SMALL ENTERPRISES, BIG CHALLENGES: DETERMINANT FACTORS FOR SUSTAINABILITY IN A CHANGING WORLD

This study investigates the dynamics influencing the sustainability of small and medium-sized enterprises (SMEs) and the key strategies for achieving long-term sustainability. Based on a review of 206 scientific articles published between 2019 and 2023, the results highlight the importance of formalizing economic activities, managing human talent, providing continuous training, implementing advanced technologies, and embracing corporate social responsibility (CSR). These practices are essential for improving competitiveness, fostering sustainable innovation, and enhancing SMEs' adaptability. The formalization of economic activities not only improves management but also increases competitiveness. Continuous training of human capital, from managerial to operational levels, promotes sustainable innovation and commercial success. CSR is crucial for improving corporate reputation and strengthening relationships with stakeholders. Integrating environmental practices, such as prioritizing local suppliers and ensuring proper waste management, is vital for business sustainability. Support from stakeholders and financial institutions is vital, as maintaining solid relationships and accessing adequate financing significantly contributes to stability and sustainable growth. SMEs can achieve long-term sustainability by adopting a comprehensive approach that combines the formalization of activities, human talent management, technology implementation, CSR, and stakeholder support. These strategies enable them to effectively navigate internal and external challenges, ensuring sustainability in a dynamic and competitive business environment.