Operations Research Perspectives 9 (2022) 100222

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Operations Research Perspectives

journal homepage: www.elsevier.com/locate/orp

SMEs in Covid-19 Crisis and Combating Strategies: A Systematic Literature

Review (SLR) and A Case from Emerging Economy☆
Mohammad Rokibul Hossain 1, *, Fahmida Akhter 2, Mir Misnad Sultana 3
1
Assistant Professor, Department of Business Administration, Faculty of Business Studies, Premier University, Chittagong, Bangladesh
2
Assistant Professor, School of Business Administration, East Delta University, Chittagong, Bangladesh
3
Lecturer, Faculty of Business Administration , BGC Trust University, Chittagong, Bangladesh

A R T I C L E I N F O A B S T R A C T

Keywords: The paper intends to understand the research trends in “Covid-19 and SME” through a Systematic Literature
Small and Medium Enterprise (SME) Review (SLR) and extract themes to explore the most affected areas of SMEs during the Covid-19 pandemic.
Systematic Literature Review (SLR) Subsequently, the study attempts to know the struggles of SME during Covid-19 crisis in a developing country .
Co-word Analysis
Furthermore, the study provides a critical dynamic resilience strategy framework to manage the SMEs in the
Supply Chain Disruption
Cash Flow shortages
crisis period. The authors extracted data from Scopus and Web of science to conduct a Systematic Literature
R Programming Review (SLR), Extracted data from both databases were merged using R programming get the same tag in R
programming. The study adopts a bibliometric analysis to present the research corpus in the domain of “Covid-19
and SMEs”. The cluster method of R programming has been used to usher the significantly affected areas of SMEs.
Based on the cluster theme, an open-ended questionnaire was developed and used to interview 23 SMEs in
Bangladesh for the case study. NVIVO-13.00 was used to extract the topic from the transcriptions of the in­
terviews. The study reveals that Cash flow shortages and Supply Chain Disruptions are the critical constraints of
SMEs. On the contrary, Digital transformation has gained momentum during this crisis. Enterprises that made the
best use of digital platforms through technology, digital marketing, and innovations secured the peak of success
and profitability. The study also recommends a critical dynamic, resilient strategy model to adopt in the "new
normal" for successful navigation of SME business in the future. The study is the first of its kind that integrates
SLR and a case study on the hurdles of SME owners during the Covid 19 crisis. Thus, it helps advance the un­
derstanding of the subject matter and enables the formulation of resilient strategies by policymakers and SME
owners to navigate the business in any potential crisis in the future. The study has significant methodological
contribution as it presents how to merge both Scopus and web of science data to conduct bibliometric analysis
through R programming. Besides, it also contributes to using R’s clustering method to extract themes for “SME
and Covid -19” domain. Finally, the study presents an overview of SMEs in crisis such as Covid-19 and a case
study of a rising economy and its response measures. The Case study has been designed to concentrate on
Bangladesh’s SME owners and practical implications potentially limited to Emerging Asian Economies.

1. Introduction 667 confirmed cases and 198,589 deaths worldwide [1]. This unfore­
seen global phenomenon has thrown a chaotic impression on the
The global pandemic Corona Virus spread its tentacles in almost all economy and put commerce at a standstill [2–5]. While Covid 19 is
world countries, and the world’s inhabitants have been witnessing its impacting nearly all walks of life, there is a particular concern about
deadly dance for the last ten months. Although the novel coronavirus how the newly emerged catastrophe will affect small and medium en­
disease (Covid-19) was initially detected in Wuhan (in the Hubei Prov­ terprises. A study [6] stated that SMEs represent over 90% of all firms
ince of China) in December 2019, later, it turned into a global pandemic worldwide, making them the backbone of the world economy in formal
in March [1]. At the preliminary stage, the outbreak was limited to and informal business sectors. Despite their significant role, SMEs are
China and Europe, but it spread worldwide in March 2020 with 6,724, most threatened by the Covid 19 crisis, given their relatively vulnerable

☆
To be published in Operations Research Perspectives
* Corresponding author.
E-mail addresses: [email protected], [email protected] (M.R. Hossain), [email protected] (F. Akhter), [email protected] (M.M. Sultana).

https://doi.org/10.1016/j.orp.2022.100222
Received 5 July 2021; Received in revised form 24 November 2021; Accepted 7 January 2022
Available online 12 January 2022
2214-7160/© 2022 The Author(s). Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license
(http://creativecommons.org/licenses/by-nc-nd/4.0/).
M.R. Hossain et al. Operations Research Perspectives 9 (2022) 100222

