Fundamentals

Consider the statistic ● a staggering 90% of small to medium-sized businesses (SMBs) fail within their first decade. This isn’t some abstract economic theory; it’s the cold, hard reality for entrepreneurs pouring their hearts and savings into ventures. While numerous factors contribute to this attrition rate, a silent saboteur often lurks beneath the surface ● a lack of organizational resilience.

Many SMB owners operate under a siege mentality, focused on immediate survival, neglecting the long-term fortification of their business against inevitable shocks. They might track sales figures meticulously, obsess over marketing ROI, yet remain blind to the very metric that dictates whether their enterprise will weather the storms of disruption ● organizational resilience.

Defining Organizational Resilience For Small Businesses

Organizational resilience, in its simplest form for an SMB, represents the capacity to absorb stress, recover from setbacks, and adapt effectively in the face of change. It is not about avoiding crises; that is an illusion. Instead, it concerns building a business that can bend without breaking, a nimble entity capable of navigating uncertainty and emerging stronger on the other side. For a small bakery, resilience might mean quickly recovering from a broken oven during peak season.

For a local IT consultancy, it could involve seamlessly shifting to remote services when a key client faces a sudden internal upheaval. For a family-run restaurant, resilience might manifest as adapting the menu and service model to survive a local economic downturn.

Why Metrics Matter In Resilience

The business world operates on numbers. Intuition and gut feelings have their place, but sustainable success demands quantifiable measures. Imagine trying to improve your personal fitness without tracking your weight, heart rate, or workout frequency. You would be operating in the dark, guessing at progress.

Organizational resilience without metrics is similarly flawed. Without defined metrics, SMBs are left with vague notions of preparedness, unable to pinpoint vulnerabilities or measure the effectiveness of resilience-building efforts. Metrics transform resilience from an abstract concept into a tangible, manageable aspect of business strategy. They provide the data needed to make informed decisions, allocate resources effectively, and track improvement over time. This isn’t about bureaucratic overhead; it is about equipping your SMB with the diagnostic tools necessary for sustained health and growth.

Organizational resilience metrics Meaning ● Resilience Metrics are quantifiable measures of an SMB's ability to withstand and grow stronger from disruptions, crucial for sustainable growth. are not just about surviving crises; they are about proactively building a stronger, more adaptable, and ultimately more successful SMB.

The Overlooked Vulnerability Of SMBs

SMBs, often the backbone of local economies, possess unique vulnerabilities that amplify the importance of resilience metrics. Unlike large corporations with vast resources and diversified operations, SMBs typically operate with leaner margins, fewer staff, and concentrated customer bases. A single significant disruption ● a supply chain breakdown, a cyberattack, a sudden loss of a major client ● can cripple an SMB far more severely than a large enterprise. Consider the local bookstore heavily reliant on foot traffic.

A prolonged street closure due to construction, something a large chain might absorb, could devastate their monthly revenue. Or think of a small manufacturing firm dependent on a single supplier for a critical component. If that supplier faces a production halt, the SMB’s entire operation grinds to a halt. These scenarios are not hypothetical; they are everyday realities for SMBs. Resilience metrics offer a proactive defense, allowing SMBs to identify and mitigate these vulnerabilities before they escalate into existential threats.

Practical Metrics For SMB Resilience ● A Starting Point

For SMBs just beginning to consider resilience metrics, the prospect can feel overwhelming. Where to start? What to measure? The key is to begin with metrics that are practical, relevant to the specific business, and easily trackable.

Avoid the trap of chasing complex, theoretical measures. Focus on actionable data that provides clear insights. Here are a few foundational metrics SMBs can adopt:

Financial Health Metrics

The lifeblood of any business is its financial stability. Resilience starts with a strong financial foundation. Key metrics here include:

• Cash Flow Runway ● How many months can the business operate at current expenses with existing cash reserves? This metric provides a buffer against revenue dips.
• Debt-To-Equity Ratio ● What proportion of the business is financed by debt versus equity? A high ratio signals financial vulnerability.
• Gross Profit Margin ● The percentage of revenue remaining after deducting the cost of goods sold. A healthy margin provides flexibility to absorb unexpected costs.

