Lessons from COVID-19: Toward a Pandemic Readiness Audit Checklist for Small and Medium-Sized Enterprises

Abstract

This article presents five select cases of small and medium-sized enterprises (SMEs) from China, India, Bahrain, and the US, grouped into three archetypes namely the Pandemic Warrior, the Survivor and the Digital Native, based on the fundamental nature of their business so as to highlight the unique challenges faced by each of them as they pass through the COVID-19 crisis. The strategies adopted by these firms to cope with the challenges faced are also presented. The lessons distilled from the cases are used to derive a conceptual framework that would guide SMEs toward a pandemic readiness audit, a process that would enable them to systematically evaluate their preparedness to face a pandemic. Additionally, we present a list of suggested audit questions that would help SMEs to assess the vulnerabilities of their key business components. The rationale is that such an audit would equip SMEs to face yet another pandemic crisis as well as help them in preparing for the emerging post-COVID new normal.