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

Author

Listed:
  • Moses Waiganjo

    (Business Management Department, Namibia University of Science and Technology (NUST), Windhoek 51434, Namibia)

  • Danijela Godinic

    (Faculty of Humanities and Social Sciences, University of Zagreb, 10000 Zagreb, Croatia)

  • Bojan Obrenovic

    (School of Management, Jiangsu University, Zhenjiang, China)

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 manoeuvre 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 review provides 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.

Suggested Citation

  • Moses Waiganjo & Danijela Godinic & Bojan Obrenovic, 2021. "Strategic Planning and Sustainable Innovation During the COVID-19 Pandemic: A Literature Review," International Journal of Innovation and Economic Development, Inovatus Services Ltd., vol. 7(5), pages 52-59, December.
    • Handle: RePEc:mgs:ijoied:v:7:y:2021:i:5:p:52-59
    DOI: 10.18775/ijied.1849-7551-7020.2015.75.2005
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    Cited by:

    1. Mohammad Wasiq & Mustafa Kamal & Nazim Ali, 2023. "Factors Influencing Green Innovation Adoption and Its Impact on the Sustainability Performance of Small- and Medium-Sized Enterprises in Saudi Arabia," Sustainability, MDPI, vol. 15(3), pages 1-22, January.
    2. Mahlet Gashaw Tadesse & Li Zhen, 2023. "The Effect of Innovation on The Sustainable Performance: Evidence from Ethiopian Construction Sector in the Post-Pandemic Era," International Journal of Management Science and Business Administration, Inovatus Services Ltd., vol. 9(3), pages 27-40, March.
    3. DRAGOMIR Camelia-Cristina & ZAMFIRACHE Alexandra & ALBU Ruxandra-Gabriela & FORIS Tiberiu, 2023. "Implications Of Crises On Start-Up Management And Ways To Increase Business Resilience And Sustainable Development," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 18(3), pages 118-135, December.
    4. Akmal Khudaykulov & Ibrokhim Ilkhomjonov & Dilafruz Murodova, 2022. "SMEs' Innovative and Diversification Capabilities: Leveraging IT to Achieve Sustainable Performance," International Journal of Innovation and Economic Development, Inovatus Services Ltd., vol. 8(5), pages 7-14, December.
    5. Yan Yu & Wenjie Hu & Chunyu Dong & Xiao Gu & Bojan Obrenovic, 2023. "E-Commerce Development and Green Technology Innovation: Impact Mechanism and the Spatial Spillover Effect," Sustainability, MDPI, vol. 15(17), pages 1-21, August.
    6. Anca Antoaneta Vărzaru & Claudiu George Bocean & Mădălina Giorgiana Mangra & Gabriel Ioan Mangra, 2022. "Assessing the Effects of Innovative Management Accounting Tools on Performance and Sustainability," Sustainability, MDPI, vol. 14(9), pages 1-16, May.
    7. Madina Khudaykulova & He Yuanqiong & Akmal Khudaykulov, 2022. "Economic Consequences and Implications of the Ukraine-Russia War," International Journal of Management Science and Business Administration, Inovatus Services Ltd., vol. 8(4), pages 44-52, May.

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    More about this item

    Keywords

    SMEs sustainability; company survival during COVID-19 crisis; COVID-19 pandemic; entrepreneurship during COVID-19; strategic planning;
    All these keywords.

    JEL classification:

    • M00 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - General - - - General

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