Government initiatives in providing financial aids in assisting the recipients to overcome financial difficulties or implementing specific targeted projects. This financial assistance can be extended in the form of cash pay-out, subsidies, grants, or credit guarantees, among others.
Published in Chapter:
SMEs and Business Sustainability: Achieving Sustainable Business Growth in the New Normal
Meng Kui Hu (Universiti Sains Malaysia, Malaysia) and Daisy Mui Hung Kee (Universiti Sains Malaysia, Malaysia)
Copyright: © 2021
|Pages: 21
DOI: 10.4018/978-1-7998-6632-9.ch016
Abstract
The COVID-19 pandemic is an unprecedented global crisis affecting the worldwide socio-economy. Many SMEs have ceased operations due to various obstacles during the pandemic period. The chapter identifies challenges faced by SMEs, specifically in Malaysia. The chapter also proposes that having a sustainable business solution protects SMEs from experiencing a crisis by diluting the impact of the pandemic and the critical challenges related to the financial impact, supply chain disruption, changing customer behavior, and evolving business environment. Post-lockdown, SMEs must revisit, realign, and implement practical operating procedures to stay relevant. Moving forward, SMEs depend on reliable and proactive leadership in revamping some of their business strategies – strengthening financial position, supply chain management, digital transformation, and organizational agility. SMEs must be vigilant and operate within the sustainable business framework involving the environmental, social, and governance (ESG). Consequently, this will fulfill the United Nations' sustainable development goals.