position [6]. Since SMEs heavily rely on the velocity of money, a sudden systematic reviews will “summarise in an explicit way what is known
fall in regular trade demand disturbs the company’s cash inflow [7,8] and not known about a specific practice-related question” [18]. The
have asserted that due to a lack of readiness, excessive reliance on local value of a Systematic Literature Review can provide a clear under­
and government agencies, and a more significant psychological and standing of the current state of the research regarding the topic being
financial impact on owners and managers, SMEs are the most vulnerable investigated in a single platform.
in the crisis period. Previously, there was little research on the effects of To fulfill the first and second research objectives, the study aims at
disasters on SME and developing strategies to cope with such vulnera­ presenting various classification schemes. The classification scheme will
bility, with the majority of studies focusing on recovery after natural be done based on the published articles. It will categorize the total ar­
disasters such as floods and earthquakes; reflections on the impact of ticles into different segments like distribution of published articles
long-term epidemics on SME are also scarce [8]. SMEs in Bangladesh are across other countries, journals, contexts, and periods under the
primarily private entities, and it has to survive in a highly competitive descriptive analysis part following the Systematic Literature Review
environment like many other developed and developing countries. guidelines [19] and the second part will present the different themes
Covid 19 has already triggered an unprecedented dark impression on the based on the coward analysis which is a popular text mining techniques
SME industry [8]. During the protracted lockdown and movement to the titles, abstracts, and keywords of articles [20]. To satisfy the third
control period, SME entrepreneurs faced obstacles such as operational objective, a survey will be conducted among some selected SME owners
disruption, supply chain disruption, a shortage of internal funds to of Bangladesh using a self-developed open-ended questionnaire pre­
handle recurring operating expenditure, the risk of bankruptcy, and a pared based on the themes generated by co-word analysis. To fulfill the
paucity of government stimulation packages [8,9]. fourth objective, the study will propose a critical dynamic model to
Researchers worldwide have focused on the impact of covid-19 on combat the crisis in SMEs during crisis periods like pandemic COVID-19.
SMEs to understand the current situations of SMEs. The present crisis It is already evident that SMEs are always affected by a natural
caused by pandemic COVID-19 is different than other crises in several disaster such as an earthquake in Turkey impacted SMEs where esti­
ways because economic activities have been interrupted differently in mated loss is approximately $1.1-4.5 billion [21] flood in Thailand
geographic areas with unforeseen implications [10]. SME entrepreneurs affected severely 557637 enterprises, of which 90% from SMEs [22].
faced challenges such as operational interruption, supply chain disrup­ Similarly, Malaysia also faced the devastating effect of flood in 2014
tion, a lack of internal capital to handle recurrent operating expenditure, where 13000 SMEs were collapsed [22]. Likewise, in Sri Lanka, in 2016,
the possibility of insolvency, and a scarcity of government stimulus a storm severely affected the country’s western side, causing a massive
packages during the lengthy lockdown and movement restriction period loss to the SMEs [23]. Many developed countries have also gone through
[8,9]. a severe crisis in managing the business during a natural disaster; for
An extensive literature survey reveals that studies [5,6,9,11–15] instance, the UK experienced huge loss during Foot and Mouth Disease
emphasized on the impact of covid-19 on SMEs due to impending eco­ (FMD) outbreak in 2001. The loss was estimated to be 5 billion pounds
nomic distress occurred in this pandemic and recovery strategies to [24]. Being a developing country, SMEs in Bangladesh have also faced
manage the crisis. Studies indicate that SMEs are impacted from other crises during natural disasters like floods, earthquakes, and
different aspects in this period. The extent of the problem in SMEs varies storms.
in terms of business nature, geographic location of the business, the According to the study [25], global trade will decrease by 14% to
economic condition of the country, environmental factors related to the 33% in pandemic 2020, whereas this Covid-19 paralyzed regular eco­
company, entrepreneurial innovative and adaptive capability during the nomic activity in every country. Similarly, a recent [26] report de­
crisis period, and so on. Although the research on SMEs incorporating lineates that the pandemic Covid-19 will highly hit developing
Covid-19 has gained attention among academicians and practitioners, countries. The above-stated condition implies that it is justified to
there is scanty research that highlights the SME crisis and crisis recovery examine the effect of Covid-19 on SMEs as these businesses are sus­
strategies together from a practical experience of SME business. ceptible to the economic situation and stay in a vulnerable position all
Considering the significance of the issue, this study intends to reveal the the time because of their dependency on cash flow which is negatively
pandemic’s impact on SMEs in the context of developing countries like affected the pandemic. Thus, this study will contribute from theoretical
Bangladesh. Most of the studies conducted on SMEs addressing Covid-19 aspects and practical aspects too. From a theoretical perspective, this
are based on developed countries like the USA, Europe, Australia, study presents the current situations of SMEs by providing ample liter­
Canada, Uk Italy [16,17] have been conducted in an emerging economy ature evidence to understand the devastating effects of covid-19 on
like Bangladesh and Pakistan. However, these studies have not SMEs. Theoretically, the study will describe what types of impacts SMEs
addressed the research gaps identified above in the current work. can experience during a crisis like Covid-19. From the practical aspect,
Therefore, it is warranted further investigation in developing countries this study will provide a critical dynamic model to combat the attacks of
from practical aspects. Furthermore, the study will address the research covid-19 in SMEs. SMEs owners and managers will be able to develop
questions such as RQ-1): What is the corpus of research in SMEs & strategies and policies to survive in the crisis period. SMEs will under­
Covid-19; RQ 2) Which areas of the SMEs were highly disrupted by the stand and analyze the situation to adapt to the following new standard
pandemic?; RQ-3): what was the Impact of COVID-19 on SMEs in or set guidelines for the post-covid-19 crisis. Hence, this study may assist
Bangladesh?; and RQ-4): What resilience strategies can SMEs adopt to SMEs business managers, owners, and especially practitioners in iden­
combat the crisis during this devasting pandemic? tifying strategies required to respond to the impact of the ongoing
This paper has been developed to meet four objectives. First, the pandemic on SMEs. Mainly, this study may help the SME predict risks
article is intended to capture the corpus of research integrating “Covid- associated with the natural disaster like covid-19 at the initial stage of
19 and SME” through a systematic literature review (SLR) to understand the crisis and take the necessary steps to manage the situation.
the recent development of research in the SME industry addressing The rest of the paper is structured as follows. Section 2 will present
Covid-19 attack through bibliometric analysis. Second, a co-word the methodology used for Systematic Literature Review (SLR), including
analysis was conducted to explore the theme that focused on major the mechanism of data collection from the publication database, the
affected areas of SMEs. Third, A case study on SMEs of Bangladesh will screening process, and the data selection process. Section 3 and section 4
be presented to explore the current situations of SMEs in Bangladesh. will try to delineate the descriptive and thematic analysis, respectively.
And, fourth, the study will provide a critical dynamic resilience strategy Section 5 will present a case study on the condition of the SME sector of
framework to manage the SMEs in the crisis period. The study will be Bangladesh in this pandemic situation. The paper concludes with a
carried out by extensive literature survey using renowned databases like summary of the contributions to knowledge, implications for managerial
Scopus and the web of science to fulfill the research objectives. The practices, limitations, and opportunities for future research.

