Strategic planning and sustainable innovation during the COVID-19 pandemic: a literature review
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Date
2021-12-30
Journal Title
Journal ISSN
Volume Title
Publisher
Inovatus Services Ltd.
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 manoeuvre 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 review provides 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.
Description
Keywords
SMEs sustainability, company survival during COVID-19 crisis, COVID-19 pandemic, entrepreneurship during COVID-19, strategic planning
Citation
Waiganjo, M., Godinic, D., & Obrenovic, B. (2021). Strategic planning and sustainable innovation during the COVID-19 pandemic: a literature review. International Journal of Innovation and Economic Development, 7(5), 52-59.