Crisis Management and Innovation Strategies in Small and Medium Enterprises
Summary
Small and medium enterprises (SMEs) occupy a central role in economic ecosystems yet remain highly vulnerable to external shocks such as pandemics, financial downturns and supply-chain disruptions. Effective crisis management in these firms requires proactive risk assessment, flexible governance structures and decentralised decision-making to enable rapid adaptation. Innovation strategies complement these efforts by fostering novel product and process developments, digital transformation and collaborative networks that extend beyond organisational boundaries. Practical applications range from rapid adoption of e-commerce platforms to strategic partnerships that provide access to complementary resources. By integrating adaptive leadership, stakeholder engagement and ecosystem orchestration, SMEs can not only withstand immediate pressures but also position themselves for sustainable growth and competitive advantage in a volatile global environment.
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Crisis Management and Innovation Strategies in Small and Medium Enterprises publication trend
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Technical terms
Crisis innovation: The development of new or adapted products, services or processes in response to exogenous shocks.
Ecosystem-level process: Collaborative networks of firms and stakeholders spanning organisational boundaries to support innovation and resilience.
Digital transformation: Integration of digital technologies into all business areas, fundamentally changing operations and value delivery.
Tactical response: A categorised approach firms adopt during crises to address immediate operational and strategic challenges.
External support: Resources and assistance provided by actors outside the firm, such as government agencies or industry associations, to bolster resilience and innovation.
References
- Firms’ responses to the COVID-19 pandemic. Journal of Business Research (2023).
- Unpacking the complexities of crisis innovation: a comprehensive review of ecosystem-level responses to exogenous shocks. Review of Managerial Science (2023).
- Innovation practices for survival of small and medium enterprises (SMEs) in the COVID-19 times: the role of external support. Journal of Innovation and Entrepreneurship (2021).
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