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2. Methodology of the Study 2.3. Merging Scopus and Web of Science data and removing duplicates

The study adopts a Systematic Literature Review (SLR) as it ensures We adopted the PRISMA method for the inclusion and exclusion of
the most efficient and high-quality approach for exploring and evalu­ articles for this study. Using search strings, articles related to “SME OR
ating extensive literature [19]. A Systematic Literature Review (SLR) is MSME AND COVID-19” were extracted from Scopus and Web of Science
used to assess and interpret the all-available research in a particular in bib text format. Extracted data sets were merged using R studio. After
research area or phenomenon of interest where literature review can removing the data from Scopus and Web of Science, the data were
strengthen the foundation of study in a field of interest. SLR is a more combined to perform bibliometric analysis. Initially, we converted both
authentic and verifiable source that incorporates a more comprehensive files into the bibliographic framework. Then, the data set for the science
and unbiased search. According to [27] SLR “provides a precise mech­ web was merged into the Scopus data set, and duplicates were removed
anism and a stringent review protocol performed to minimize re­ through R programming. Then, two reviewers sincerely cheeked the
searchers’ bias and maintain the independence of the research process, title, keywords, and abstracts of all selected papers to ensure the rele­
yet allowing exploration and discovery that contributes to developing an vance of the documents with the study’s objectives. In selection through
understanding.” The fundamental difference between a traditional the title, the reviewers have focused on those papers that addressed the
narrative review and a Systematic literature review exists is compre­ SME and Covid-19 in the title of the documents. Next, keywords were
hensive and unbiased search [19]. Extensive literature survey ushers reviewed to ensure unification and consistency (i.e., singular/plural). In
that articles based on Systematic literature review can be in different the full-text selection, all of the articles were read carefully, focusing on
forms such as structured review articles with discussion on methods, SME and Covid-19. The implementation of data collection protocol,
theories discussed, and constructs that the previous researchers used in selection procedures, and assessment criteria are depicted in Fig. 1.
their studies [28,29]; Conceptual framework based papers with further
research directions [30,31], theoretical review paper [32], bibliometric 2.4. Data Analysis
review [33]. Following the criteria of [19] and some frequently refer­
enced review publications, the study uses a systematic literature review The data analysis is SLR will be conducted through descriptive
method that includes data collecting, data analysis, and theme explo­ analysis and thematic analysis after retrieving the data through different
ration utilizing cluster analysis [28]. appraisal mechanisms [27]. In the first part of the data analysis, the
descriptive analysis will be presented. According to [19], descriptive
research is used in SLR to depict the profile of the selected articles using
2.1. Data Collection for SLR
some categories and classification schemes. The classification scheme
will be done based on the published articles, and it will categories the
The data collection for this study was carried out following the
total articles into different segments like distribution of published arti­
protocol as management review protocol is widely used to explore,
cles across other countries, journals, contexts, and periods; reports
discover and develop any research area by providing flexibility to the
various policies and strategies for crisis period proposed by previous
researchers to modify through the course of study. At the same time, it
studies; presents a set of theoretical perspectives through which those
also ensures that reviews will be less open to researcher’s bias [19]. The
studies have been explored. The second part of the analysis will try to
data collection protocol used in this study includes a rigorous search
usher some relevant themes. The study will use Co-word analysis similar
strategy with some specific criteria for inclusion and exclusion of the
to the content analysis [36] to analyze the music using the final data set.
articles to fulfill a Systematic literature review objective. The search
Co-word analysis has been applied as text mining to the titles, abstracts,
strategy incorporates appropriate steps such as identifying and selecting
and keywords of articles [37] Using the R programming, the data set will
relevant keywords and search terms, selecting the database for articles,
be analyzed to find the relevant themes.
further modification of keywords, and applying search strategy [19,27].
3. Analysis Phase
2.2. Data Searching Strategy
3.1. Descriptive Analysis
This study used Scopus and Web of Science databases considering the
research context and to get relevant peer-reviewed articles on “SME and Table 1 presents a summary of the data set used for this study. The
COVID-19”. The search was limited to these databases as they include a table indicates that 188 articles from 127 journals have been considered
wide range of peer-reviewed journals in Business, Economics, and for the examination within 2020-2021. Among the 188 articles, 27 are
Management [34]. We used both Scopus and Web of Science as these are single-authored, and the rest are the output of collaborative work, and
reliable and widely accepted database and includes a wide range of the total collective index is 3.32 within this period.
peer-reviewed journals in Business, Economics, and Management [34, The final 188 articles were published in renowned journals in
35]. Before searching the database, we selected search strings such as different disciplines, Like strategic management, Supply chain man­
“SME OR MSME AND COVID-19” While searching the data for this agement, Human resource management, and Operation management.
study, the researchers have set some criteria to choose more relevant Fig. 2 sheds light on the journal-wise distribution of an article. The ar­
papers in this domain. The researchers have employed some selection ticles published in these journals and other articles selected for the
criteria. The search was limited to peer-reviewed journals in the business analysis were directly related to SME management, SME operation,
economics and management area, and the paper contextualized in the Supply chain Management, Sustainability in SMEs, Strategies, and
SME and COVID- 19 domain was selected. Title, abstract, and keywords management issues. It is exciting to find the most productive countries
of all primarily selected papers were cheeked rigorously. Initially, search on this topic. Fig. 3 lists the most productive countries from where most
in different debases presents different publications such as Scopus 270 of the researcher’s papers have been published. From the graph, it is
and Web of science 152 articles. Study selection or article selection from found that five countries named Australia, China, Greece, Poland, the
a selected database identifies and chooses primary studies directly United Kingdom, United States have published more papers on SME
connected with research questions and objectives. The study adopted a addressing Covid-19. Remarkably, China has secured the highest cita­
systematic protocol that includes deciding on selection criteria, extrac­ tion among all the countries. Fig. 3 indicates the most contributing
tion methods, sorting duplicate articles among the databases, and se­ author in this domain.
lection of study based on title, abstract, and keywords to reduce the bias
and human error [19,27].

