36 lakh confirmed cases and 2.5 lakh confirmed

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deaths in 215 countries as of May 2020 (WHO, 2020a). Recently

discovered corona virus causes corona virus disease COVID-19. This new

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virus and disease were unknown before it spread in Wuhan, China, in

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December 2019. The impact of the pandemic can be seen across the

sectors (Jones et al. 2020). The vulnerable sectors such as small and

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medium enterprises are already shown some symptoms, like closure or

heavy loss due to lock down in many countries. Small and medium

enterprises (SMEs) are characterized by limited financial and non-

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financial resources (Welsh and White, 1981). This makes SMEs more

prone to the negative effects of environmental factors (d'Amboise and

Muldowney, 1988; Welsh and White, 1981). SMEs often, have to adjust

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to the change in the business environment factors rather than directing

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them (d'Amboise and Muldowney, 1988). Sometime, the

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environmental factors become very adverse that it becomes difficult for

the vulnerable sectors to remain robust. Covid-19 has created similar

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situation for the small and medium enterprises. There is no general

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definition of SMEs (Hooi, 2006; Omar and Ismail, 2009). There are

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different criteria used in different countries to define SMEs. Some of

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the variables used to define SMEs are size, total capital in firm, level of

investment and turnover of sales (Bilal, et al. 2015). SMEs contribute in

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the development and growth of an economy. They help in creating jobs,

making countries self-reliant, and also aid in effective use of resources

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(Ong et al., 2012). The present paper deals with the challenges and

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opportunities that COVID-19 provides to small and medium enterprises.

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2.Challenges to SMEs from Covid-19

Small and medium enterprises lack the potential to deal with the

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uncertainty created by Covid-19. Even under normal conditions, SMEs

often have to struggle in the competitive business environment

because of the scale and size of business and limited resources. It is

known fact they even though SMEs have less resources but they have

been able to turn around the barriers and transformed themselves into

large enterprises. There are several examples of companies such as

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Facebook, Amazon etc. that started in garage or home with scarce

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resources, made it big with sheer passion and skill. SMEs show the

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same grit in order to face the challenges thrown by Covid-19. They need

to be ready for the following challenges for survival:

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2.1 Maintain the business continuity

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The biggest challenge faced by SMEs is to maintain continuity of

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business. The lock down in the countries has slowed the speed of

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business also. Small companies are finding it difficult to run their shops.

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Due to limited demand and limited allowed time to open the business,

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they are finding it challenging to maintain the continuity of the

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business. There is a need for flexible systems at work place with focus

on crisis preparedness, preventive measures that are cost effective

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(Deloitte, 2020a). The business continuity concept is considered as a

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strategic management tool (Elliott et al., 2002). The business continuity

helps in moving as per the plan to reduce the expected loss limiting and

reducing the damages for speedy recovery from crisis (Herbane et al.,

2004). The planning of business continuity is an iterative and

continuous process. It includes assessment of business risk and its

impact. It is supported by the preparation and testing plan and creating

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awareness among the stakeholders regarding procedures, training and

maintenance of continuity (Savage, 2002).

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The aim of the continuity planning is to continue functioning of an

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organization. And this is attained by developing a plan focusing on the

recovery of functional areas (Filipovic, 2018). Radović and Domazet

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(2016) have raised the importance of awareness regarding importance

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of increasing the resistance of economic elements in case of crisis. The

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business continuity should help organization to navigate successfully

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through the difficult times. SMEs will have to struggle during the

difficult times but it is the only option to face crisis slowly but

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continuously. They will have to convert challenges into opportunities to

maintain business continuity.

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2.2 Motivate the Employees

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Often during difficult times such as recent situation created by the

pandemic leads to lower morale among employees. This is due lack of

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cash liquid cash availability both with the employer and the employees.

Employees may have to face salary cuts. They may not be given

allowances which were earlier enjoyed by them. This results further in

the liquidity crunch. Organizations face big challenge during the

turbulent times. Psychological features such as self confidence ,

courage etc. are required to make tough decisions in crisis. Companies

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will have to analyze and address the changing needs of employees with

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maturity. This will strengthen the organization and make it more

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robust. The leaders can be transparent with the stakeholders and

empathize with them. They should also be able to generate a strong

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hope for the future times to come (Sandler, 2009).

