While crises do not occur frequently, their impact can be
devastating as organizations are still vulnerable to man-made and
natural crises. From terrorism, environmental, scientific,
financial, political, pandemic to natural disasters, crises can
occur at any moment, and if not managed efficiently and effectively
can be disastrous. Thus, businesses can suffer not only loss of
profit, but the ultimate demise of their business. It becomes
increasingly difficult, at times, to prevent crises such as these.
It then becomes difficult to develop practical means that can
mitigate their undesirable effects once they occur. For instance,
globally, businesses and industries of all sizes have experienced
the effects of COVID-19, an external pandemic. The recovery process
requires SMEs to rearrange and reestablish their missions, goals,
and infrastructure of the business. This is an overwhelming
challenge of recovering. Historically, academics and practitioners
have developed various management methodologies and technologies to
help business manager's deal with challenges in their environments,
yet many businesses fail. Thus, these challenges need to be
researched more closely in order to overcome business failure. Many
of these challenges are external events in which firms need to
adapt and react. Getting the right adaptation and reaction to these
external events will depend on whether a firm continues with
success or fails altogether. Companies may fail due to their
inability to properly respond to a crisis, whether it be a business
or organizational crisis. This book will identify strategies of
SMEs that have recovered and how they recovered for preparation for
future crises and other external impacts. It will showcase the
resulting impact of external events such as environmental impact,
like fires, or other impacts like the COVID-19 pandemic on
businesses and educational entities. Specifically, it will discuss
how SMEs or other businesses reacted through unexpected crisis.
Therefore, the empirical contributions can be helpful for future
entrepreneurs and current SMEs. The book will focus on external
crisis including widespread environmental destruction, natural
disasters, pandemic, sabotage by outsiders, and/or terrorism, and
how firms can adapt and react.
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