Operational Efficiency Metrics

Smooth operations are crucial for weathering disruptions. Inefficiencies amplify the impact of any crisis. Consider these metrics:

• Order Fulfillment Time ● How long does it take to process and fulfill customer orders? Longer times indicate potential bottlenecks and vulnerabilities.
• Inventory Turnover Rate ● How quickly is inventory sold and replaced? Slow turnover can tie up cash and increase risk of obsolescence.
• Customer Service Response Time ● How quickly are customer inquiries and issues addressed? Slow response times can damage customer loyalty, especially during crises.

Customer Loyalty Metrics

Loyal customers are a bedrock of resilience. They are more likely to stick with a business during tough times. Track these:

• Customer Retention Rate ● The percentage of customers who remain customers over a specific period. High retention signifies strong customer relationships.
• Net Promoter Score (NPS) ● Measures customer willingness to recommend the business. A high NPS indicates strong advocacy and resilience against competitive pressures.
• Customer Churn Rate ● The percentage of customers lost over a period. High churn signals underlying issues that weaken resilience.

Employee Engagement Metrics

Employees are the engine of resilience. Engaged and motivated employees are more adaptable and proactive in crisis situations. Consider:

• Employee Turnover Rate ● The percentage of employees who leave the company. High turnover disrupts operations and erodes institutional knowledge.
• Absenteeism Rate ● Frequency of employee absences. High absenteeism can strain resources and signal morale issues.
• Employee Satisfaction Scores ● Regular surveys to gauge employee morale and job satisfaction. Satisfied employees are more committed and resilient.

These are starting points. The specific metrics most relevant to an SMB will depend on its industry, business model, and unique vulnerabilities. The crucial step is to begin measuring, tracking, and analyzing these metrics to gain a data-driven understanding of organizational resilience. This is not about adding complexity; it is about gaining clarity and control in an uncertain business landscape.

Implementing Resilience Metrics ● Simple Steps For SMBs

Implementing resilience metrics does not require a massive overhaul. SMBs can start small and scale up as they become more comfortable. Here are actionable steps:

1. Identify Key Vulnerabilities ● Conduct a simple risk assessment. What are the biggest threats to your business continuity? Supply chain disruptions? Cybersecurity risks? Economic downturns? Focus on the most likely and impactful scenarios.
2. Select 2-3 Initial Metrics ● Start with a manageable number of metrics directly related to your identified vulnerabilities. For example, if supply chain is a concern, track inventory turnover and supplier lead times.
3. Establish Baseline Measurements ● Gather historical data for your chosen metrics. This baseline will serve as a benchmark for measuring improvement.
4. Track Metrics Regularly ● Implement a system for ongoing data collection. This could be as simple as a weekly spreadsheet or utilizing existing business software.
5. Analyze and Act ● Regularly review your metrics. Are there trends? Are you meeting your targets? Use the data to inform decisions and implement improvements. If cash flow Meaning ● Cash Flow, in the realm of SMBs, represents the net movement of money both into and out of a business during a specific period. runway is shrinking, explore cost-cutting measures or new revenue streams.

This iterative approach allows SMBs to gradually integrate resilience metrics into their operations without feeling overwhelmed. The goal is continuous improvement, not instant perfection. By starting with practical metrics and a commitment to data-driven decision-making, SMBs can begin to build a more resilient and sustainable future.

Automation’s Role In Foundational Resilience

Automation, often perceived as a tool for large corporations, plays a surprisingly vital role in bolstering foundational resilience for SMBs. For small teams stretched thin, automation is not about replacing jobs; it is about freeing up human capital to focus on strategic resilience-building activities. Consider automating routine tasks like invoice processing, social media scheduling, or basic customer service Meaning ● Customer service, within the context of SMB growth, involves providing assistance and support to customers before, during, and after a purchase, a vital function for business survival. inquiries. This not only increases efficiency but also reduces the risk of human error and ensures business continuity Meaning ● Ensuring SMB operational survival and growth through proactive planning and resilience building. even if key personnel are unavailable.

Cloud-based accounting software, for instance, automates financial tracking, providing real-time visibility into cash flow ● a critical resilience metric. CRM systems automate customer data management, enabling proactive customer service and personalized communication, strengthening customer loyalty. Even simple automation tools, like automated website backups, safeguard critical business data against unforeseen events. Automation, when strategically applied, acts as a force multiplier for SMB resilience, enabling them to do more with less and build a stronger foundation for future growth.