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Fig. 1. The data collection and selection protocol Source: Developed by the Authors

Table :1 addresses the Covid-19 attack. A co-word comment is a kind of content

Summary of the Dataset analysis [38,39]. Co-word analysis reduces a space of descriptors (or
Description Results keywords) to a set of network graphs that effectively illustrate the
strongest associations between descriptors [40]. To detect the theme,
MAIN INFORMATION ABOUT DATA
Timespan 2020:2021 the study will adopt the guidelines of [41]. The exploration of themes
Sources (Journals) 127 through the co-word analysis will go through some consecutive steps
Documents 188 such as (1) collection of raw data, (2) selection of the type of item to
Average years from publication 0.485 analyze, (3) extraction of relevant information from the raw data, (4)
Average citations per documents 5.723
Average citations per year per doc 3.528
calculation of similarities between items based on the extracted infor­
References 9423 mation and (5) use of a clustering algorithm to detect the themes. The
Keywords Plus (ID) 477 methodological part of the study discussed on data collection and data
Author’s Keywords (DE) 670 section for the final analysis in detail.
AUTHORS
The authors’ keywords and indexed keywords from the sample
Authors 558
Author Appearances 593 research articles were analyzed to usher the themes addressed in the
Authors of single-authored documents 24 research paper. The assumption for Co-word analysis in this study is
Authors of multi-authored documents 534 adopted from the study of [42] who mentioned that “It [co-word anal­
AUTHORS COLLABORATION ysis] relies upon the argument that (i) All of the authors of scientific
Single-authored documents 27
Documents per Author 0.337
writing choose the technical terms sincerely; (ii) when different terms
Authors per Document 2.97 are used in the same articles it is therefore because the author is either
Co-Authors per Documents 3.15 recognizing or postulating some nontrivial relationship between their
Collaboration Index 3.32 referents; and (iii) if enough different authors appear to recognize the
Source: Developed by the Authors using R Studio same relationship, then that relationship may be assumed to have some
significance within the area of science concerned. (p. 473). Based on the
3.2. Exploration of Themes through Cluster Analysis co-occurrence of pairs of words, the co-word analysis seeks to extract
science themes and detect the linkages among these themes directly
The study is intended to use the clustering method through the co- from the subject content of texts [43].
word analysis to identify the theme in the field of SME research that The keywords of the selected articles were analyzed to cluster them

Fig.:2. Journal Wise Distribution of the Article

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Fig.:3. Country Wise Distribution of the Article

and to locate a subgroup of keywords connected which deals with the different ways of seeing the music here, we used the association index by
center of interest or research problem. The clustering graph is depicted measuring association strength. The association index is calculated after
in Fig. 4. For further investigation, we analyze three fields plot including calculating the co-occurrence matrix. There are various approaches in
authors’ keywords, title, and abstracts of the sample articles through R the literature to performing this calculation. One of the most common
programming (see Fig. 5). A closer look at each graph indicates that approaches is called association strength. A clustering algorithm is
specific words that direct detailed theme exploration is present in both applied from the indexes that result from the analysis to identify sub­
charts. Following the guideline of [44], the theme will be identified groups of strongly associated keywords and topics on which researchers
using the co-occurrence of keywords, 2)the thematic network will be focus. Using R programming, it is possible to distinguish different the­
visualized, 3) articles will be analyzed through the cluster and its cor­ matic groups, which can then be characterized
responding items, and finally, it will be explained. Figs. 6–10.
3.3. Synthesis of Theme
3.2.1. Theme’s exploration using R Programming
In this study, we use R software to identify the theme from the 3.3.1. Theme 1: Cash flow shortages
selected research articles. The principal research themes were detected Due to its significant role in providing job opportunities, developing
after computing the co-occurrence of the keywords. Although there are new markets, and contributing to the national economy, SMEs are

Fig.:4. Most contributing Author

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Fig. 5. Thematic Network explored through Cluster Analysis using R

Fig. 6. Three field plot Using R (fist column for keywords, 2nd column for the title, and a third column for abstract

regarded as one of the most important economic drivers [6,45]. Despite trigger immediate liquidity crisis among SME owners [7]. Subsequently,
their significant role, SMEs are the most vulnerable in every public crisis many of them struggle to pay recurrent expenditure such as rent, sal­
[8,9,45]. The paucity of working capital is a common concern for most aries, the interest of loans, are unable to service their clientele and
SME owners, which compels them to exit from business due to prolonged They were compliant with suppliers; commitment [8,47]. A study
lockdown periods and lack of customer demand [8,46]. Excessive reli­ conducted by Cowling et al. [9] provides a stable long-term aspect on
ance on the internally generated fund, greater reliance on government how businesses manage cash flow and take a conservative view on
and local agencies, low level of preparedness are a few causes attributed holding cash reserves to hedge against the potential risk that future in­
to such a jeopardized state [8]. Shut down order and movement control come streams are lower than expected for an unforeseen situation. The
restrictions due to sudden onslaught of pandemic and sales disruptions study [9] also found that one in every 12 SME businesses is at high risk

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Fig. 7. Graaph from Nvivo

Fig. 8. Mind Mapping Graph Fig. 9. Graph from Keywords

as they hold no internal cash, mainly surplus cash obtained from reve­
nue. Study [48] supports the findings who recommend credit cards as a
form of improvised financial ‘bootstrapping’ to smooth out short-term
liquidity problems.

3.3.2. Theme 2: Digital Transformation

Covid19 unfolded new challenges for SME business. Digital trans­
formation has become a must for every SME business to survive [7,49].
Due to prolonged periods of lockdown, movement control protocol,
social distancing, and physical distancing, people of almost every part of Fig. 10. Key Dynamic Model
the world have changed their shopping and consumption patterns and
prefer online services to fulfill their daily needs [7–9,50]. Therefore, to simulation are factors in developing a data-based management model
cope with the newly emerged crisis, SMEs need to change their business [52]. In a situation like Covid 19, adoption of technology, digital mar­
mindset. In contrast to companies that still depend on physical outlets or keting, presence in digital platforms, and innovations in digital skills can
traditional, SME businesses that embrace digital platforms for offering only be the means of survival of SME business for the long term. Digital
products and services are booming and generating bright returns [46]. technologies also play pivotal roles in enhancing internal efficacy and
Ato Sarsah et al. [51] opine that digital transformation is deemed to be productivity and offer new opportunities for firms [53]. Moreover,
the highest level of digital skill achieved when integrated innovation cloud-based technology allows the firms to navigate the crisis, provide
and creativity. In addition, the internet, blockchain, cybersecurity, better services to the market [50] and increase the responsiveness of

