Multi-dimensional assessment of risk to business continuity plans of Indian SMEs in the wake of pandemic induced business risks

Y.M. Gireesh, Nandeesh V. Hiremath, K.V. Manjunath, B.V. Nagaraj and Sunil Kumar R. Hiremath

International Journal of Business and Systems Research, 2024, vol. 18, issue 4, 360-377

Abstract: Small and medium enterprises (SMEs) are the prime drivers of the Indian economy while the COVID-19 pandemic impacted almost 80%-95% of the SMEs negatively owing to the long span of national lockdown and its repercussions through shutdowns and/or running into losses. This gave an important lesson with necessity of having business continuity plans (BCPs) to mitigate the risk. This study identified factors influencing BCP for SMEs and designed a scale to evaluate the SMEs based on a cross-sectional survey of 100 SMEs in Bengaluru of Karnataka state. A risk assessment scale has been developed using secondary information with appropriate weights assigned to the influencing factors in risk calculation using five-point Likert scale. Confirmatory factor analysis with structural equation modelling was used to derive risk-rating scale, with normality of data using Kolmogorov-Smirnov statistic, it was found that the proposed risk rating scale was 97% consistent with risk management teams of SMEs.

Keywords: small and medium-sized enterprises; SMEs; risk assessment; post COVID-19; business continuity plan; BCP risk scale; BCP factors; BCP success factor. (search for similar items in EconPapers)
Date: 2024
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