Crisis Management for Small and Medium Enterprises (SMEs) in Sweden under COVID 19 Pandemic: Business Model Innovation, Crisis Leadership and Digital Technology Tools

SHOVANNASIMHAIDER

doi:10.36948/ijfmr.2023.v05i05.7632

Crisis Management for Small and Medium Enterprises (SMEs) in Sweden under COVID 19 Pandemic: Business Model Innovation, Crisis Leadership and Digital Technology Tools

Author(s)	SHOVANNASIMHAIDER
Country	Bangladesh
Abstract	As we all know, the global crisis of the Covid 19 pandemic has brought about a disaster to the whole economy; it hits the SMEs heavily due to their frangibility. However, they have their unique flexibility to adapt the strategies quickly in the three critical factors of business model innovation, crisis leadership and digital technology tools to cope with the crisis. This paper provides a mixed method of quantitative and qualitative analysis of the SMEs in Sweden. We collect data by questionnaire and interview five (5) local SMEs. The results show that SMEs were affected by Covid 19 significantly, while the strategies that they took were also efficient and useful to their survival and improvement. The SMEs' strategies or changes adopted can give some light to the other SMEs who are still struggling in the pandemic or similar crisis later on. Firstly, all participants adopted a new business model whatever in their customers or suppliers or distributions. Secondly, the leaders became used to the virtual work with their team members; they motivated their employees with efficient rewards and adjusted the labour cost. Thirdly, the companies also took advantage of efficient digital technology tools quickly to adapt their work to the virtual environment. Finally, this study also contributes to current literature, using the essential factors to analysis from a theoretical perspective.
Keywords	crisis; crisis management; SMEs; business model innovation; crisis leadership; digital technology tools; COVID 19
Field	Business Administration
Published In	Volume 5, Issue 5, September-October 2023
Published On	2023-10-19
Cite This	Crisis Management for Small and Medium Enterprises (SMEs) in Sweden under COVID 19 Pandemic: Business Model Innovation, Crisis Leadership and Digital Technology Tools - SHOVANNASIMHAIDER - IJFMR Volume 5, Issue 5, September-October 2023. DOI 10.36948/ijfmr.2023.v05i05.7632
DOI	https://doi.org/10.36948/ijfmr.2023.v05i05.7632
Short DOI	https://doi.org/gswg6z

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Crisis Management for Small and Medium Enterprises (SMEs) in Sweden under COVID 19 Pandemic: Business Model Innovation, Crisis Leadership and Digital Technology Tools

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