SMEs moving out of the COVID-19 crisis
- Jul 21, 2020
- Tedora Aibu
SMEunited published an article on the do's and don'ts for SMEs entering the recovery stage after the COVID-19 pandemic. The economic recovery of small businesses in Europe will depend on how the digital & green transformation of SMEs is fostered and thus, a more elaborate strategic approach is required. This article was published as one in a series which OECD experts and leaders from around the world and all parts of society address the COVID-19 crisis. It aims to foster the fruitful exchange of expertise and perspectives across fields to help us rise to this critical challenge. Worldwide, businesses have been directly or indirectly affected in various sectors and 50% of companies are facing liquidity problems, which may turn soon into the risk of insolvency. Furthermore, according to the latest SMEunited survey, the restart seems to be slower than hoped as the crisis will last until 2021.
SMEs face several challenges coming out of this pandemic. Firstly, the containment measures should be lifted in a tailor-made and gradual way, respecting local situations. Moreover, authorities should be ready to contain new outbreaks without imposing another general lockdown. Secondly, SMEs require support to assess the continuing risks and correctly implement sanitary measures to protect employees and customers from infection. This should be done with as few burdens and costs as possible. SMEunited emphasises it is also important to provide clear and concise information to consumers on how to behave and comply with health and safety measures in order to reduce risk of spreading COVID-19.
To read the full article, please click here.