Abstract:
The purpose of this research is to investigate the crisis management strategies used by owner managers of established SMEs to survive and overcome business crisis. The study uses contingency theory alongside the general crisis management model to explore crisis triggering events in SMEs, the crisis response strategies they employ during crisis and further examine the learnings derived from the crisis experience. Using a qualitative narrative inquiry, in-depth interviews were conducted with 12 owner managers of established SMEs and inductively analysed to extract response strategies used in the face of various types of crisis. Through thematic analysis, different types of crisis and factors contributing to the causes of crisis were also uncovered.
The study found that owner managers engage in adaptive and proactive response strategies embedded in various survival tactics, adaptation business model and stakeholder management to navigate crisis periods. The results reveal that learning from crisis brings positive change and resilience. The study has revealed the dire need to assist SMEs to develop and implement crisis and risk management plans to mitigate failure.
