Towards developing a knowledge base for small business survival techniques during COVID-19 and sustainable growth strategies for the post-pandemic era

Abstract

Small and Medium-scale Enterprises (SMEs) often face severe challenges during most global crises. This study utilizes metadata from 694 publications generated through a literature survey on SCOPUS to undertake science mapping, thematic structure analysis, and text analytics to identify, evaluate, and initiate a knowledge base of COVID-19 survival techniques and post-pandemic sustainable growth strategies. The results highlight several streams of strategies. First, the firm’s internal resources and situational leadership abilities, including crisis management techniques and dynamic capabilities, provide the initial resilience against the pandemic challenges, supported by government funding and public policy. Second, adopting digital technologies, modifying business models, and process innovation not only aids survival but enhances internal operations. SMEs can turn challenges into opportunities through product innovation, achieving competitiveness and improved performance. Third, securing funding for SMEs’ digitization or digital transformation can be challenging but offers enormous survival opportunities during crises and sustainable growth in the post-pandemic era. SMEs can explore non-traditional financing options, including crowdsourcing and digital financing. Fourth, readily available virtual technologies (virtual meeting platforms) provide immediate relief to businesses and become a significant part of future business practices in the post-pandemic era. Finally, social entrepreneurship blossomed during COVID-19, ignited particularly by the community lockdown, travel restrictions, self-isolations, and quarantine of entrepreneurs and workers. Although scientists cannot stop the outbreak of pandemics, adequate preparation and understanding of effective strategic responses can cushion negative impacts. Further studies can contribute more survival and sustainable growth strategies against potential crises.