The Transformation of the Business Model of SMEs due to COVID-19 Pandemic

Abstract

Purpose: The aim of the research was to identify changes that have occurred in the business models of enterprises as a result of pandemic COVID-19 situation as a Black Swan. Design/Methodology/Approach: The method used was case study. The research tool was an in-depth interview questionnaire-based on the Business Model Canvas structure. The research sample consisted of 31 entities from the sector of small and medium-sized enterprises. Findings: The interview showed that, the impact of the pandemic is not uniform and depends on the industry and territorial determinants of individual enterprises (both internal and external). There are industries and organizations that are resistant to significant changes in the environment. Practical Implications: The practical nature of the research is related to determining the regularities in the transformation of business models in case of an unforeseen event of high destructive force (Black Swan), so as to quickly adapt the organization to the new circumstances of the environment. Originality/Value: It should be emphasized that despite numerous analyzes related to the impact of the pandemic on economic activity, no modifications, changes or actions taken in response to the pandemic have been confronted so far, based on a structured business model (eg Canvas). The added value of the article is related to the identification of the regularity of changes in selected areas of the model .