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The outbreak of corona virus has resulted in people working remotely

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and maintaining social distancing. Past research states that teams in

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virtual situations tend to have low levels of leadership. This may be due

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to non personal form of communication, geographic gaps, different

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time zones, differences in socio-culture environment. The research

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indicates a need for leaders in the virtual environment to focus on

interpersonal behaviour to enhance participation and support in the

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difficult times (Jenster & Steiler, 2011). SMEs need to identify leaders

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that can lift up the employee mood. And they will have to do this while

adjusting with high employee turnover, anxiety, health issues or

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absenteeism due to the pandemic.

2.3 Fill up the Shortages

Corona virus has resulted in shortage of supplies in the market. This has

affected both medical and non-medical items. The medical equipments

such as personal protection Kits, hand sanitizers, masks, ventilators,

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tissue paper, even the basic food supply has been affected. This is the

time where small and medium enterprises can pitch in and start

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manufacturing and supplying the needy things in the regions with short

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supply. Global supply chain firms are suffering due to reliance on only

few countries for the supplies. There are more than 200 fortune big

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firms that have existence in Wuhan which is the epicenter of the

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outbreak. Those companies are likely to face notable disruption. they

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can educate their employees, deploy screening procedures to do

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regular health checkups, be ready for partial or temporary employee

absenteeism, manage non-essential travel, have flexible work systems .

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The impact of the crisis has forced companies to look for alternative

sources of supply chain, inventories, logistics and redefine management

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of cash flow (Kilpatrick, 2020).

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Healthcare professionals are fighting this pandemic with limited access

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to the medical supplies (WHO, 2020b). Firms will have the challenge to

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flexibility in the decisions concerning supply chain. This will help

organizations in adapting to the crisis situations and maintain the

competitive edge. This will be a major disruption in the supply chain

sector. In the past companies such as Dell Computers and Zara have

adopted this approach (Crum, et al. 2011).

2.4 Maintain flow of Cash

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It is evident that firms with financial constraints, were affected more by

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the crisis Campello et al. (2010). Liquidity plays an important part in

management of crisis. As often during the critical situation like the

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created by Corona virus, firms may have to adjust to changes in the

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business environment. This may be change in the consumer demand,

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slow down in the supply chain or even threat to human life. Corona

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virus, being a highly infectious disease has threatened human life.

Firms are grappling with a challenge to continue their business. One

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solution could be use of multiple financial sources such as cash holdings

or bank credit lines (Almeida and Campello (2007 ; Sufi (2009)). But

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small firms may face barriers in getting credit on time during the

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pandemic.

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Moreover, studies have shown that short term debt during crisis, can

result in a bigger debt (Mittoo, et al. , 2011). It makes the future

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investment decisions uncertain. There is a evidence in study by

Almeida et al. (2010) that in the 2008 credit crisis , firms that had large

long-term debt had to lower their investments . Firms should be able to

adapt their financial resources according to the crisis situation. Several

supply chain firms are facing challenge of maintaining supply chain on

credit basis. Maintenance of cash flow is a bigger problem for firms

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currently facing loss due to less cash reserves or unstable cash flows.

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World Health organization has already quoted that Corona virus is here

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for long haul, so even the firms with sound financial position may lose

their immunity soon. This is important since nobody knows as of now

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in how much time the demand and supply chain will be normal.

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Organizations in travel, tourism sector have taken the hardest hit in the

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short term. Fast moving consumer goods (FMCG) firms with supply

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chain dependent on worst-hit regions may also at higher financial risk

(Deloitte, 2020c).

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2.5 Manage Corporate Image
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The recent pandemic is going have drastic impact on the corporate

image as well. As pointed out by Debeljak & Oliveira (2008), the crisis

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may have future ramifications on the two most important assets of a

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firm i.e. reputation and image. Prestige of an organization is considered

as a mirror of an firm's character. It is influenced by opinions held by

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both, external and internal stakeholders of a firm, (Deephouse,

2000; Nakra, 2000; Pruzan, 2001). The corona virus is presenting a

image test not only for the firms but for the whole world. Every day we

are reading stories of struggle of different countries in fight against

corona virus. There are certain countries like Singapore who have set

examples of good management of crisis management and thereby

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strengthened their image even the pandemic is still spreading at large.

