Strategic Planning and Sustainable Innovation During the COVID-19 Pandemic: A Literature Review

Abstract

The COVID-19 crisis posed an opportunity for entering new avenues and market segments for large and financially viable enterprises, whilst SMEs lacking resources for such maneuver required cost-effective and quick-fix solutions. In this literature review, we reflect on the drivers of sustainable development of SMEs compared to their larger counterparts during major disasters. We have analyzed prior studies drawing from the concept of “sustainability“ during COVID-19, published between 2020-2021, as well as relevant studies from the domains of crisis management, sustainability, enterprise sustainability, digitisation effects on sustainability, sustainable business practices. Each research was screened to check for the content relevance to the subject matter. The paper suggests that radical sustaining innovation in service delivery combined with diversification could be fostered to mitigate risks and ensure SMEs survival in times of economic downturn. The paper adds to the existing body of organizational knowledge on entrepreneurial sustainability deriving from multiple perspectives on the subject. The conceptual framework developed in this article was designed to provide pragmatic recommendations for SME owners, entrepreneurs, managers and academicians. We find that there are grounds for SMEs to concentrate on innovating in the context of products and services that are considered revenue-generating for same-industry large enterprises, considering this strategy allows SMEs to align their interests and engage in cooperation with competition.

Assessing the Effects of Innovative Management Accounting Tools on Performance and Sustainability

“…In line with Celik's research [80], we believe that organizations can ensure a higher level of sustainability by using innovative accounting practices and tools that take into account not only financial aspects. Furthermore, IMATs can be added to other strategies or actions of organizations, such as strategic planning and sustainable innovation, corporate sustainability strategies, entrepreneurial leadership, empowering leadership, innovative work, and organizational learning, to deal with the crisis generated by COVID-19 and to ensure the resilience of organizations through increased performance and increased sustainability [81][82][83][84].…”

State asset management paradigm in the quasi-public sector and environmental sustainability: Insights from the Republic of Kazakhstan

“…In this regard, the strategic development of economic, organizational, legal, engineering, and social measures is particularly important. Strategic planning allows the company to remain in a state of life support in the face of economic crisis and risk (Hastings, 2000;Lagâri et al, 2021;Waiganjo et al, 2021).…”

Virtual Learning Experiences Among Postgraduate Students in Namibia

“…It is believed that online education and learning via the Internet can prevent the proliferation of COVID-19 (Batubara, 2021). Therefore, significant domestic approaches that advocate for utilising technological devices (such as desktop computers, laptops, tablet computers, and mobile phones) to facilitate online education and learning due to the COVID-19 crisis are rapidly progressing (Waiganjo et al, 2021;. Technology-based devices encompass online platforms and Internet-based tools that are utilised in conjunction with computers or portable devices to facilitate online learning and instruction (Matthew et al, 2021).…”

“…Active learning occurs within social and instructional settings that facilitate interaction among individuals, as exemplified by exchanging tools and knowledge among peers (Nsouli and Vlachopoulos, 2021). When each student is challenged to apply theory in problem-solving and reflection, this constitutes the constructivist cognitive component of active learning (Almulla, 2023;Vale and Barbosa, 2023). Conversely, prior experiences give adult learners a wealth of information from which to construct their knowledge.…”