SURVIVAL, COMPETITIVENESS, AND SUSTAINABLE GROWTH OF SMALL AND MEDIUM ENTERPRISES (SMES) IN THAILAND

Abstract

Small and medium enterprises(SMEs) are the backbone of any economy providing them with strength, as they contribute to the economic stability of a nation through employment generation, development of ancillary industries, promotion of entrepreneurship, and innovation. However, SMEs still has problems, such as finance, goods being put in places of no interest, disruption of technology and ever-changing consumption patterns. To survive and grow sustainably in the long run, SMEs need to have the right strategies in place, including investment in innovation, digital transformation, workforce upskilling, business partnerships, efficient use of resources, and sustainable business practices. This abstract explains how SMEs can transform themselves for long-term survival by building a strong strategy, rapid response management, and sustainable operational practices.