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Small and medium firms will find it difficult to maintain image during

the crisis with shortage of resources. Small and medium enterprises will

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have to maintain the practices with high ethical values as it will help in

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ameliorating the image and also enhance chance of firm for fast

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recovery during the crisis (Anand, 2002; Hutton et al., 2001).The

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maintenance of image focuses on the corporate communication. The

reaction, acknowledgement, attitude of a firm towards the crisis

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(Benoit, 1995). Small and medium will have to challenge of maintaining

communication. This can be done by being transparent and

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communicate in timely manner. The firms will have to devise practices

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and procedures to maintain communication with the stakeholders. It

may not result into direct benefits but it will help in making some space

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in stakeholder's mind. It is often difficult to communicate the

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shortcomings which arise due to the crisis. This may be due to shortage

in supply, financial crunch, or even employee revolt or absenteeism.

The pandemic situation can result in similar challenges for the small and

medium enterprises. Several SMEs are facing closures due to

mismanagement or the natural reasons arising due to corona virus,

thereby presenting bleak chances of maintaining good corporate image.

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3. Opportunities Waiting to be Explored

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SMEs must exhibit their innovative side and develop solution to fight

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the impact of corona virus. They will have to explore opportunities and

find areas where they can contribute not only for themselves but for

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the community as well. With the increase in the impact of corona virus

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day by day, it becomes more important to speed up the rate of

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converting challenges into opportunities. SMEs can act as a corona

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warriors and explore the following areas:

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3.1 Devise Means of Social Distancing

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SMEs can volunteer to manage social distancing in the markets with

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high population. They may not paid for this work but they can make a

good beginning with the public and make an impact. They can start

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from the places such as hospitals, banks, stores where crowd is often

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expected and create their own space in the market. Use of Robotics

could one of the answer to manage social distancing. Since the

outbreak of the pandemic, different response has emerged from the

globe from different economies. But it has not been able to lower the

impact of the pandemic so far. Clearly, this situation requires use of a

novel strategy technology or new rule of the game have to used across

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the different sectors. The worst hit sectors are tourism and travel

industry. Application of the Robotics technology can be one of the

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solution in the recent crisis (Debney,2018). It is challenge indeed for the

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labour intensive sectors to continue continuity while maintain social

distance at work place. Organizations can deploy robotic process

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automations at work place. This is especially useful for the companies in

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real estate companies. The Robotic Process Automation (RPA) can

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create a huge impact in real estate companies (Deloitte, 2020b). The

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real estate need to make buildings such as stadiums, hotels, cinema

theaters etc. with social distancing as a centre theme. The educational

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system needs to go through a revamp. All these examples represent

innovative opportunities that entrepreneurs can use with survive during

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the pandemic situation.

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3.2 Formulate Policies for fighting Disaster

Several countries do not have proactive policies to promote

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entrepreneurship and innovative culture due to which SMEs do not get

the right platform to grow and survive. They can be proactive policies to

promote growth of SMEs. India has several policies to give

entrepreneurial push in the economy through supportive and

sustainable policies to SMEs. SMEs are provided credit , product design,

testing, and marketing facilities to help them compete in the

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competitive market.

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Government needs to put crisis management policies in practice. There

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has to continuous evaluation of symptoms that have potential to

become big hazards in world. The pandemic management teams can be

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created region wise and regular feedback with respect to economic

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barriers to small and medium enterprises can be taken. This will help in

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assessing the potential of small and medium enterprises and also

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provide direction for strengthening them. There can also be analysis of

operational or functional areas that are worst affected by the

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pandemic. There has to be swift action on the polices made by the

government to exert influence on SMEs and save them from the impact

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of corona virus. The policies should be made keeping in mind the -

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strategic, tactical and operational activities performed by SMEs. Past

research has suggested that policy involvement by government helps in

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reinstating confidence in markets during crisis. However, this may vary

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(Kho and Stulz (2000), Dong et al. (2000), Lau and McInish

(2003) and Wei et al. (2010). Zaki (2001) and Arpac et al. (2007) have

studied the effectiveness of policies and successful execution to restore

business environment. There is also evidence about effectiveness of

programs initiated by International Monetary Fund (IMF). Brealey and

Kaplanis (2004). Certainly policy initiatives taken by the authorities at

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the global level during crisis situation has provided buffer to the

economy.

