Abstract
Small businesses are the largest private-sector employment provider in Australia but suffered twice more than any other business in Australia during the COVID-19 lockdown. This chapter examines the factors influencing the key managers’ decision to revive the declining small businesses in Australia and their turnaround success in recent years. Evidence has been collected from 25 severely troubled small businesses in Australia between 2006 and 2018. Findings reveal that managerial factors such as cognition of decline, the extent of a personal and professional network, capabilities, motivation and leadership of the key managers and their access to critical resources considerably influence the successful revival of a declining small business in Australia. Moreover, organisational factors such as the composition of the top management team, stakeholder management and firm’s breadth, depth, and lifecycle along with some external factors may also influence the key manager’s decision to revive the business and their selection of turnaround responses. Implications are drawn for the entrepreneurs and managers of small businesses in Australia.
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