Small, Medium, and Micro-Sized Enterprises Strategies for Dealing with Contemporary Management Issues in Post-COVID: A Conceptual Framework

Abstract

Purpose: Small, medium, and micro-sized enterprises (SMMEs) are integral to global economies, contributing significantly to employment, innovation, and economic growth. However, the COVID-19 pandemic has posed unprecedented challenges to most SMMEs around the world, reshaping their operational landscape and management strategies. This conceptual study seeks to review the available information in detail on contemporary management issues affecting SMMEs in the post-COVID-19 era. The study further assesses the management processes adopted by SMME managers to address these issues and provide a clear and easily understandable conceptual framework for SMMEs to survive post-COVID-19 challenges. Design/Method/Approach: The study rigorously analysed 1,105 peer-reviewed articles from reputable databases and adopted an interpretive qualitative approach and the systematic literature review technique. In this regard, a thematic analysis identified the recurring themes, thereby forming the basis for the conceptual framework. Findings: The identified themes include financial disruptions, shifts in consumer behaviour, resilience, and survival, rapid digital transformation, and remote work dynamics. A conceptual framework was developed, emphasising emotional intelligence, customer-centric adaptations, innovation risk management, financial resilience, technological innovation, adaptive leadership, sustainable business models, and remote workforce management. Theoretical Implications: Contribute to expanding conceptual knowledge base regarding SMMEs post-COVID-19 strategies in dealing with contemporary management issues. This includes the integration of organizational learning theory, which shows how SMMEs can learn from their experiences and adapt to the shifting business dynamics in the contemporary era. Practical Implications: The policy implication for these findings is that governments should develop targeted interventions, fostering a resilient environment for SMMEs. The findings of this study can enable SMMEs to Collaborate among stakeholders so as to propose essentials for creating sustainable solutions, ensuring that SMMEs continue their vital contributions to economic growth and innovation. Originality/Value: Theoretical perspectives on SMMEs post-COVID-19 strategies in dealing with contemporary management issues. The COVID-19 crisis has placed reliance on SMMEs to generate strategies for urgent management challenges, financial resilience, and an improvement in revenue streams. Research Limitations/Future Research: This research was limited to conceptual review and thus created the need to develop a conceptual framework that researchers can utilize to obtain empirical data on SMMEs post-COVID-19 strategies in dealing with contemporary management issues across the globe. Future research could also delve deeper into developing a more robust framework that shows the micro and medium-sized enterprise innovations, industry associations, and capacity-building initiatives that empower SMMEs to navigate the dynamic business landscape in the post-COVID-19 era. Paper Type: Conceptual JEL Classification: G32, L25, L26, M21