Crisis Management and Innovation in Indian Manufacturing MSMEs Amidst COVID-19 Pandemic

Deepak Kumar (), B. V. Phani and Suman Saurabh
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Deepak Kumar: Indian Institute of Technology Kanpur
B. V. Phani: Indian Institute of Technology Kanpur
Suman Saurabh: Indian Institute of Technology Kanpur

A chapter in Entrepreneurship Research, 2023, pp 111-132 from Springer

Abstract: Abstract Small firms faced unprecedented challenges during the COVID-19 crisis. Weak financial position, closure of markets and prolonged uncertainty forced them to re-think and re-design their businesses. Using multiple case study method, we examined the crisis management strategy of these firms during the pandemic. Though these firms did not have any pre-built contingency plans or buffer capital reserve, they have chalked their path out of the crisis by innovating their businesses. Diversifying products, Cost cutting, Inventory control and IT adoption were the most popular strategies for their recovery and growth.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-99-4452-1_7

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DOI: 10.1007/978-981-99-4452-1_7

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