Business Competitiveness: A Theoretical Insight for theSustainability and Growth of SMEs

Abstract

This essay provides a comprehensive literature review on the importance of micro, small, and medium-sized enterprises (MSMEs), highlighting their economic and labor significance within the business landscape. Emphasis is placed on the need to implement strategies to maintain their competitiveness and ensure their permanence in the highly dynamic and competitive market. The aim is to offer a comprehensive guide for sector administrators, directing them towards the adoption of effective strategies and offering a clear insight into contemporary business dynamics. In addition to business management, corporate image, and digital marketing, the importance of aspects such as innovation, internationalization, and corporate social responsibility in the long-term success of MSMEs is underscored. There is a highlighted need to strive for excellence after establishing quality standards, as an ongoing process of improvement that drives differentiation and sustainable growth. This approach becomes even more critical in the post-COVID-19 pandemic context, where companies face additional challenges but also new opportunities for development. To achieve this competitiveness, strategies focused on resilience, agile adaptation to environmental changes, flexibility in management, and constant innovation in products and processes are suggested. Additionally, emphasis is placed on the importance of continuous improvement in customer experience and proactive management of corporate reputation in an increasingly digitized and globalized environment.