Does a good strategy help SMES' leaders in managing a crisis?

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Abstract

Since more than a year, Covid-19 has been affecting everyone in every part of the world. The fear of death has imposed a series of never-ending lockdowns. Lockdowns came along with a financial crisis that has left all business sectors in wonder, especially the Small and Medium Enterprises (SMEs). The idea of crisis is more approachable now than ever. This article aims at detecting the ability of SMEs' managers to overcome a crisis and its aftereffects through the adoption of a good strategy. In the literature review part, the terms 'crisis, leadership, and strategy' are elaborated. The article's objective was closely observed using a quantitative approach. A small survey was conducted in March 2021 to detect how the Lebanese SMEs in the skin care and cosmetic sectors were able to contain the persistent crisis, at least till the time when the survey was conducted. This specified sector was selected because it is a luxe, yet, it was still operating. Twenty-seven Lebanese managers in this industry were selected to talk about the strategies that allowed them to maintain the existence of their firms. Results showed that when an SME's leader executes a proper strategy, he/she will fortify the company, making it more flexible in anticipating and containing crisis damages.

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CITATION STYLE

APA

Frangieh, M., & Rusu, D. (2021). Does a good strategy help SMES’ leaders in managing a crisis? IBIMA Business Review, 2021. https://doi.org/10.5171/2021.410043

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