CHALLENGES AND OPPORTUNITIES OF GLOBALIZATION FOR SMES IN LONDON, UK IN POST-COVID 19 PANDEMIC AND STRATEGIES FOR FUTURE ADVANCEMENTS

Abstract

This research aims to investigate the current rationale of opportunities and challenges in going global for SMEs in London, UK from the viewpoint of native business owners. The research was implemented in the context of the recovery stage of this economy in post Brexit and post-COVID-19. Using interpretivism and qualitative methods, the interviews created many interesting insights about the three main themes of this business situation. Findings reveal that while opportunities of globalization have become greater for SMEs in London, challenges for them have been riskier due to the lasting impacts of Brexit and economic burdens after the Covid 19 pandemic. Strategies were suggested by SME owners for future direction of globalization. However, those were also acknowledged to be achievable with more supports from the City’s Council and the UK government, large corporations, and other native SMEs. With the limitations of scalability and the lack of vast market data using quantitative methods, this research still contributes to the existing literature with a vivid picture of organizational readiness and future orientation of London’s SMEs towards globalization.