Organizational resilience metrics, when viewed through the lens of SMB practicality, are not daunting complexities. They are essential navigational tools, guiding SMBs through the turbulent waters of the business world. By embracing these metrics, even in a basic form, SMB owners shift from reactive firefighting to proactive resilience building, increasing their odds of not just surviving, but thriving in the long run. The journey to resilience begins with measurement, and for SMBs, that journey is an investment in lasting success.

Intermediate

The initial shock of the 2008 financial crisis reverberated across global markets, but for SMBs, the tremors were often felt as existential quakes. A 2009 study by the National Federation of Independent Business revealed that small business optimism plummeted to its lowest level in the survey’s 35-year history. This period underscored a stark reality ● economic downturns, black swan events, and systemic shocks are not anomalies; they are features of the modern business landscape.

For SMBs to navigate this volatile terrain, a rudimentary understanding of resilience is insufficient. They require an intermediate grasp of organizational resilience Meaning ● SMB Organizational Resilience: Dynamic adaptability to thrive amidst disruptions, ensuring long-term viability and growth. metrics, moving beyond basic survival to strategic fortification and proactive adaptation.

Beyond Basic Metrics ● A Deeper Dive

While foundational metrics like cash flow runway and customer retention are crucial starting points, intermediate resilience metrics delve into the operational and strategic layers of the SMB. They move beyond simple tracking to predictive analysis and scenario planning, enabling SMBs to anticipate disruptions and proactively build buffers. This level of sophistication requires a shift in mindset, viewing resilience not as a reactive measure but as a proactive competitive advantage.

Operational Resilience Metrics ● Fine-Tuning Efficiency

Operational resilience is about ensuring the smooth functioning of day-to-day business processes, even under stress. Intermediate metrics in this domain focus on process efficiency, redundancy, and adaptability.

Supply Chain Resilience Metrics

For SMBs reliant on complex supply chains, vulnerabilities can cascade rapidly. Intermediate metrics here provide deeper insights into supply chain robustness:

IT and Cybersecurity Resilience Metrics

In the digital age, IT infrastructure and cybersecurity are integral to operational resilience. Intermediate metrics in this area assess the robustness of digital defenses and recovery capabilities:

• Mean Time To Recovery (MTTR) ● Average time to restore IT systems and data after an outage or cyberattack. Lower MTTR indicates faster recovery and reduced downtime.
• Data Backup Frequency and Completeness ● How often and how comprehensively data is backed up. Regular and complete backups are crucial for data recovery.
• Cybersecurity Incident Response Time ● Time taken to detect, respond to, and contain cybersecurity incidents. Faster response minimizes damage and disruption.

Business Continuity and Disaster Recovery Metrics

These metrics assess the SMB’s preparedness for major disruptions and its ability to resume operations quickly:

• Business Continuity Plan Testing Frequency and Outcomes ● How often the business continuity plan is tested and the results of those tests. Regular testing identifies weaknesses and ensures plan effectiveness.
• Recovery Point Objective (RPO) ● Maximum acceptable data loss in case of a disruption. Defines the frequency of data backups required.
• Recovery Time Objective (RTO) ● Maximum acceptable downtime for critical business processes. Dictates the speed of recovery efforts.

Intermediate resilience metrics move beyond reactive measurement, enabling SMBs to proactively identify vulnerabilities and build strategic buffers against disruption.

Strategic Resilience Metrics ● Building Long-Term Adaptability

Strategic resilience is about positioning the SMB for long-term success in a dynamic environment. Intermediate metrics in this domain assess the SMB’s adaptability, innovation capacity, and ability to anticipate future challenges.

Market Adaptability Metrics

SMBs must be able to adapt to changing market conditions, customer preferences, and competitive landscapes. Metrics here gauge this adaptability:

• New Product/Service Development Cycle Time ● Time taken to develop and launch new offerings. Shorter cycles indicate greater agility in responding to market shifts.
• Market Share Volatility ● Fluctuations in market share over time. High volatility can signal vulnerability to competitive pressures or market changes.
• Customer Feedback Loop Effectiveness ● How effectively customer feedback Meaning ● Customer Feedback, within the landscape of SMBs, represents the vital information conduit channeling insights, opinions, and reactions from customers pertaining to products, services, or the overall brand experience; it is strategically used to inform and refine business decisions related to growth, automation initiatives, and operational implementations. is collected, analyzed, and used to improve products, services, and processes. Strong feedback loops drive customer-centric adaptation.

