Family businesses SMEs through Covid-19 Crisis Management

The Covid-19 dilemma has resulted in a slew of restrictions that have had major economic ramifications around the world. Most economic actors are in a difficult condition as a result of the prolonged crisis. Every business, particularly family businesses that play an important role in the global economy, has been impacted by the crisis in some manner. Small and medium-sized enterprises (SME) make up the majority of family businesses, which account for a significant share of the economy. Given the obvious importance of family SMEs, the current crisis necessitates an urgent investigation into the strategic measures that family SMEs employ in order to survive. This research sought to answer the question of what strategic actions Romanian family SMEs are taking to deal with the Covid-19 crisis situation. Qualitative research method was used to carry out this study. Seven Romanian family SMEs in the IT, e-commerce, construction, design, building, education, and sports industries were interviewed in twelve semi-structured in-depth interviews. The findings revealed that in order to deal with the crisis, Romanian family SMEs employ different sets of strategies. The implementation of strategic measures was discovered to be dependent on five key factors- the impact of the crisis on the enterprises, the firms' industry, the particular governmental constraints, the firms' crisis readiness, and the strategic measures' evolution through time. One noteworthy finding was that, despite the challenges of supply chain interruptions, all of the enterprises in the sample profited financially in the long term from the crisis.