Getting Ready for Recession: How SMEs Prepared for Covid-19 Pandemic and Economic Recession

Abstract

At the initial stage of the economic slowdown, companies should have clear understanding of the specifics of the emerging crisis in order to ensure that they quicker adapt to an absolutely new situation and suffer smaller losses, securing themselves an opportunity to restore their performance indicators in the shortest possible time. Therefore, in this paper I will consider the differences between the current economic recession caused by COVID-19 pandemic and the previous crises. I will also share my experience in mitigating the risks posed by COVID-19 and the incipient economic recession at Proks Ltd in my capacity of the general manager and principal co-owner of the company.

Note: Downloadable document is in English and Latvian.

Keywords: corporate sustainability, SME, Covid-19, economic recession 2020

JEL Classification: D81