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How was the SME’s Performance in Oman during Covid-19?

Author

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  • Atallah Firas Al Taha

    (Muscat, Oman)

Abstract

The paper examines the performance and the challenges faced by SMEs in Oman during Covid-19. The data was collected through primary and secondary sources. A questionnaire of 100 respondents was used. Descriptive analysis and chi-squared test have been employed in the data analysis. The main findings of the study showed despite the adverse effect of the pandame, the SMEs in Oman have performed well and indicated a resilient and adaptable strategy to cope wth the virus. The reason for this could be attributed to their ability to quickly transition to remote work and online operations. During such a challenging period, some businesses managed to thrive due to their ability to identify opportunities and leverage them. Moreover, the study revealed that financial stability and preparedness are key to navigating the pandemic's uncertainties, as businesses focus on risk management, budget planning, and saving money. In response to unexpected disruptions, businesses have become more cautious and strategic in their financial decisions. SME resilience against future crises is enhanced as a result of SMEs adopting more prudent financial practices. The key challenges faced by SMEs during Covid-19 included delivery delays, reduced income for consumers, and regulation changes. The SMEs in Oman devised severalrisk management strategies, such as maintaining backup plans and setting aside funds, reflect a forward-thinking approach. The findings indicate that businesses in Oman are actively seeking ways to minimize disruptions to their operations and mitigate potential risks. Long-term resilience can be built by such strategic thinking.

Suggested Citation

  • Atallah Firas Al Taha, 2024. "How was the SME’s Performance in Oman during Covid-19?," International Journal of Economics and Financial Issues, International Journal of Economics and Financial Issues, vol. 14(1), pages 126-135, January.
    • Handle: RePEc:eco:journ1:2024-01-12
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    References listed on IDEAS

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    1. Robert W. Fairlie, 2020. "The Impact of Covid-19 on Small Business Owners: The First Three Months after Social-Distancing Restrictions," CESifo Working Paper Series 8581, CESifo.
    2. Abriham Ebabu Engidaw, 2022. "Small businesses and their challenges during COVID-19 pandemic in developing countries: in the case of Ethiopia," Journal of Innovation and Entrepreneurship, Springer, vol. 11(1), pages 1-14, December.
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    Cited by:

    1. Ruksana Banu & Gopalakrishnan Soundararajan & Mahmood Ali Al Wahaibi & Mohamed Salman, 2024. "A study on critical internal drivers of organizational resilience: evidence from Oman SMEs," Journal of Global Entrepreneurship Research, Springer;UNESCO Chair in Entrepreneurship, vol. 14(1), pages 1-10, December.

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    More about this item

    Keywords

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    JEL classification:

    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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