Please provide a Thesis defence write up with the following topic: Business survival strategy for construction SMEs during difficult economic time

WRITTEN ASSIGNMENT        2
WRITTEN ASSIGNMENT
Table of contents
Introduction    3
Literature Review    3
Importance of Government Support for SMEs in the Construction Industry during Difficult Economic Times    4
Factors Contributing to Business Survival    5
Challenges Faced by SMEs during Difficult Economic Times    7
Strategies for Business Survival    8
Methodology    9
Results    11
Conclusion    12
REFRENCES    14
Introduction
    Any nation's economic progress depends heavily on the construction sector, which provides housing, infrastructure, and employment opportunities. Small and medium-sized businesses (SMEs) play a vital role in this sector, fostering creativity, productivity, and job expansion. It is difficult for SMEs to thrive in hard economic times since the construction business is susceptible to economic cycles and swings. The COVID-19 pandemic-related recent global economic slowdown has brought attention to the vulnerability of SMEs in the construction sector. Numerous SMEs find it difficult to deal with the declining demand, cash flow issues, and heightened competition. SMEs must implement successful business survival strategies to secure their survival and sustainability in such a difficult economic climate. The purpose of this thesis is to examine company survival tactics that SMEs might use in challenging economic times. The study looks at the crucial elements that affect a company's ability to survive, the difficulties that SMEs encounter in hard times, and the solutions that might help them. Policymakers, industry professionals, and company owners who want to assist the expansion and development of SMEs in the construction sector should consider the study's practical consequences. Policymakers and industry experts may develop policies and initiatives that promote the growth and sustainability of SMEs by recognizing the difficulties that SMEs encounter during difficult economic times and the methods that can assist them overcome these difficulties. By using practical company survival techniques, business owners may also profit from the study's results and assure the longevity and expansion of their enterprises.
Literature Review
    In the literature study, company survival methods for SMEs in the construction sector are examined in light of current economic conditions. The assessment starts out by looking at the elements that support corporate survival, such as diversity, innovation, and cost-cutting techniques. The evaluation also looks at the difficulties that SMEs encounter in tough economic times, such as declining demand, constrained cash flow, and heightened competition (Huang & Farboudi Jahromi, 2021). The paper concludes by examining the tactics SMEs may use to overcome these obstacles, including financial management, strategic alliances, and market diversification.
Importance of Government Support for SMEs in the Construction Industry during Difficult Economic Times
    In hard times, government assistance is essential for the survival and development of SMEs in the construction sector. As a source of job opportunities and a factor in the economy's general expansion and development, the construction sector is vital. SME survival and success are crucial to the health and expansion of the construction industry as a whole since they make up a sizable component of it. Small and medium-sized businesses (SMEs) in the construction sector confront a number of difficulties during hard economic times, including decreased demand for construction services, cash flow management, access to finance, competition, a labor and material scarcity, and regulatory and compliance requirements (Shen et al., 2020). SMEs may overcome these obstacles with the assistance of the government, ensuring their survival and prosperity. Various types of government help are available, including grants, tax breaks, regulatory assistance, and access to programs for professional growth. Financial support may give SMEs the funds they need to invest in cutting-edge technology, equipment, and marketing and branding initiatives. Tax incentives can lessen SMEs' tax obligations and free up cash flow for reinvestment in the company. Regulatory support can assist SMEs in adhering to regulations and avoiding expensive fines (Malesev & Cherry, 2021). Having access to training and development programs may help SMEs grow their abilities and expertise, increasing their marketability. In addition to offering direct assistance to SMEs, the government may also foster an atmosphere that will help them succeed. This may entail fostering an environment that is advantageous for business, removing administrative obstacles, and encouraging innovation and entrepreneurship. The government can draw in new investments and encourage economic growth by fostering an environment that is favorable to SMEs. In conclusion, during lean economic times, government support is essential for the survival and development of SMEs in the construction industry. The government may assist SMEs in overcoming their obstacles and creating a long-lasting company by giving them access to financial aid, tax breaks regulatory support, and training and development programs. The government may also encourage entrepreneurship, draw in new investments, and foster economic growth by fostering an environment that is favorable to SMEs.
Factors Contributing to Business Survival
    Several variables contribute to the survival of SMEs in the construction sector during lean economic times, according to the literature analysis and research findings.
· Diversification: For SMEs in the construction sector, diversification is a good way to lessen their reliance on a particular product or market. This entails entering new markets, providing fresh goods and services, and creating fresh sources of income.
· Cost-Cutting Measures: In times of economic hardship, SMEs in the construction sector can lower their operating costs by using cost-cutting strategies...