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3.3. Make Use of Technology

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During the pandemic scenario, there is news regarding long haul of

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corona virus. This forecast has led authorities and policy makers to

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warn public to learn to stay with corona virus. Though many most of

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the countries have relied on the lockdown to contain the pandemic. But

the lockdown strategy cannot be continued for a long time, if economy

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has to be revived. Technology comes to help during this time.

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Technology needs to be applied wherever possible in order to keep the

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economy running. But this can be beneficial if only organizations have

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already invested in technology in past. They can have full returns

technology in crisis situation. Technology is playing a crucial role in the

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economy during the pandemic.

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Due to lockdown in many countries, people are preferring to buy

products online. The SMEs can start using e-commerce platform to

reach out to the customers and maintain continuity of the business.

This strategy can be also applied to the products such as gym, teaching

etc. Technical firms can develop applications that can help track worst

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affected regions, or provide connectivity with doctors or chemists.

Educational institutions have already shifted to the online mode of

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teaching. This has enabled continuity in the educational system. Many

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small and medium enterprises in sectors like online training, social

media are doing good business even during the pandemic. Even the

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local citizens have started making their personal videos and uploading

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them on online. This could be a new start of a business venture. This is

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also the time to look within the country and start developing local

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technology rather relying on the foreign technologies.

The use of technology can help in containing the virus when countries

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try to become normal after the pandemic. E-payments will further get a

boost as transactions will be done through digital media. Organizations

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will have to design new work rules such as work from home, or even

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manage with less workforce. 3D printing technology is another that has

been deployed to fill the gap created due to supply chain vacuums. It

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can be used to print different products as per the requirement. It offers

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production flexibility. But firms will have to be cautious as use of

technology may come with some ill-effects such as health issues related

to high reliance on the technology.

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3.4 Innovate, Innovate and innovate

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This may be a tricky a strategy during the outbreak of corona virus but if

we can believe, it is the only strategy that will take us out of the deep

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crisis that is going to stay in the world for a while atleast till the

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innovative medicines are invented and given a human trials. If we

cannot make product then we need to think of new processes as per

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the requirements suitable to live with the pandemic for a while. New

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norms forced by Covid-19 will force new innovations if economy has to

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continue. Some of the ideas may be like Mask with inbuilt fitted

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speakers. It can be made to speak clearly with mask on face. It is often

difficult to speak with mask on face. Speakers with inbuilt speaker will

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make voice audible and there is no need to adjust the masks while

speaking. It will be strong facilitator of clear communication while

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making important communications. The industry where it can be used

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are Audio systems or industry making masks. Both can do retrofitting

and make the product a reality. The other innovation is for the real

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estate industry. There can be doors with sanitization sprays. Doors with

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sanitization sprays can help in controlling virus in entry/exit point of

house. The concept is same as the sanitization tunnels built deployed at

public places. The industry where it can used is Construction/Real

Estate Industry /or Furniture Industry. Such a thinking does not need

any financial resources but just passion to solve problem and turning

problem into an opportunity. In labor-intensive sectors such as

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construction, textile etc. it will be a challenge to maintain social

distance but to continue on the growth path, social distancing will

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become necessity. Many public places such as parks, markets etc. have

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created circles for the people to stay in while shopping or resting.

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Even education system in countries with high population will find it

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hard to manage Covid-19. But innovations that can help in social

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distancing can be helpful. Various educational institutes will have to

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initiate different shifts for the students to attend the classes. Two

things will strongly influence the innovations that will be implemented,

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i.e. Social Distancing and Sanitization. There devices being innovated

that can help in maintaining social distancing. The device ensures

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appropriate distance at the public place through a sound alarm that

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rings when people come too much closer in the public place. Likewise

there are devices that act as a reminder for washing hands frequently.

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There is a cost effective ventilator made too to help poor and needy

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patients.

