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Small Business Survival Strategy
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Date received: 15 July 2021 / Date revised: 26 September 2021 / Date accepted: 27 September 2021 / Date published: 30 September 2021
Adverse cross-border impacts of COVID-19 show unprecedented regulatory resilience. This proposed research paper aims to analyze the impact of COVID-19 on small businesses (SB) globally to develop a strategic resilience framework. The framework enables the development of flexible strategies that SBs can use to survive and sustain themselves post-COVID-19. It is very difficult to deal with the aftermath of a devastating global pandemic with huge negative economic side effects, and to survive due to reduced income, unemployment, etc. This article uses various models such as the Meyer model, the Pestel model, and the exhaustive model. Discuss organizational models for adapting to market shock processes. This adaptive approach includes different proactive, reactive and recovery phases, resulting in organizational flexibility. A conceptual framework is proposed through a qualitative analysis of the current academic literature on the strategic resilience of small firms facing environmental shocks such as COVID-19. Through the development of the proposed strategic resilience framework, other methodologies and theories will be addressed, including the adaptation of small and medium-sized organizations.
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The COVID-19 pandemic is shaking the global economy, putting enormous pressure on small businesses to survive the crisis effectively. In many countries, essential lockdowns in response to the coronavirus have led to the largest quarterly decline in economic activity since 1933 [1]. The COVID-19 pandemic has changed the economic landscape at a faster rate than other recessions in shifting activity to areas such as home support and virtualization. In this volatile market, small businesses around the world can play an important role in preventing mass unemployment, poverty and income inequality, as these businesses are the backbone of any economy [2]. Despite a recovery thanks to massive government aid, the COVID-19 pandemic has shown how damaging major environmental shocks can be to small businesses. They undermine trust, damage corporate value and reputation, threaten business objectives, and overwhelm managers with rapid shock responses [3].
In today’s turbulent world, in the face of current and future crises, positive thinking about resilience can seem like the only option for survival. At the center of crisis management [4] in any company, especially a small one, is developing a resilience strategy to limit economic damage and build resilience and the ability to survive and thrive [5]. Although small businesses may appear vulnerable in a crisis due to limited financial resources and weak market conditions, they can take advantage of their small size to become more agile, adaptable, innovative and resilient in difficult times [6]. Established business models may not be effective during the cross-border COVID-19 crisis and, as a result, business succession may be significantly disrupted. Sutcliffe and Vogus (2003) define resilience as a concept related to challenging situations that may jeopardize consistent and robust performance. In other words, resilience is measured as the ability to recover from adversity [7].
Resilient organizations need to be prepared for environmental shocks [8] and effectively respond to adversity with organizational capabilities as resilient resources [9]. Therefore, small businesses should consider the overall impact of resilience on small business-environmental interactions and analyze macro-environmental factors (PESTEL: political, economic, social, cultural, technological, environmental, and legal) to successfully monitor the environment, anticipate potential threats, and appropriately Tackle disruptive challenges to maintain its competitive edge. Adapting to elasticity in a small business ecosystem requires a configuration model that distinguishes between domains and processes.
The concept of organizational resilience is built on a foundation consisting of a number of complementary fundamental elements. Employee-centered resilience is identified as one of four core personal factors—efficiency, hope, optimism, and employee-centered resilience—that are associated with effective performance and individual/organizational resilience [10]. Resilient organizational culture is another key aspect of organizational resilience, enabling employees and leaders to respond appropriately to environmental threats. Developing a resilient culture requires building an organizational culture that encourages trust, accountability, and adaptability [11]. A resilient culture can enhance risk awareness, well-being (physical and emotional), lifelong learning, teamwork, adaptability and resilience [12]. Small, resilient organizations develop strategies based on the strategy game to increase the likelihood of success in unprecedented circumstances [13]. Scenario planning based on possible future events is at the heart of the strategy formulation process [14]. Small businesses employ strategic tools to continually identify the relationship between future risk and avoid the dire consequences of risk escalating into a crisis.
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All businesses, especially small ones that are most vulnerable to uncertainty, need to develop a new adaptive structure that is highly adaptable to changing needs in order to deal with this challenging situation. This type of structure is flexible, dynamic, streamlined, strategically appropriate and incorporates succession planning as an integral part of its organizational procedures. Last but not least, the organizational domain in resilience is an operational domain that requires resilience and resilience [15]. Since business models and organizational processes may change during a crisis such as the COVID-19 pandemic [16], companies need an appropriate organizational structure to implement agile strategies smoothly.
This article attempts to propose a unified approach that encompasses the interrelationships inherent in different organizational strategic development processes by integrating disparate models derived from a large body of research on small business resilience. This paper proposes a strategic resilience framework for small businesses operating after COVID-19 or any other crisis by implementing pattern matching. The Strategic Resilience Framework shows that an agile organization aligns its culture of resilience with its strategy through its operations and structure.
Small and medium enterprises (SMBs) are a major contributor to the global economy. SMEs, primarily defined as companies with 500 or fewer employees [17], play an important role in shaping more than 90% of the global private sector and creating 70% of all jobs worldwide [18]. The contribution of SMEs plays an important role in global economic growth [19]. According to the Organization for Economic Co-operation and Development (OECD), they generate nearly 60% of value-added income in high-income countries [20]. SMEs contribute to reducing income inequality and reducing poverty among minorities, especially in developing countries. These businesses are also at the heart of the local economy, creating jobs and conserving local resources [20]. SMEs are an important source of value creation by facilitating the economic inclusion of underrepresented groups [20].
Although SMEs are more agile, flexible and adaptable due to their smaller size, they have less access to resources [21] during market fluctuations, thus creating more financial, network and supply chain constraints. Therefore, SMEs rely heavily on their considerable revenue and profits to survive [22]. Due to their inherent nature, SMEs often have a limited credit history, which ultimately results in fewer access to financing. Furthermore, not every SME has the opportunity or the resources to participate in international markets and bear various organizational and management costs [23]. These challenges make SMEs vulnerable in unprecedented circumstances like the COVID-19 pandemic. The COVID-19 outbreak has exacerbated the growing financial threat and exposed hidden vulnerabilities for many small businesses.
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When COVID-19 was officially declared a pandemic by the World Health Organization (WHO) in March 2020, future thinkers predicted one of the most significant and unprecedented shifts of modern times intertwined with uncertainty about the future lives of people and businesses Together. According to Stephen Morrison and Anna Carroll, “epidemics change history by altering demographic, social, economic, normative, governmental and governance structures” [24]. Several studies, notably the evaluation of the Seven Revolutions initiative, which is continuously updated with a 30-year time horizon, suggest that COVID-19 has brought about a paradigm shift that will have significant impact until 2050 [25]. The assessment shows that the impact of the COVID-19 pandemic is long-lasting
