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Micro and small- and medium-sized businesses (those with fewer than 50 employees) employ over 70 million people in the European Union, demonstrating how they typically form the central pillar of any economy. These small businesses embody the fundamental elements of a capitalist economy, demonstrating resilience, agility, and opportunism, often making profit and finding growth in areas that larger businesses cannot. Whilst these small businesses are able to find advantage where others cannot, they also suffer from resource constraints and vulnerability to market shifts. Small businesses are reliant on buoyant markets and reliable revenue streams, often with little in the way of resilience and strategic resources which can support them through difficult times. For small businesses to survive severe crises they need to be creative, constantly monitoring trends, and for some, adapt their use of tradition to boost customer loyalty and interest. Tradition can be best understood as the entire set of values, culture, competences, and knowledge that embodies a territory, firm, or age. For small businesses without a depth of resource, tradition can be a significant tool to deploy to survive turbulent markets.
COVID-19 was an unprecedented crisis that caught the entire global market off...