3.5 Adopt Retrofitting

Several large organizations such as GAP, Louis Vuitton, HANES, ZARA

have adopted the strategy for retrofitting to start manufacturing the

things that have more demand in the market. Many have revived the

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close factories in order to take the advantage of situation and match

the market conditions. Hanes clothing company is retrofitting factories

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to make masks to combat the aggressive spread of novel coronavirus. It

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is pairing with the government to make N95 masks for health

care workers on the front line of fighting the disease. There might be

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shortage of face masks to be used by health care providers across the

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country due to the pandemic. They plan to produce 1.5 million masks

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weekly and the consortium of companies it has joined, led by Parkdale

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Mills America, will be producing 5 million to 6 million masks weekly

using HanesBrands’ design and patterns, the company."The company’s

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supply chain and product development experts created technical

product specifications, including product chemistry, and samples of

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cotton masks in coordination with the U.S. Department of Health and

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Human Services. The luxury goods maker, Louis Vuitton will produce

gels to the to the health authorities. It will provide the products free of

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charge .It plans to use the production lines of its perfume and cosmetic

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brands to manufacture large quantities of hydroalcoholic gels. Though

it may be difficult for SMEs to adapt to the retrofitting strategy but it

seems to be the only viable strategy for SMEs to survive and sustain.

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4. Road Ahead

Many professionals have already reiterated that the people will never

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go back to 'Old Normal' rather they will have to adjust to a 'New

Normal' that corona virus has forced on the society. There will be re-

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definition new rules and regulations in society, industry and

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government etc. Every shop, be it saloon, grocery etc have already

changed to a New Normal. Saloons are taking customers on

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appointment only in order to avoid sudden rush in shop. Government

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has made changes in the labor law and allowing only 30 % percent of

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workforce to work from office. Policies have been changed to

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accommodate the 'New Normal' at work place. At the entry points of

public buses, shops, offices etc. individuals are asked to sanitize and are

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encouraged to maintain social distance to contain the spread of corona

virus.

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Small and medium enterprises will have to carry on with the strategy of

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contiguous evaluation once the pandemic gets over, if and when it gets

over. They need to evaluate the risk from the present and future

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uncertain situations on regular basis and take appropriate actions

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accordingly. Companies will start localizing and reduce reliance on

foreign capital and resources. SMEs must seize the opportunity and act

fast to adapt to the changes happening due to Covid-19. They need to

up-skill and re-skill their employees in order to match the new

opportunities. SMEs will have to develop a strong immunity against

future pandemics just like individuals to stay alive. Economics predict

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that there will be huge adjustment in the global supply chain network.

Global companies like Apple will look for suppliers near US for the

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components and will assemble them using smart factory. The profit of

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global companies will decline but will become more resilient from

shocks like Covid-19 (Economist,2020; Pyo, 2020). Many multinational

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companies including Japanese auto makers and Korean electronics

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firms are planning to shift to other Asian regions (Mckinsey 2020;Pyo,

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2020).

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This will provide huge opportunity for SMEs to the adjoining areas with

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respect to productivity, job and growth. SMEs must calculate the risk

involved in dealing with the current situation before making further

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move. The risk may be financial, strategic, operational or compliance

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type. But risk will have to be managed while keeping social distancing

and sanitization in mind. There are already organizations that have

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come up with innovative ideas to adjust as per the norms of the

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pandemic situation. This is the time to make the mark in the darkest

hour and leave a legacy behind.

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5. Conclusion

The outbreak of corona virus has moved the whole world and changed

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the socio-economic paradigms in all areas. There are disruptions in the

technology, legal, supply chain, and all other sectors. All have been

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affected worst by the pandemic. The old rules of the functional areas

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such as production, marketing, finance, human resources and

information technology will no longer be applicable in the current

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scenario. The pandemic will be forcing the way the work is done in

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different sectors.....and this 'New Way of Work' has to have combination

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of two factors: Social distancing and regular sanitization to keep the virus

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at bay. Whether its banks, hospitals, hotels or education , we have to

change the 'Normal Ways' and create another normal way of doing

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things. The corona virus has definitely given SMEs a window of

opportunity where they need to rethink-redefine-re-do their strategies

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for survival. There are many enterprises that become complacent and do

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not embrace change and faded away due to corona virus. But now SMEs

will have to follow the rules charted by corona virus and develop its own

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path of success. The 'new normal' may be to innovate, do retro-fitting or

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adapt as per situation or redesign financial or non financial models of

survival. The SMEs need to take this new flight with enthusiasm and

introduce innovations that are waiting to be explored to contain corona

virus and emerge as winners during the pandemic. This is more

important because the whole world will be looking for that warrior with a

golden sword that will emerge as winner from the war-like situation

posed by corona virus.

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