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SMEs to harness them. Covid 19 should not impede intensifying sales, unemployment. Many countries also facilitate SMEs through a delay of
profitability, and survival while SME actors have their greatest weapon, payment or postpone of costs and creating a new finance line to ensure a
digital marketing, to boost their promotion and visibility [7,49]. smooth flow of liquidity. In addition, loan guarantees to incentivize
Although many SMEs fail to keep pace with the growing changes due to commercial banks to expand lending to SMEs, direct financial supports,
scarcity of liquidity following the crisis, they also need to retrain their direct lending, grants, and subsidies are included in the policy mix to
human resources [46]. Few researchers recommend ‘organizational support the survival of SMEs during the first stage of the crisis [46].
ambidexterity’ measures organizations’ capability to adopt technology Since confinement order has been relaxed, the policy mix should focus
to win crises like the Covid19 battle [49,54]. on promoting the resilience of SMEs and supporting further growth.
Furthermore, fostering innovation, internationalization and networking
3.3.3. Theme 3 Supply Chain Disruption should also be taken into consideration. Indeed, more proactive targeted
The escalation of the Covid19 outbreak triggers profound ramifica­ strategies coordinating industrial efforts for coupling domestic capa­
tions in supply and demand manufacturing logistics, although the full bilities are necessary for this stage, considering the opportunities and
impact is yet to be revealed. [50,51,55]. The study [66] describe this challenges facing different sectors and the particularities of different
catastrophe as one of the most severe since the last decade as it has types of SMEs within those sectors particular research questions’ [64].
disrupted and dismantled supply chains globally. A global supply chain
has emerged for many manufacturing industries, with businesses inti­ 4. A Case on An Emerging Economy
mately linked to one another. China, the United States, and Germany
have become regional industrial hubs for North Asia, North America, Covid-19 has brought an unprecedented and dramatic change in the
and West Europe. Meanwhile, South Korea, Japan, and Singapore have business and socio-economic condition of the world since first reported
been essential members of the global value chain due to their industry or in China [65]Although SMEs are the backbone of an economy but in
geographic advantages [50]. Altogether, these countries have contrib­ developing countries like Bangladesh SMEs business becomes stuck and
uted to more than 40% of the world’s export of raw materials. Covid 19 going through a tremendous crisis in this devastating pandemic situa­
is a profound disruption in the smooth operation of all the countries, and tion. This case aims to synthesize the problems of SME owners from the
few renowned manufacturing enterprises are forced to shut down. Re­ different industries of Bangladesh during the COVID-19 emergency. To
strictions were imposed on the movement of goods carriers from combat the destructive effects of the coronavirus, Bangladesh has put an
February to April 2020 [55,56]. Due to imposed export-import re­ enormous chunk of its economy on hold. Estimates of the negative
strictions, stricter commodity inspection, air-flight control, international economic impact of the crisis are at an early stage for many countries.
shipping also gets disrupted, and delays in import time double. Price Still, they are substantial, even devastating, for some emerging econo­
surge at airfreight, supply shortage due to frequent cancellation of air mies like Bangladesh [66]. The world economy was shut down almost
freight, increased lead time, and disrupted distribution pose threats for overnight due to the Covid-19 pandemic. The pandemic has confined the
international logistics [50]. Furthermore, the demand for ocean ship­ SME sectors to an unprecedented challenge. The government in
ping dropped dramatically in the first phase of Covid 19 since many of Bangladesh has taken different strategies like lockdown, movement
the contracts got canceled and no new agreements were signed. More­ control order, social distancing, stay-at-home order, restriction on
over, ship owners might not be willing to dock at ports due to staff’s mobility from one region to other regions to control and to flatten the
strict examinations and off-board restrictions. Hence, a large proportion curve of Covid-19 severely affected all types of business, including small
of market demand for fast-moving consumer goods and electronic and medium enterprises [67] SMEs are going through a negative expe­
products is left unsatisfied [57,58]. According to a recent press release, rience for unavoidable reasons like high-interest payment, supply chain
World Trade Organization estimates that the world’s merchandise disruption worker’s wages, and high rental costs during the pandemic
trading will likely drop between 13% to 32% due to the Covid shock [68]. Unlike SMEs of other countries, SMEs in Bangladesh faced
[59]. The import delay has started returning to its average length from tremendous trouble operating the business smoothly because of
May 2020, and quarantine policy and restrictions on movement have pandemic situations. This case study is intended (1) to explore the crisis of
become easy [55]. Still, recovery from this unprecedented exogenous SME Business in Bangladesh during Covid-19 and (2) to know what strate­
shock may not be easy [12]. gies were taken by SME owners to face the unprecedented crisis and to
improve resilience in this sector.
3.3.4. Theme 4: Policy Responses to crisis management
Financial hurdles are the biggest challenge in the survival of SME 4.1. Context of the Case
business during the pandemic 2020 [6,9,46]. Despite knowing the fact
that being weaker and vulnerable members, they might be forced to go Being a developing country, Bangladesh is forwarding toward
out of the business, many of the SMEs was compelled to operate below achieving its Millennium Development Goal (MDG) to ensure sustain­
the capacity, which was a tremendous financial strain on their business able socio-economic growth, which is possible only through stable
viability [8,46,60,61]. Due to the sudden onslaught of this highly con­ growth of GDP, ample employment opportunities, environment for
tagious disease and resulting economic shock SME, seems to be the most entrepreneurship development. SME can play a vital role in helping the
fragile and vulnerable [46]. Still, the SME industry accounts for a lion country to achieve the MDG goals of Bangladesh. The contribution of
proportion of the world’s total employment opportunities [62], The SME SMEs in Bangladesh extends over the past decade at the aggregated
sector has been inflicting an unprecedented shock due to the pandemic output of the gross domestic products nnn. According to Bangladesh
in the form of financial illiquidity, lack of access to trade credit, high risk Bank,2017, SMEs contribute to 25% of GDP, generate 15% of total
of being bankrupt, layoff employees, and switching business to survive employment, contribute 7.8 % in export, and 31% in entrepreneurship
[63]. Unlike previous crises, policymakers of most of the developed and development. According to the Bangladesh Bureau of Statistics (2017),
developing countries pay immediate attention to addressing the chal­ about 90% of business units belong to small enterprises with a revised
lenges of SME towards survival during the pandemic and support them definition of SME, about 80% of current employees working in small
to promote resilience and growth for the long term through a variety of businesses, 75% of gross domestic product composite with SME output,
stimuli packages that entailed various kinds of financial support to and 65% of the export-oriented product come from SME sector of
prevent employment losses and prevent liquidity crunches. A recent Bangladesh. However, due to the pandemic COVID-19, SMEs of
survey conducted by the [64] revealed that European Governments Bangladesh are facing tremendous pressure and challenges in operating
acted quickly to safeguard the SME warriors by allowing sick leave, the business. Considering the urgency of the SME sector, this case study
working hour reduction, and specific wage support schemes for partial will thoroughly investigate the crisis and challenges faced by the SME so

