Crisis Resilience And Winning In Business In Uncertain Times
Various studies assume that, depending on the country, between 7% and 25% of small and medium-sized enterprises are already in advanced stages of crisis, without having often realised this. The more advanced the stage of the crisis, the more complex and unlikely a successful restructuring becomes. While COVID-19 continues to loom across Europe, its medium-term impact is still unknown. What we do know is that the months/years ahead will be both volatile and dynamic for SMEs. Running a business can be a minefield at the best of times. Add a global pandemic into the mix and SMEs can really find themselves in trouble.
The creation of crisis resilience for SMEs and start-ups must be given greater attention in future. Our SECURE Erasmus+ team brought together a series of online focus groups, across four countries, Ireland, Germany, Greece and Spain to understand the challenges for SMEs facing crisis and to inform the development of our resources and tools. Few business failures result from a single cause. One cause may predominate, but failure usually results from inadequate response to several interrelated factors. It is clear that across Europe, different challenges arise. For example, for SMES in Greece and Spain, focus group members shared that politics causes continuous uncertainty.