Innovation and Learning Metrics

Resilient SMBs are not static; they are constantly learning, innovating, and evolving. Metrics in this area assess the SMB’s capacity for innovation and continuous improvement:

• Employee Training and Development Investment ● Resources allocated to employee skill enhancement and knowledge development. Investing in employees builds a more adaptable and innovative workforce.
• Process Improvement Cycle Time ● Time taken to identify, implement, and measure the impact of process improvements. Rapid improvement cycles foster operational agility.
• Idea Generation Rate ● Number of new ideas generated by employees or through customer feedback mechanisms. A high rate of idea generation fuels innovation.

Financial Flexibility Metrics

Beyond basic financial health, strategic resilience Meaning ● Strategic Resilience for SMBs: The ability to proactively adapt and thrive amidst disruptions, ensuring long-term business viability and growth. requires financial flexibility to invest in new opportunities, weather downturns, and adapt to unforeseen circumstances:

• Available Credit Lines and Borrowing Capacity ● Access to credit provides a financial safety net and resources for strategic investments.
• Diversification of Revenue Streams ● Reliance on multiple revenue sources reduces vulnerability to fluctuations in a single market or product line.
• Contingency Funds and Reserve Levels ● Dedicated funds set aside for unexpected events or strategic pivots. Adequate reserves provide financial breathing room.

Implementing Intermediate Metrics ● A Phased Approach

Moving to intermediate resilience metrics requires a more structured and phased implementation approach. SMBs should consider these steps:

1. Conduct a Deeper Risk Assessment ● Expand the initial risk assessment to include more granular operational and strategic risks. Consider scenario planning Meaning ● Scenario Planning, for Small and Medium-sized Businesses (SMBs), involves formulating plausible alternative futures to inform strategic decision-making. to anticipate potential disruptions and their impacts.
2. Prioritize Metrics Based on Risk and Impact ● Focus on metrics that address the most significant risks and have the greatest impact on business continuity and strategic goals.
3. Integrate Metrics into Existing Systems ● Leverage existing business software (CRM, ERP, accounting systems) to automate data collection and reporting for intermediate metrics.
4. Establish Performance Targets and Benchmarks ● Set realistic targets for each metric based on industry benchmarks and historical performance. Regularly track progress against these targets.
5. Develop Action Plans for Metric Improvement ● When metrics fall below targets, develop specific action plans to address the underlying issues and improve performance. This is a continuous cycle of measurement, analysis, and improvement.

Automation and Advanced Tools For Intermediate Resilience

At the intermediate level, automation becomes even more critical for managing the increased complexity of resilience metrics. SMBs can leverage advanced tools and technologies to streamline data collection, analysis, and reporting:

• Business Intelligence (BI) Dashboards ● BI tools aggregate data from various sources and present it in visually intuitive dashboards, providing real-time insights into key resilience metrics.
• Predictive Analytics Software ● Predictive analytics Meaning ● Strategic foresight through data for SMB success. can forecast potential disruptions based on historical data and market trends, enabling proactive risk mitigation.
• Automated Alert Systems ● Set up automated alerts to notify key personnel when metrics deviate from established thresholds, triggering timely intervention.
• Cloud-Based Collaboration Platforms ● Cloud platforms facilitate seamless communication and collaboration across teams, crucial for rapid response and coordinated action during disruptions.

These technologies are no longer the exclusive domain of large corporations. Affordable and user-friendly solutions are increasingly accessible to SMBs, empowering them to implement sophisticated resilience management practices.

Organizational resilience at the intermediate level is not merely about reacting to crises; it is about proactively shaping the SMB’s trajectory in an uncertain world. By embracing a more sophisticated set of metrics, SMBs can move beyond basic survival to strategic advantage, building businesses that are not only robust but also adaptable, innovative, and positioned for sustained success. This is the transition from resilience as a necessity to resilience as a strategic differentiator.

Advanced

The 2020 global pandemic served as a brutal stress test for businesses worldwide, exposing vulnerabilities with unprecedented clarity. A McKinsey study revealed that during the peak of the crisis, SMB revenues plummeted by an average of 50%. This cataclysmic event underscored that in an era of interconnected global systems and accelerating change, even intermediate resilience is no longer sufficient. SMBs aspiring to not just endure but to lead require an advanced understanding of organizational resilience metrics, moving into the realm of predictive, adaptive, and dynamically optimized resilience strategies.

