A WAY FORWARD FOR ROMANIAN SMALL BUSINESSES AFTER THE PANDEMIC

Ramona Todericiu and Alexandra Boanta
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Ramona Todericiu: Lucian Blaga University of Sibiu
Alexandra Boanta: Lucian Blaga University of Sibiu

Revista Economica, 2021, vol. 73, issue 1, 114-123

Abstract: The impact of the SARS-COV-2 virus on small and medium-sized businesses is huge, with most businesses having difficulty staying afloat during the pandemic period. Uncertainty is a major factor that can have a truly major impact on small businesses, and this was especially evident during a pandemic. Certainly 2020 is a year of challenges, with a significant impact on SMEs, a year in which the decisions taken by managers will have a significant impact on the direction of their business, a year in which adaptation to current customer requirements is crucial. Thus, it is necessary that managers know and analyze the current market trends so as to approach proactively the adaptation difficulties encountered. The activity of companies has developed mainly in the online environment, in order to maintain contact with customers and to keep the business alive by selling the products and services offered through online platforms. The present study aims to review and analyse the short-term effects of the Covid-19 pandemic, in order to disseminate the economic effects caused during this period relating to the impact of staff layoffs, restriction or business reorientation, and effects that can generate, in certain situations, economic recession, with temporary or even permanent damages. Therefore, we can say that there are good reasons to believe, as many specialists say, that the effect of the pandemic will be felt for a longer period, without being able to expect a sudden economic recovery, but a slow and long lasting one.

Keywords: small business; pandemic; COVID-19; SMEs; economy (search for similar items in EconPapers)
JEL-codes: M21 (search for similar items in EconPapers)
Date: 2021
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