ROMANIAN SMES VERSUS THE GLOBAL FINANCIAL CRISISIMPEDIMENTS AND OPPORTUNITIES

Abstract

This paper studies the way small and medium sized enterprises have reacted towards the global financial crisis. It also attempts to study the impact this crisis had on both the activity of these enterprises and on the business mentality in Romania. The article studies the reasons which determined the SMEs’ vulnerability during the crisis; these belong to a wide range, spreading from the tightening of the financing options or of the activity, up to the management’s nature. The impact of the economic crisis is studied starting with the statistics in the specialty literature, which highlight the SMEs’ situation starting with 2008. Having as support these numbers, the paper analyzes the effects of the crisis over the respective enterprises, reaching the conclusion that even though not all SMEs were equally affected, the nature of the difficulties caused by the crisis is similar in most cases.

Keywords

• crisis
• SME
• flexibility
• resources