In 2021, a survey conducted among small and medium enterprises (SMEs) in Thailand found that 40.7 percent of firms had to find additional channels for income to adapt to the effects of the COVID-19 pandemic. The majority of small and medium businesses which implemented this strategy found ways to earn extra income and adapted to online channels.
Measures taken by small and medium enterprises (SMEs) to improve business operations during the COVID-19 pandemic in Thailand in 2021
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For the types of business strategies, finding additional channels for income includes implementing ways to earn extra income, liquidating assets and selling online. Reducing costs includes pausing debt payments, laying off employees, closing stores earlier, and reducing employee salary. Finding a new business model includes collaborating with bigger brands, completely switching to a different business, and merging with other businesses.
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The Office of Small and Medium Enterprises Promotion. (March 2, 2021). Measures taken by small and medium enterprises (SMEs) to improve business operations during the COVID-19 pandemic in Thailand in 2021 [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1253251/thailand-business-measures-taken-by-smes-during-covid-19/
The Office of Small and Medium Enterprises Promotion. "Measures taken by small and medium enterprises (SMEs) to improve business operations during the COVID-19 pandemic in Thailand in 2021." Chart. March 2, 2021. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1253251/thailand-business-measures-taken-by-smes-during-covid-19/
The Office of Small and Medium Enterprises Promotion. (2021). Measures taken by small and medium enterprises (SMEs) to improve business operations during the COVID-19 pandemic in Thailand in 2021. Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1253251/thailand-business-measures-taken-by-smes-during-covid-19/
The Office of Small and Medium Enterprises Promotion. "Measures Taken by Small and Medium Enterprises (Smes) to Improve Business Operations during The Covid-19 Pandemic in Thailand in 2021." Statista, Statista Inc., 2 Mar 2021, https://www.statista.com/statistics/1253251/thailand-business-measures-taken-by-smes-during-covid-19/
The Office of Small and Medium Enterprises Promotion, Measures taken by small and medium enterprises (SMEs) to improve business operations during the COVID-19 pandemic in Thailand in 2021 Statista, https://www.statista.com/statistics/1253251/thailand-business-measures-taken-by-smes-during-covid-19/ (last visited July 22, 2024)
Measures taken by small and medium enterprises (SMEs) to improve business operations during the COVID-19 pandemic in Thailand in 2021 [Graph], The Office of Small and Medium Enterprises Promotion, March 2, 2021. [Online]. Available: https://www.statista.com/statistics/1253251/thailand-business-measures-taken-by-smes-during-covid-19/
