Proposed Initiatives to Protect Small Businesses in Wales; the United Kingdom Due to Covid-19
Umar Iqbal Butt
*
Swiss School of Business and Management (SSBM Geneva), Switzerland.
*Author to whom correspondence should be addressed.
Abstract
In the wake of the COVID-19 pandemic, small businesses worldwide have faced unprecedented challenges. This study presents a detailed analysis of these challenges and explores the effectiveness of government interventions in supporting small business recovery. Utilizing a mix of quantitative research methods, including statistical analysis and a comprehensive literature review, the research focuses on the specific impacts of the pandemic on small business operations and finances. Key findings indicate that small businesses have suffered significant disruptions, primarily in supply chain management and customer engagement. The study evaluates various government initiatives, such as financial aid packages and regulatory relaxations, highlighting their role in mitigating the pandemic's adverse effects. Furthermore, it proposes a set of recommendations for both government and small businesses, emphasizing the need for tailored financial support, enhanced digital transformation strategies, and flexible operational adjustments. The research concludes that a collaborative approach between government and small businesses is essential for ensuring sustainable growth and recovery in the post-pandemic era. This study contributes to the existing body of knowledge by providing actionable insights and practical strategies for policymakers and business owners, aiming to bolster the resilience and long-term prosperity of small businesses, which are integral to the global economy.
Keywords: Financial crisis, stress management, small businesses, government initiatives, future growth, strategy, challenge stressors, hindrance stressors