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that managers can formulate their strategies for resilience in the crisis Table:2
period. Questionnaire Form Used for interview
Owner and business Gender
4.2. Methods of data collection and Unit of analysis background Academic Qualification
Business experience
Type of business and activities
We have conducted 24 interviews among the SME owners who own Business location
businesses in different industries like Hotel and Tourism, Catering ser­ Paid-up capital
vices, Diary and agro-business, Restaurant, Import and export business, Average turnover (monthly or yearly)
Makeover industries. Following the purposive sampling method, we had Number of staffs
No. of subsidiaries owned.
invited 42 SME owners to participate in the interview. Out of which 24 Impacts and business Could you please explain how Covid 19 outbreak affected
respondents agreed to participate in the interview process. Table 2 strategies the industry and business?
summarizes the respondent’s profile and their related business in a What are the overall impacts of covid 19 and MCO on your
particular industry along with business profiles like Paid-up capital, existing and future business directions?
How far the MCO affects your company’s business
annual profit, and employee size. Because interviews were the primary
operation?
data collecting method, it was critical to know the data analysis used in What is the impact of MCO on your company’s current
the early phases. financial position?
Moreover, our study analyses systematically and rigorously by syn­ Do the government stimulus packages help your
thesizing, classifying, and categorizing the data into different themes company? (if any)
What has been your company’s supply chain position
[69]). The interviews were conducted in the Bangla language, which since the start of the Covid-19 outbreak in china and
two authors translated and were cross-checked to increase accuracy. We during the lockdown?
adopted a qualitative approach of thematic analysis as it is considered Could you describe any financial strategies, resources, or
the method used for ‘identifying, analyzing, and reporting patterns tactics that help your company to survive during and
perhaps, after the MCO?
(themes) within the data’ [69]. We chose this method because a
Could you please further explain other non-financial
‘rigorous thematic approach can produce an insightful analysis that strategies, resources, or tactics (such as business
answers networking, products differentiation, marketing, etc.) that
help your company survive during
and perhaps after the Movement Control Order?
4.3. Data Analysis

The collected data were analyzed through interviews with SME Reducing Orders from the customer, Problems with inventory manage­
owners following the suggested three-step procedures [70]. For the ment, and consumer purchase pattern changes. Fourth, these categories
theme exploration, we follow the guidelines of [64]. First, familiar­ were aggregated into 10, then into 7, and were further reduced into the
isation with data was internalized through transcription and translation five most referred to types. A study [71] points out that ‘Most inductive
of the interviews. All interviews were directly translated into English, studies report a model with between 3 and 8 main categories in the
verbatim, by the researcher after listening to the audio records several

Gender Business Experience Type of Business Paid-up Annual turnover (in Taka) Staffs
Capital (In Taka)
R -1 Male Ten years Bakery 20 million Depend on sale 140
R -2 Male Five years Restaurant 50,00,000 Depend on sale 110
R -3 Male Three years Restaurant 40,00,000 Depend on sale 111
R -4 Male Two years Motor Parts 500000 1500000 16
R -5 Female Three years Makeover 100000 300000 18
R -6 Male Ten years Hardware 1000000 2000000 20
R -7 Female Two years Bakery 50000 150000 70
R -8 Male Ten years Super Shop 156,89,000 134,80,000 58
R -9 Male Eight years Marine Business 89,62,000 72,97,000 37
R -10 Male Five years Restaurant 35,90,000 24,60,000 22
R -11 Female Three years Boutique Shop 9,18,000 3,67,000 19
R -12 Male Two years Restaurant 27,00,000 Confidential 18
R -13 Male One year Restaurant 16,00,000 Confidential 29
R -14 Male 2.5 years Restaurant 50,00,000 115
R -15 Male Six years Hotel service 75,00,00,000 265
R -16 Male Four years Stock lot Confidential 45
R -17 Male Ten years Dairy 10,00,000 127
R -18 Male Three years Import 8,00,000 70, 00,000 45
R -19 Male Three years Working for Halda & 28,00,000 20,00,000 55
Agro farm
R -20 Male Seven years Fishing Business Almost 38,00,00042,00,000 Monthly 15, 00,000- 15-160)
20,00,000

times. Second, the transcriptions were imported into the NVivo and findings.’
coded on it. On NVivo, we have reread the transcriptions carefully to
generate code based on the content of the interviews. The third stage
was theme development. At this stage, coded nodes on NVIVO were read 4.4. Findings and discussions based on Case Study
and reread to identify significant broader patterns of meaning (potential
themes). The preliminary analysis came up with 12 main categories with This section presents the findings of the case study. The results are
their subcategories: digital transformation, financial crisis, liquidity shown in two sub-sections: the impacts of the COVID-19 pandemic and
shortages, supply chain disruptions, consumer demand reduction, potential strategies to reduce or mitigate those impacts.

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M.R. Hossain et al. Operations Research Perspectives 9 (2022) 100222

