Strategic Planning and Sustainable Innovation During the COVID-19 Pandemic: A Literature Review

Moses Waiganjo,Obrenovic Bojan,Danijela Godinic

doi:10.18775/ijied.1849-7551-7020.2015.75.2005

Abstract

The COVID-19 crisis posed an opportunity for entering new avenues and market segments for large and financially viable enterprises, whilst SMEs lacking resources for such maneuver required cost-effective and quick-fix solutions. In this literature review, we reflect on the drivers of sustainable development of SMEs compared to their larger counterparts during major disasters. We have analyzed prior studies drawing from the concept of “sustainability“ during COVID-19, published between 2020-2021, as well as relevant studies from the domains of crisis management, sustainability, enterprise sustainability, digitisation effects on sustainability, sustainable business practices. Each research was screened to check for the content relevance to the subject matter. The paper suggests that radical sustaining innovation in service delivery combined with diversification could be fostered to mitigate risks and ensure SMEs survival in times of economic downturn. The paper adds to the existing body of organizational knowledge on entrepreneurial sustainability deriving from multiple perspectives on the subject. The conceptual framework developed in this article was designed to provide pragmatic recommendations for SME owners, entrepreneurs, managers and academicians. We find that there are grounds for SMEs to concentrate on innovating in the context of products and services that are considered revenue-generating for same-industry large enterprises, considering this strategy allows SMEs to align their interests and engage in cooperation with competition.

Highlights

Last year was extremely unstable for businesses worldwide, as a noticeable paradigm shift in management and entrepreneurial business models occurred, more so perpetuated by a COVID-19 chaotic and volatile environment (Obrenovic et al 2020; Guberina & Wang, 2021)
The paper adds to the existing body of organizational knowledge on entrepreneurial sustainability deriving from multiple perspectives on the subject
The conceptual framework developed in this article was designed to provide pragmatic recommendations for SME owners, entrepreneurs, managers and academicians

Summary

Introduction

Last year was extremely unstable for businesses worldwide, as a noticeable paradigm shift in management and entrepreneurial business models occurred, more so perpetuated by a COVID-19 chaotic and volatile environment (Obrenovic et al 2020; Guberina & Wang, 2021). In the case of ongoing pandemics, some organisations have modified, adapted and evolved, and many could not keep pace with rapid changes (Gourinchas et al 2020). First and foremost, the entire situation was reduced to risk mitigation and emergent crisis management, as economic shocks and business disruptions called for rapid re-adaptation (Alsharif et al, 2021; Obrenovic et al 2020). Techniques yielded in times of stability were rendered inadequate by economicians in the face of extensive financial and economic crisis. During global hazards, such as the ongoing pandemics, researchers are increasingly studying risk management and are engaging in contigency planning.

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