Innovation as a Recovery Strategy for SMEs Case Sample

Innovation As A Recovery Strategy For SMEs In Emerging Economies During The COVID-19

Introduction

Considering an emphasis on the UK during the COVID-19 pandemic, this study explores the function of technological advancement as a recovery strategy for SMEs in emerging markets. Understanding the difficulties that SMEs face and learning how they employ innovation for their survival and adaptation are the prime primary objectives.

The goals of the research include identifying specific problems, contrasting the effectiveness of factors for implementing novel treatment responses and evaluating the impact of assistance programs like Innovate UK on small and midsize enterprises' Innovation and achievements (Caballero-Morales, 2021). The study additionally investigates what challenges and helps SMEs implement new ideas. It also makes recommendations for how administrations, assistance groups, and SMEs can create an environment that encourages creativity and recovery.

The significance of this research depends on addressing a relevant issue, encouraging SMEs' durability and wellness, encouraging legislators, enhancing understanding of developing economies, and increasing understanding of SMEs' ability to adapt and innovate. The present research focuses on the United Kingdom during the Covivirus-19 pandemic as it investigates the significance of technological advancement as a recovery strategy for SMEs in nations with emerging economies.

The goal is to comprehend the challenging circumstances confronted by SMEs and investigate how they employ innovation for both survival and expansion (Kordel, 2019). The research's goals include identifying specific challenging scenarios, contrasting the success factors for putting new restoration solutions into practice, and evaluating the impact of support programs like Innovate UK on the innovation and outcomes of SMEs. The analysis also explores the barriers to and facilitators for SMEs in enacting new solutions and offers recommendations for governments, aid organizations, and SMEs to build an environment supportive of innovation and recovery. The long-term effects and prospective benefits of innovation-driven SME redevelopment in emerging markets are investigated, and the lessons acquired are applied to other sectors of the economy or geographical areas.

Research Aim:

The goal of this study is to investigate the role of creativity as a recovery strategy for SMEs in developing economies, with a particular emphasis on UK retail sector during the Covid-19 epidemic.

Research Objectives:

• To ascertain issues which are facing by UK retail sector due to COVID-19 outbreak.
• To evaluate varied retail businesses recovery strategies in the context of pandemic.
• To investigate the role of innovation in dealing with COVID's impact on retail SME's.
• To recommend competent recovery strategies to retail SME's for dealing in the situation of pre and post COVID.

Research Question:

How retail sector SMEs in developing economies used innovation to survive during COVID-19 pandemic?

Section Two: Reasons for choosing this project

The rationale behind initiating current study is own interest in the concerned field or area. COVID-19 has impacted retail industry to the significant level. Thus, current study will provide retail sector firms with competent framework about the extent to which innovation strategies contribute in the growth and success of retail firms in the context of post COVID. Further, other scholars who wish to conduct study in this area can also use current findings.

Section Three: Precedents and sources

Literature review

Introduction of Literature Review

The review of the literature looks at recent studies on how creativity might help SMEs in developing countries recover from the COVID-19 pandemic. It examines the pandemic's impact on SMEs, the necessity of innovation for recovery, and conceptual frameworks that explain the relationship between creativity and SMEs' durability (Hadi, 2020). It examines individual instances of developing practices, examines the role of assistance organisations, and brings out areas that require further research. The current examination's context, methodology, and research questions are informed by the literature assessment, adding to the field's body of understanding.

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Main Body (with Headings and Sub-headings)

Rastegar, Seyfi and Shahi (2023) assessed that COVID-19 epidemic has affected SMEs, in developing countries, to the significant level. Moreover, financial outcomes for small and medium-sized businesses decreased to the large extent. Further, interruptions and challenging circumstances also faced the firms pertaining to supply chain aspects. Fening and Agyei (2023) analysed that economic limits and access to financing as one of the main issues faced by SME's. Uncertainty and changes in consumer behaviour also impacted sales and profitability aspects adversely.

Basit, et. al, described (2023) the importance of creativity in SME recovery is covered in:

• An explanation of innovation and its components.
• Theories that explain how innovation contributes to SME robustness.
• Business model, technology, and process innovations for SME recovery Innovation.

Case studies and empirical research on cutting-edge remedial procedures:

A Triumph Modern Method for SME Recovery

• SME adjusting its business version during the epidemic
• Supply Chain Flexibility in Small and Medium-Sized Enterprises

Elements that affect the acceptance and use of advanced technologies

• Organisational resources and competencies.
• External factors, including marketplace circumstances and legislative context.

Promoting organisations and initiatives in marketing creativity for small business recovery is the fourth place:

• The impact of Innovate UK on SME innovation capacities.
• Government policies and regulations promoting SME innovation.
• Financial support systems for contemporary SMEs

Research gaps and opportunities for further study

• Open issues and knowledge deficiencies in the body of literature.
• Methodological limitations and suggestions for future research.
• Emerging trends and areas for exploration.

Hence, the structure followed a methodical method for assessing the available literature on the subject of creativity as a recovery plan for SMEs in developing countries during the COVID-19 epidemic. each stage

Conclusion of Literature Review

Kahveci (2023) investigated the role of creativity in aiding SMEs in developing nations to overcome the COVID-19 epidemic. It emphasised the pandemic's effects on SMEs, the value of creative thinking for recovery, and theoretical frameworks elucidating the link between creativity and SME robustness (Kahveci, 2021). The review also examined the role of aid organisations, identified regions needing greater study, and covered case investigations and research findings exhibiting contemporary practices.

The analysis of the literature added to the existing body of available information about the topic by understanding the context, methodology, and research objectives of the contemporary study. The case study provided real-world examples of successful restoration techniques, and the analysis of support providers revealed the resources available to small businesses.

Hence, in more general terms, the literature review provides a strong foundation for contemporary analysis, guiding its course and giving a thorough understanding of the problem space (Zutshi, et.al. 2021). The identified research gaps and areas for expansion of study point to areas where more research can advance our understanding and acceptance of the field. By building on the existing literature, this study seeks to significantly advance our understanding of the role that creativity can play in supporting SMEs in developing nations immediately following the COVID-19 epidemic.

References

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