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Crisis Management and Small Businesses

In: Entrepreneurial Crisis Management

Author

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  • Sukanlaya Sawang

    (Coventry University
    Queensland University of Technology)

Abstract

This chapter unpacks the reasons why small businesses, as opposed to larger organizations, are more vulnerable to crises. It is also important to understanding how small businesses perceive, interpret, and respond to crises, through the sensemaking process. Sensemaking is the process of constructing meaning from available data and experiences. This involves understanding the risks associated with certain decisions, as well as being able to effectively utilize crisis management strategies after these risks have been identified. This chapter also introduces two key theories, ‘social capital’ and ‘Business Continuity Management (BCM)’ to better understand small businesses crisis management behaviors. Social capital refers to resources that are available through networks of relationships between people, such as mutual trust or shared values. BCM is a system of processes and controls designed to protect a company’s critical business processes from disruption by accounting for potential problems stemming from natural disasters or other unexpected events. Utilizing the sensemaking process along with social capital and business continuity management can help reduce risk, aiding small businesses in overcoming any unforeseen challenges that may arise.

Suggested Citation

  • Sukanlaya Sawang, 2023. "Crisis Management and Small Businesses," Springer Books, in: Entrepreneurial Crisis Management, chapter 2, pages 17-39, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-25188-7_2
    DOI: 10.1007/978-3-031-25188-7_2
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