According to EU data, small and medium-sized enterprises (SMEs) are the backbone of Europe’s economy. They represent 99% of all businesses in the Union, employ around 100 million people, and account for more than half of Europe’s GDP. Yet, business survival for SMEs has been continuously challenged since the pandemic. After suffering the consequences of the COVID crisis, SMEs are now particularly affected by soaring energy prices, inflation, supply chain bottlenecks, and changed consumer behavior. That’s especially the case in the retail, food, and restaurant sectors — among those that were hit hardest during the pandemic. A survey conducted by…
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