Should I stay or should I go? a managerial toolbox for the 21st century SMEs

The rise of new technologies reshaped the way firms face new challenges. Consequently, companies in small open economies, namely SMEs, are more susceptible to environmental changes, therefore they must develop new ways to adapt to the continuous transformations that characterize the business environment. This way, expanding to other geographies is the optimal solution to the generation of new business and adaptation of the existing ones. When internationalizing, firms face the decision of how to enter new markets, and sometimes managers lack the acknowledgment of which advantages and drawbacks are at stake. Consequently, this paper aims to present a systematized toolbox that will guide decision-makers, when developing their internationalization strategies.