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Assessment of Some Basic Strategies towards Managing COVID-19 Crisis in Micro/Small Sized Businesses

Author

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  • Damiete Onyema Lawrence
  • Anthony Wakwe Lawrence

Abstract

This research is aimed at finding out if micro/small sized business owners/managers apply business planning processes and how they survived the impact of COVID-19 in Port Harcourt, Nigeria. We interviewed 568 enterprise units covering 11 classes of businesses that represent most of the micro and small-sized businesses. We applied statistical and graphical methods to analyse the data obtained. Businesses adopted creative measures like online advertisement, online marketing and home delivery where possible to remain afloat after the restrictions imposed by government. Some diversified their businesses into other areas where the market is flourishing like selling sanitizers and face masks. We also observed that a good number of these micro-sized business owners/managers do not adopt structured business plans, review the performances of their businesses, have guiding policies and do not understand the importance of having such policies. These are weak links towards sustainable growth of such businesses. Businesses that do not plan and do not know if their businesses are performing well and if they are beginning to make profit from what was invested is groping in the dark and that is not safe places for businesses to be. Based on the findings/discussions/conclusions, it will be needful to embark on further research to identify the specific business skill gaps among micro and small-sized businesses and develop appropriate interventions to bridge such capacity gaps. Finally, we recommended a 9 points model as a tool for micro and small size businesses in assessing and managing crisis.

Suggested Citation

  • Damiete Onyema Lawrence & Anthony Wakwe Lawrence, 2023. "Assessment of Some Basic Strategies towards Managing COVID-19 Crisis in Micro/Small Sized Businesses," International Journal of Business and Management, Canadian Center of Science and Education, vol. 16(8), pages 1-21, February.
    • Handle: RePEc:ibn:ijbmjn:v:16:y:2023:i:8:p:21
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    References listed on IDEAS

    as
    1. Ozili, Peterson & Arun, Thankom, 2020. "Spillover of COVID-19: Impact on the Global Economy," MPRA Paper 99317, University Library of Munich, Germany.
    2. Paul Hong & Chenglei Huang & Bo Li, 2012. "Crisis management for SMEs: insights from a multiple-case study," International Journal of Business Excellence, Inderscience Enterprises Ltd, vol. 5(5), pages 535-553.
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    More about this item

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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