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The Impact of the Epidemic on Small and Medium-Sized Enterprises and Its Strategies

In: Proceedings of the 2022 International Conference on Economics, Smart Finance and Contemporary Trade (ESFCT 2022)

Author

Listed:
  • Jinrui Li

    (University of Warwick, Business School)

  • Haina Yang

    (Rutgers University, Business School)

Abstract

Since 2000, 99.9% of U.S. businesses have been small businesses, providing many jobs and opportunities in the United States. But the COVID-19 pandemic has adversely affected small businesses in the United States. Influenced by the epidemic, there is a global shortage of materials, and the cost of supply chains and raw materials is rising rapidly. At the same time, in recent years, almost all small and medium-sized enterprises in the United States have faced shutdowns, and the supply and demand ports have been greatly affected. Costs have increased significantly, which has prompted the development of small and medium-sized enterprises in the United States to encounter more crises. Starting from the bankruptcy and employee status caused by the economic difficulties American small and medium-sized enterprises faced during the epidemic, this paper analyzes the cash flow difficulties and cost control problems of American small and medium-sized enterprises due to COVID-19. They summed up how to find a suitable way for small and medium-sized enterprises to maintain their company stability and how to continue to develop over some time, which includes reducing costs and improving product sales to survive the epidemic.

Suggested Citation

  • Jinrui Li & Haina Yang, 2022. "The Impact of the Epidemic on Small and Medium-Sized Enterprises and Its Strategies," Advances in Economics, Business and Management Research, in: Faruk Balli & Au Yong Hui Nee & Sikandar Ali Qalati (ed.), Proceedings of the 2022 International Conference on Economics, Smart Finance and Contemporary Trade (ESFCT 2022), pages 911-919, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-052-7_103
    DOI: 10.2991/978-94-6463-052-7_103
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