Minimising operational costs during COVID-19 pandemic: Leveraging crowdsourcing business model for enhancing SMEs' performance

Abstract

Uncertain business environment particularly during COVID 19 outbreak forced many enterprises including Small and Medium Enterprises (SMEs) need to change the business model. This rampant situation creates 'rubbing salt into the wound' for many enterprises in order to survival and sustain in the market. Enterprises should alter the business strategy from the traditional way of running the business to the new phenomenon of business strategy i.e. crowdsourcing practices. In view of the above, the aim of this study is to investigate how the SMEs could minimise the operating costs in order to boost business performance mainly COVID 19 pandemic. Specifically, the objectives of this study are to examine the impacts of crowdsourcing practices, crowdsourcing cost reduction towards business performance for SMEs in Malaysia. The findings revealed that, the crowdsourcing practices and crowdsourcing cost reduction positively significantly to the SMEs in Malaysia in order to enhance the business performance. This study also highlights practical and theoretical contributions, significant of study; limitations and future study as well as conclude the entire study.