Reshaping Strategies for International Competitiveness of Small and Medium Enterprises in Eastern Europe in the Post Covid-19 Economy

Margarita Ivanova
University of National and World Economy, Bulgaria

Abstract

The purpose of this paper is to search for pragmatic solutions to the challenging situation in the COVID-19 reality. The author has chosen an interdisciplinary approach to deal with the complex management issues for small and medium enterprises (SMEs) in Eastern Europe that have been highlighted by the outbreak of the new virus. The impact has been different across sectors and countries, but there is at least one common aspect. The changes in the business environment have put their international strategies to a test. An element of risk is that in times of crisis, short-term tasks will take all the attention of the managers striving for the survival of SMEs. Against the background of competing concerns, there is the possibility that a strategic long-term perspective is not given the necessary consideration and resources for implementation. If SMEs trade their aspirations for international competitiveness for the fulfilment of short-term tasks, they can miss important opportunities to recover and grow. This paper highlights the importance of balancing between two groups of priorities, each of them with several sub-categories. The first one focuses on the need to take actions in the short term without forgetting that they can have a long term impact. The significance of tangible and intangible assets is underlined. The second looks further and directs the attention to the long term strategic thinking that SMEs need to recover in times of uncertainty and increase their international competitiveness.

Presentation