4.5. Impacts of Covid-19 on Bangladeshi SME and other financial companies have not followed the government’s in­
structions to reduce the interest rate as said R-9. “Although the govern­
After coding the transcriptions into NVIVO, we run a mind map ment promised to reduce the interest rates by the banks who provide loans for
graph to generate a graph of COVID-19 shocks in SMEs during the the SME businesses, it was limited to the paper. Honestly, we didn’t get any
pandemic in Bangladesh. The mind map explains that SMEs of this facility like that. We had to pay the interests as usual.”
country have gone through a severe crisis like Supply chain disruption, Moreover, interviews reveal that MSMEs owners have gone through
Risk of Bankruptcy, Problems in accessing stimulus Packages, Cash flow tremendous pressure during a pandemic for lack of working capital,
problems, operation disruption, and problems in foresight future busi­ sales decline, supply-demand mismatch, operation disruptions, and
ness directions. The following figures one and Fig. 2 project the potential noncooperative behavior from distributors. Some interviewees opined
difficulties of SMEs. The interview ushers some hurdles faced by SME that they are at risk of bankruptcy as they depend entirely on sales and
owners of Bangladesh. client service, which is too low in this pandemic. As a result, after a few
Cash flow shortage or lack of working capital was the biggest shock of months, they will be unable to pay the loan installment. R – describes the
Covid-19 on SME as emerged from the discussion with the owners of situation in this way “We are hoping to sustain for at least 6 to 7 months
SME enterprises. Interviews ushered that sales reduction and demand with our existing savings and earlier profits. But I actually can’t predict
decline were the main reasons for the cash crisis. For example, R-1 what is going to happen in future.”. In a similar vein, R-9 opined that
explained this way “We are financially collapsed at this moment, but we are “We had to take loans and pay the interests and as we are facing huge
running our business. We do not have money to pay rent for this bakery loss and we aren’t sure how long we can sustain our business.” In this
because we own this property. Because of some delivery issues, we are losing situation, the owners are uncertain about the plan to combat the crisis of
our customers, so we had to lay off some employees”. In a similar vein, R-5 this deadly pandemic. R-4 said that “ At this moment we really cannot
and R-opined respectively that “I had zero clients for around 3 to 4 months, decide about future and I can’t even transform my business digitally as it
so it was very tough to pay our staff.” “Due to lockdown, I had to keep is service-based” similarly, R-5 describes that “In this pandemic, it is
my shop closed. Without having an income, I had to pay compulsory tough to plan about the future. We have closed our business for almost
payments to pay such as staff’s salary, rental, and business loans”. The four months so we cannot decide what to do in future.”
shortages of cash flow have led the SME into many other negative im­
pacts on operating the business. Most of the participants opined that 5. Strategies to Combat the Crisis in SME
they were struggling at the pandemic to maintain the operating expenses
like salary of the staff, rent of the outlet and production house, utility The extensive literature survey and case on SME in the previous part
charges and paying installment to the loans, and so many operational ushered in how MCO and other control measures to stop the spread of
costs. An owner mentioned that “We are in very shortage of cash since the the virus have impacted SME. Solid preparedness and preplan have been
lockdown we have used our emergency fund, but after a few months we are in considered strategic management tools to combat the uncertainties [73].
negative cash flow. Currently we are struggling with our existence.”. The qualitative part of this rapid response research suggests that SMEs
Supply Chain Disruption was another devastating effect of Covid-19 on can overcome the crisis of this pandemic following the model illustrated
SMEs. SMEs are primarily dependent on the raw materials imported or in Fig. 3. The proposed model is based on the extensive and author’s
collected from local sources. Both of the seeds were disrupted because of conceptualization.
import restrictions and MCO on the country. Analysis of interviews re­
veals that the Supply chain was disrupted in two phases in SME. Initially, 5.1. Understanding the Crisis
SMEs could not foresight the upcoming conditions at the beginning of
the pandemic. The SME owners thought there would be a crisis of raw SMEs, in this pandemic, are passing through different types of
materials, and they ordered to the supplier, but those suppliers could not problems like a decrease in demand, supply chain disruptions, cancel­
deliver the raw materials to the Bangladeshi SME owners on time due to lation of export orders, raw material shortage, and transportation dis­
the spread of covid-19. Conversely, the owners who ordered and ruptions [72,73] which is consistent with the findings of our case on
received the raw materials to stock inventories for future crises were also Bangladeshi SME. To manage the crisis, entrepreneurs initially think of
disadvantaged due to sudden MCO in Bangladesh. R-8 opined that “the the extent of problems considering the nature of their business. Business
Supply Chain condition is broken due to Corona as most of the necessary recovery can be possible in two ways, firstly, by identifying the physical
ingredients are imported from China or cheaper in China. So It was tough for impacts on business operations which is applicable in the short term,
us to have those ingredients as China market was closed, but after opening secondly, in a long time, by analyzing the age and financial condition of
these ingredients rate is still so high”. Few of the participants were involved the business, economic sectors, direct and indirect disaster impact, and
in exporting products abroad, which was also highly affected due to operations disruptions and so on [74]. In Consistent with the opinion of
lockdown and restrictions. From importing countries.” My business had a [74] , the discussion with the entrepreneurs has explored that the
few orders from Europe worth 10 million takas. Still, right now, those owners faced a different level of problems based on their business
countries are not interested in continuing the business with us because of MCO context and nature. In the first phase, owners of SMEs should try to
and restrictions given by the government,” as said by R-8. understand the nature and extent of the issues from all aspects of their
Although the government of Bangladesh has declared stimulus business. The formation of the crisis management team can help the
packages and instructed the bank to reduce loan interest rates, unfor­ entrepreneurs to understand the crisis and crisis management strategies.
tunately, those stimulus packages were for some specific sectors like the
garments industry and so on. The government also applied some con­ 5.2. Crafting the Opportunities for combating the Crisis
ditions to be eligible to get financial help. Unfortunately, the in­
terviewees for our study have not received any stimulus packages even “Natural disasters pose unpredictable and significant threats to the
though some of them were eligible to enjoy the packages. R-19 said that incumbency and continuity of enterprises, thus directly affecting their
“I have applied for the box, but I was unable to get the facility because the ability to offer products and services to customers”” [75]. Entrepreneurs
duration of my business is only three years, and the people who are getting this embrace different roles to spur change and create opportunities with
facility are the people who have been doing this business for a long time. But I available resources [75]. To some extent, a crisis can nurture the
think we, the people who have started their business newly, are the ones to get development of new opportunities [76] and stimulate crafting the latest
the facility rather than the people who are in the field for a long time as they opportunities [77]. In the short term, there will be opportunities to learn
have or should have enough savings or portion new things like the digitalization of business. Conversely, In the long
From their profit to cope up with the situation. The lenders like banks -time, there will be opportunities arising from the COVID-19 crisis, such

