Critical Success Factors Impacting the Management and Growth of Small and Medium-Sized Enterprises Amid the COVID-19 Pandemic
Alahmadi, Nada Baqays, Lujain Khard, Fatimah Bohairy, Lenh Alhattami, Mayar
Alahmadi, Nada
Baqays, Lujain
Khard, Fatimah
Bohairy, Lenh
Alhattami, Mayar
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Abstract
The Covid-19 virus, a novel virus belonging to the same family as severe acute respiratory syndrome (SARS), was declared a global pandemic by the World Health Organization (WHO) in 2020. As the number of cases increased, the global population demonstrated its adaptability in addressing the pandemic. These adaptations involved practices such as maintaining physical distance, wearing masks, consistently sanitizing high-touch surfaces, and abstaining from traditional gestures of affection like hugs and handshakes. Consequently, these changes not only affected individuals' personal lives but also had repercussions for businesses. Small and medium-sized businesses (SMEs) play a critical role in fostering entrepreneurship, supporting economic growth, alleviating poverty and hunger, and creating job opportunities. However, the outbreak of the COVID-19 pandemic significantly altered the business landscape, posing a threat to the survival of SMEs. Hence, the objective of this study was to identify the key success factors (KSFs) crucial for establishing and managing SMEs in the aftermath of COVID-19. While numerous KSFs contribute to the growth and management of SMEs, this research specifically focused on five as particularly crucial for post-COVID-19 growth and management: 1) strategic planning, 2) human resources, 3) finance, 4) operations, and 5) marketing. The study targeted SMEs in Jeddah, KSA, with a sample size of 108 participants, utilizing a random online questionnaire containing fifteen closed-ended questions in a quantitative approach to comprehensively determine the KSFs. Descriptive and inferential statistics, presented in tables and figures, were provided by the Statistical Package for Social Science (SPSS). The study's findings underscored the importance of each chosen factor in ensuring SME development and management after COVID-19. This research is significant as it furnishes entrepreneurs with practical information about achieving success in SMEs within a post-COVID-19 market.