Causes, prevention and tools for solving crisis in small and medium-sized enterprises: systematic literature review and recommendations for future research

Although crisis is affecting companies of all sizes, SMEs are more sensitive to internal and external influences due to their specific characteristics. Using systematic literature review the thesis examines the causes of crisis and function of crisis management in small and medium-sized companies, the tools they use to prevent crisis, criteria identifying company´s crisis and impact of crisis on company. Based on sample of 32 studies, a theoretical framework input-process-output was developed to synthesize the input, process, output variables. Findings of review are that internal causes of crisis are most often mentioned by companies, namely lack of knowledge and skills of management. Crisis management function and tools also differs in large and small and medium-sized companies. As a result of crisis, small and medium-sized companies most often must deal with a drop in demand, and crisis has a greater impact on export-oriented companies. Most often, small and medium firms are more likely to be turned down for finance than other firms in crisis.