The Concept of Crisis Management by Intervention Model for SMEs
Keywords:company crisis, crisis management, SME, bankruptcy, company crisis forecasting
Crisis identification in SMEs sector requires a specific attention to quantitative and qualitative criteria which describe the performance of SME and its business perspectives. For SMEs the qualitative indicators like quality of management, personnel, competitive position and others might have much more severe effect on company’s ability to perform. Therefore, the crisis identification and intervention solutions in case of SMEs requires to take into account more specific factors, which would stress the qualitative characteristics of the business and company. In this paper the theoretical crisis management by intervention model is presented which define the concept of intervention in SMEs management in case of crisis. The core of the model is the set of hard and soft criteria which are relevant for the crisis identification in SMEs and sector, and the multidimensional assessment method, which enables the assessment of the importance of all criteria and selection of relevant criteria in every specific case. In such way the identification and management of SMEs crisis can be focused on the root causes of the crisis, which is identified by a specific set of hard or soft criteria.