The COVID-19 pandemic is hugely challenging for organizations of all sizes, but it is hitting some small and midsize companies particularly hard. Smaller companies without the resources or reach of multinationals are struggling to survive the chaos and economic turmoil while also working to hang on to employees, satisfy customers in a much-changed marketplace, meet regulatory requirements, and plan for what comes next.
We are currently surveying senior executives at small and midsize enterprises. The work started before the full force of the global crisis hit a number of countries, so our early data provide a good view of how prepared smaller companies were for these unexpected challenges. Spanning a wide range of industries and countries, our findings point to the steps the best-prepared companies were taking before the crisis—and the areas other small businesses must focus on next.