Small and Medium Enterprises (SMEs) play a pivotal role in driving economic growth, employment generation, and innovation worldwide. However, SMEs often face significant survival challenges stemming from financial constraints, market competition, operational inefficiencies, and regulatory burdens. This literature review synthesizes existing research on survival challenges and strategies for SMEs, drawing insights from academic journals, reports, and real-world case studies. The review examines financial management techniques, marketing strategies, operational optimization methods, and compliance strategies employed by SMEs to overcome survival challenges. Therefore, implications of the findings for policymakers, practitioners, and SME owners are discussed, highlighting the need for supportive regulatory frameworks, access to financial resources, capacity-building initiatives, and customized solutions tailored to the unique needs of SMEs.
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