Key Success Factors That Play a Role in the Management and Development of Small and Medium-Sized Enterprises in this COVID-19 Pandemic

Abstract

A new virus called Covid-19 belongs to the same virus family as a severe acute respiratory syndrome (SARS). In 2020, the World Health Organization (WHO) declared it a worldwide pandemic. As the number of instances increased, the world's population's adaptability to dealing with the pandemic became clear. These adjustments included eliminating close contact with people, donning masks, keeping high-touch surfaces consistently clean, and refraining from expressing affection through hugs and handshakes. Thus, the changes impacted not only people's personal lives but also enterprises (Klutse, 2022). Small and medium-sized businesses (SMEs) are crucial. The SME sector fosters entrepreneurship, supports economic growth, reduces poverty and hunger, and creates job opportunities. But the outbreak of the coronavirus (COVID-19) pandemic drastically altered the business landscape. COVID-19 has had a significant impact on SMEs and endangers their survival. Therefore, the goal of this study was to identify the key success factors (KSFs) for creating and overseeing SMEs after COVID-19. Although there are many KSFs for growing and managing SMEs, this study focused on five in particular as being crucial for their growth and management post-COVID-19: 1) strategic planning, 2) human resources, 3) finance, 4) operations, and 5) marketing. The target population was SMEs in Jeddah, KSA, and the sample size was 108 participants. The study used a random online questionnaire with fifteen closed-ended questions in a quantitative method to determine the KSFs for SMEs to the greatest extent possible. The descriptive and inferential statistics, which are presented in tables and figures, were provided by the Statistical Package for Social Science (SPSS). The study's findings showed how important each of the chosen factors is to ensuring SME development and management after COVID-19. The study is significant because it gives entrepreneurs practical information about SMEs' success in a post-COVID-19 market (Mhlungu, 2021).