Abstract
The detrimental transboundary effect of COVID-19 exhibits an unprecedented circumstance for organizational resilience. This proposed research paper aims to analyze the impact of COVID-19 on small businesses (SBs) worldwide towards developing a strategic resilience framework. This framework enables the development of resilient strategies that SBs can utilize to survive and sustain their livelihood post-COVID-19. It is profoundly challenging to cope with the consequences of a devastating global pandemic with enormous negative economic side-effects and survive given reduced income, jobs lost, etc. This paper utilizes different models, such as Meyer’s Model, the PESTEL model, and the Comprehensive Organizational Model, to discuss the process of adaptations to market shocks. This adaptation methodology consists of different anticipatory, responsive, and rehabilitation phases, leading to organizational resilience. A conceptual framework is proposed through a qualitative analysis of existing academic literature concerning strategic resilience for small businesses facing environmental jolts such as COVID-19. By developing the proposed strategic resilience framework, other methods and theories, including the adaptability of small- and medium-sized organizations, will be addressed.
Highlights
The detrimental transboundary effect of COVID-19 exhibits an unprecedented circumstance for organizational resilience
Small businesses worldwide can play a significant role in preventing mass unemployment, poverty, and income inequality since these companies are considered the backbone of any economy [2]
Despite some recovery due to the massive governmental assistance, the COVID-19 pandemic has shown how major environmental jolts could be devastating for small businesses
Summary
Small- and medium-sized businesses (SMBs) are major contributors to the world economy. Not every small- or medium-sized company has the opportunity or resources to engage in the international market and bear various regulatory and administrative costs [23] These challenges make SMBs vulnerable when it comes to unprecedented circumstances such as the COVID-19 pandemic. Looking at other resilience definitions, Legnick-Hall et al (2011) define resilience as a corporation’s ability to effectively develop appropriate responses to engage in a transformative process to capitalize on disruptive shocks that potentially threaten business survival [36]. Their definition of resilience has some common elements with organizational capacities such as agility, flexibility, and adaptability. Small businesses have unique opportunities because of their diverse and robust knowledge to promote resilient market responsiveness
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