Resilience As A Dynamic Capability ● The Advanced Perspective

Advanced organizational resilience transcends static metrics and reactive planning. It embraces a dynamic capability perspective, viewing resilience as an ongoing process of sensing, anticipating, and adapting to evolving threats and opportunities. At this level, resilience metrics become integrated into a holistic business intelligence framework, driving proactive decision-making and continuous organizational learning. The focus shifts from measuring past performance to predicting future vulnerabilities and optimizing resilience strategies in real-time.

Predictive Resilience Metrics ● Anticipating The Unforeseen

Predictive resilience metrics leverage advanced analytics and modeling to forecast potential disruptions and assess their likely impact. This proactive approach enables SMBs to anticipate challenges before they materialize, allowing for preemptive mitigation and strategic adjustments.

Risk Forecasting and Early Warning Metrics

These metrics utilize data from diverse sources to identify emerging risks and provide early warnings of potential disruptions:

Scenario Planning and Simulation Metrics

Scenario planning involves developing and analyzing various plausible future scenarios to assess potential impacts and test resilience strategies. Simulation metrics quantify the outcomes of these scenarios:

• Stress Test Simulation Outcomes ● Simulations of business performance under various stress scenarios (e.g., economic recession, supply chain shock). Quantifies the impact of different disruptions on key metrics.
• Business Continuity Simulation Metrics ● Metrics derived from simulations of business continuity plans, assessing recovery time, cost, and effectiveness under different disruption scenarios.
• Financial Risk Modeling Metrics ● Models financial risk exposure under various scenarios, including market volatility, credit defaults, and operational disruptions. Quantifies potential financial losses and capital requirements.

Predictive Maintenance and Operational Foresight Metrics

For SMBs with physical assets or complex operations, predictive maintenance Meaning ● Predictive Maintenance for SMBs: Proactive asset management using data to foresee failures, optimize operations, and enhance business resilience. utilizes sensor data and analytics to forecast equipment failures and optimize maintenance schedules, minimizing downtime and maximizing operational resilience:

• Equipment Failure Prediction Accuracy ● Accuracy of predictive maintenance models in forecasting equipment failures. Higher accuracy reduces unexpected downtime.
• Preventive Maintenance Effectiveness Rate ● Reduction in unplanned downtime due to predictive maintenance interventions. Quantifies the benefits of proactive maintenance.
• Operational Anomaly Detection Rate ● Ability of systems to detect unusual operational patterns that may indicate impending failures or disruptions. Early detection enables timely corrective actions.

Advanced resilience metrics are not about rearview mirror analysis; they are about using data and analytics to peer into the future, anticipating disruptions and building proactive defenses.

Adaptive Resilience Metrics ● Real-Time Optimization and Learning

Adaptive resilience goes beyond prediction to enable real-time optimization and continuous learning. It involves building systems that can dynamically adjust to changing conditions, learn from past disruptions, and continuously improve resilience strategies.

Dynamic Resource Allocation Metrics

These metrics assess the SMB’s ability to dynamically reallocate resources in response to changing conditions, optimizing efficiency and resilience:

• Resource Reallocation Speed ● Time taken to reallocate resources (e.g., personnel, budget, inventory) in response to a disruption or changing demand. Faster reallocation enhances agility.
• Resource Utilization Efficiency Under Stress ● Efficiency of resource utilization during periods of high demand or disruption. Optimized utilization maximizes output with available resources.
• Dynamic Pricing and Inventory Adjustment Metrics ● Effectiveness of dynamic pricing and inventory adjustments in response to demand fluctuations or supply chain disruptions. Optimized pricing and inventory management enhance revenue and minimize losses.

Organizational Learning and Adaptation Metrics

Resilient SMBs are learning organizations, continuously improving their resilience capabilities based on experience and feedback. Metrics in this area assess the effectiveness of organizational learning Meaning ● Organizational Learning: SMB's continuous improvement through experience, driving growth and adaptability. and adaptation processes:

• Post-Disruption Learning Cycle Time ● Time taken to analyze past disruptions, identify lessons learned, and implement improvements to resilience strategies. Faster learning cycles accelerate resilience enhancement.
• Knowledge Sharing and Collaboration Effectiveness ● Effectiveness of internal knowledge sharing Meaning ● Knowledge Sharing, within the SMB context, signifies the structured and unstructured exchange of expertise, insights, and practical skills among employees to drive business growth. and collaboration in disseminating resilience best practices and lessons learned. Effective knowledge sharing builds collective resilience.
• Innovation Adoption Rate in Resilience Strategies ● Speed and effectiveness of adopting new technologies and innovative approaches to enhance resilience. Embracing innovation drives continuous improvement.

