How are British small-medium businesses adjusting to COVID-19?

Abstract

Every aspect of life has been affected by the COVID-19 pandemic, and the global economy has experienced considerable losses. This study aims to provide theoretical insight and relevant information about the current situation of businesses in the case of British small and medium-sized enterprises (SME's), as well as to identify how they are adapting to overcome COVID-19 challenges. The SMEs are a key driver of economic growth and sustainability in the United Kingdom. The study a qualitative approach to identify the most effective adapting strategies by analyzing secondary data. The study's findings revealed that British SME's responded to the pandemic using five long-term strategies; Financial management, government policy, network relationships, digital transformation, and entrepreneur orientation. This study contributes to data analysis, which may be useful for future empirical and strategical research on COVID-19's economic impact.