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as developing hygiene or digital work solutions [77]. Similarly, guarantees, etc., to prevent employment losses and liquidity crunches.
although the long-term impact is not known to date, “It seems inevitable Furthermore, an open-ended questionnaire has been constructed to
that broader opportunities will arise” [77]. To craft the opportunities accumulate the experiences of SME owners during the prolonged
with current resources in the crisis moment, SME owners can focus on pandemic. Most of the respondents spoke in a similar vein, agreeing that
different issues like relying on relational capabilities, building financial the absence of liquidity put them into a devastating condition at this
capacity, assistance recipients’ mismatch [77], collaborating with other unprecedented shock. Like many other developed and developing
stakeholders like an employee, suppliers, distributors, Competitiveness countries of the world, the Government of Bangladesh offered a broad
of product-service solutions, Reorganization of the workplace and Lo­ spectrum of stimulus packages such as direct lending, grants & subsidies
gistics pipeline [10]. An organization’s ability (SME) can help continue instruction to Commercial banks to promote SMEs through a loan at a
the business sustainably even in a crisis time like a pandemic. reduced interest rate. Still, the majority of offered stimuli packages were
delivered to focus on Garments Industry. Moreover, several conditions
5.3. Resilience Strategy were levied for being eligible for such packages; therefore, start-up en­
terprises operating in Bangladesh, who desperately require the benefits,
To maintain their businesses’ continuity, sustainability, and future fail to avail the options. Respondents also agreed on a point that
success, entrepreneurs of business-like SMEs must have resilience ca­ declined sales, mismatch of supply-demand, operation disruptions, and
pabilities and plans [75]. From an SME perspective, to sustain in the non-cooperative behavior of distributors triggered immediate liquidity
crisis of Covid-19, SMEs should embrace “organizational resilience crisis and made them reluctant to apply for loans as they dip into the fear
view’ which means that “firm’s ability to absorb effectively, develop of being bankrupt. Enterprises that shifted their business to daily uten­
situation-specific responses to, and ultimately engage in transformative sils and life-saving products gained an enormously positive response.
activities to capitalize on disruptive surprises that potentially threaten Moreover, all the respondents expressed that, due to import restrictions,
organization survival”. “Resilience is considered a key feature in the the supply chain has been entirely dismantled during the first two phases
responses individuals, systems, or organizations exhibit to adverse and of lockdown, which triggered profound ramifications in manufacturing
unexpected events” [75]. Resilient does not mean only adaptive ca­ logistics. However, the import delay has started returning to its average
pacity. Instead, It means to learn to respond to a new environment to length since import restrictions have been uplifted and movement con­
combat the disruption [75]. A study conceptualized resilience as turning trol restrictions have become easy. On the contrary, the pandemic also
challenges into opportunities and improving performance. In their view, witnessed the utmost usage of technology. Enterprises that made the
organizational resilience is a process rather than a static state and goes best use of the digital platform through the adoption of technology,
beyond mere re-establishment to the sensing and seizing of new op­ digital marketing, and innovations secured the peak of success and
portunities [77,78,79]. SMEs can adopt different types of resilient profitability. The study provides significant managerial implications
strategies to manage the crisis such as reconfiguration, Leveraging, both for SME owners and policymakers of developing countries. Solid
sensing and interpreting, learning and knowledge integration, Social preparedness is the only means to combat such uncertainties in the
capital [75]. , digitalization and digital servitization, adapt to the next future.
normal [10]Encourage positive employee relationships to enhance Understanding the crisis and analyzing its short- and long-term
resilience during a crisis [73]. impact on business operation may be SME management’s first and
foremost task. Exploring opportunities from a crisis can be a viable
5.4. Entrepreneurial Innovation survival strategy. For instance, pandemics pushed us to think about
ideas like digital work solutions, E-learning, digital business, etc. Be­
Product Design and Investment Preference, Digital and Intelligent sides, to ensure continuity, sustainability, and future success, SMEs must
Transformation COVID-19, Market Reshuffle [80] Entrepreneurial be prepared with resilient strategies and entrepreneurial innovation in
marketing behavior like Opportunity seeking, Resource organizing, transformative activities to survive disruptive surprises. Few national-
Accepting risk, Creating new customer value [74]. As crises impose level policies are also required to fight such unprecedented shocks in
several challenges to the business, the entrepreneurs’ innovative and the future, such as direct financial support to SMEs to prevent employ­
adaptive capacity can help manage the situation smoothly. ment loss, loan guarantees, grants & subsidies, deferred payment (where
applicable), incentivize commercial banks to expand lending for SMEs,
6. Conclusion & Managerial Implication fostering innovation & internationalization,
Notwithstanding those mentioned above theoretical and practical
The ferocity of Covid 19 has thrown a chaotic impression on World’s contributions to the study, some limitations remain in the research that
SME industry. It will take years to get back to its legacy, thus necessi­ allows further investigation. Future studies can empirically investigate
tating the present study’s urgency and relevance, which attempted to the influence of technology adoption on SME profitability and perfor­
capture the corpus of research integrating “Covid 19 & SMEs” through a mance. Additionally, it would be worthwhile to explore the benefits of
systematic literature review. A series of themes from the SLR were live streaming marketing in SMEs ’ survival. Cross-country analysis of
investigated, and a case was built in the context of a developing country, similar economic settings and quantitative data analysis will provide
in which SME owners were interviewed about how they dealt with Covid valuable insights into the present work.
19 problems. The study also sheds light on resilience measures that can
combat such a crisis in the future. Four themes have been extracted Authorship Contribution Statement
using Co-word Analysis: Cash flow shortages, Digital Transformation,
Supply Chain Disruption, and Policy responses to Covid Crisis Man­ Mohammad Rokibul Hosain: Conceptualization, Data collection for
agement. Previous studies suggest that Cash Flow shortages and Supply SLR, Data curation, Formal Analysis, Writing - original draft; Fahmida
Chain Disruptions are the biggest crisis for most SME owners. Digital Akhter: Reviewing the Articles from the database, writing an explana­
transformation, mainly, cloud-based technology has gained momentum tion of each cluster theme, preparing a questionnaire for case, writing &
during the pandemic. Those who embrace digital platforms for sales, editing; Misnad: Interviewing the SMEs owner.
promotion through innovation successfully navigate the crisis, and
others who fail to keep abreast with a new average lag behind. However, Declaration of Competing Interest
world leaders pay immediate attention to face these unforeseen chal­
lenges with SME owners through various stimuli packages such as wage There is No conflict of interest. All of the contributors have been
support schemes, the new line of finances, grants & subsidies, loan selected accordingly

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