Resilience Culture and Adaptive Capacity Metrics

Advanced resilience is deeply rooted in organizational culture. Metrics in this domain assess the strength of the resilience culture and the adaptive capacity of the workforce:

• Employee Adaptability and Flexibility Scores ● Assessments of employee adaptability, flexibility, and willingness to embrace change. Adaptable employees are crucial for organizational resilience.
• Decentralized Decision-Making Effectiveness ● Effectiveness of decentralized decision-making processes in enabling rapid and agile responses to disruptions. Empowered employees enhance responsiveness.
• Psychological Safety and Open Communication Metrics ● Measures of psychological safety and open communication within the organization. These factors foster a culture of resilience and proactive problem-solving.

Implementing Advanced Metrics ● A Transformative Journey

Implementing advanced resilience metrics is not a simple checklist exercise; it is a transformative journey that requires a strategic vision, technological investment, and organizational commitment. SMBs embarking on this path should consider these key elements:

1. Develop a Holistic Resilience Strategy ● Integrate resilience into the core business strategy, viewing it as a competitive differentiator and value driver, not just a risk mitigation Meaning ● Within the dynamic landscape of SMB growth, automation, and implementation, Risk Mitigation denotes the proactive business processes designed to identify, assess, and strategically reduce potential threats to organizational goals. function.
2. Invest in Advanced Analytics and AI Capabilities ● Leverage AI-powered analytics platforms to process large datasets, identify patterns, and generate predictive insights for resilience management.
3. Build a Data-Driven Resilience Culture ● Foster a culture that values data-driven decision-making, continuous learning, and proactive risk management at all levels of the organization.
4. Establish Cross-Functional Resilience Teams ● Create cross-functional teams responsible for resilience planning, implementation, and continuous improvement, ensuring holistic and integrated resilience management.
5. Embrace Agile and Iterative Resilience Development ● Adopt an agile approach to resilience strategy development and implementation, allowing for iterative refinement and adaptation based on data and experience.

Automation and AI-Driven Resilience Optimization

At the advanced level, automation and artificial intelligence (AI) become indispensable for managing the complexity and dynamism of resilience metrics. AI-driven systems can automate data collection, analysis, prediction, and even dynamic optimization of resilience strategies:

• AI-Powered Risk Monitoring and Alerting Systems ● AI systems can continuously monitor diverse data sources, detect emerging risks, and trigger automated alerts, enabling proactive intervention.
• Machine Learning-Based Predictive Analytics ● Machine learning algorithms can analyze historical data to build sophisticated predictive models for forecasting disruptions and assessing their impact.
• AI-Driven Dynamic Resource Optimization ● AI systems can dynamically optimize resource allocation in real-time based on changing conditions and predicted disruptions, maximizing efficiency and resilience.
• Autonomous Business Continuity and Disaster Recovery Systems ● AI can automate aspects of business continuity and disaster recovery, enabling faster and more efficient recovery from disruptions.

These AI-powered capabilities represent the cutting edge of organizational resilience, enabling SMBs to operate with unprecedented levels of agility, foresight, and adaptability.

Advanced organizational resilience metrics Meaning ● Organizational Resilience Metrics are vital tools for SMBs to measure, predict, and enhance their ability to withstand and thrive amidst disruptions. are not merely about measurement; they are about transformation. By embracing predictive analytics, adaptive strategies, and AI-driven optimization, SMBs can evolve from reactive survivors to proactive leaders, building businesses that are not only robust and adaptable but also antifragile, thriving in the face of uncertainty and disruption. This is the ultimate evolution of resilience, from a defensive necessity to a strategic imperative and a source of sustainable competitive advantage in the 21st century business landscape.

References

• NFIB Research Foundation. Small Business Economic Trends. National Federation of Independent Business, 2009.
• McKinsey & Company. COVID-19 ● Implications for small and medium-sized businesses. McKinsey & Company, 2020.