Proposing an Integrative Framework as Small Business Strategic Response to Crisis Evidenced on Stakeholders Perspective

Abstract

The global pandemic COVID-19 had worst hit the businesses all over the world particularly micro and small business. The small businesses especially in the essential commodity category have joggled both financial and social front. A quick response to crisis may help small and micro business to sustain and survive, therefore, it appears as a quest for many researchers and practitioners in recent past. Based on social exchange theory, the research paper attempts to understand key issues faced by small business through a case study approach and thereafter identify potential solutions from stakeholder’s perspective through interview. Based on content analysis, the study summarizes and assembles the results into five strategic responses to crisis namely government assured schemes, industry mentoring, eco-system support, owners’ self-sufficiency, and goal-driven business strategy. The paper uniquely demonstrates interactionist view of problem and presents an integrated framework as a response to crisis by small and medium enterprises.

Keywords: Small Business, Stakeholders, Crisis, COVID-19, Strategy, Manufacturing

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