IDEAS home Printed from https://ideas.repec.org/h/spr/sprchp/978-3-031-25188-7_4.html
   My bibliography  Save this book chapter

Forward Looking

In: Entrepreneurial Crisis Management

Author

Listed:
  • Sukanlaya Sawang

    (Coventry University
    Queensland University of Technology)

Abstract

Crisis management is a critical part of any business. How well a company responds to and manages a crisis can mean the difference between business survival and going under. Small businesses find themselves at a disadvantage when it comes to crisis management. They lack the resources of larger businesses and often do not have the same level of experience in dealing with crisis situations. Small businesses are also typically heavily reliant on continuous customer spending and cash flows. A sudden drop in consumer confidence can have a devastating effect on sales and revenue. Finally, small businesses often lack the formal structure and processes of larger organizations, making them more difficult to manage during a crisis. These characteristics can make it difficult for small businesses to respond effectively to a crisis, leading to potential financial losses and damage to their reputation. The best way to be prepared for a crisis is by understanding the importance of managing them properly. Small businesses will have higher chances at survival during tough times when they can leverage their knowledge and expertise in this field, which could help turn even an arduous situation into one that is manageable with some planning ahead. There are many factors to consider when it comes to crisis management, from having a plan in place to knowing how to communicate with stakeholders. In this chapter, some of the key elements of effective crisis management will be illustrated, and some tips on how small businesses can improve their approach will be offered.

Suggested Citation

  • Sukanlaya Sawang, 2023. "Forward Looking," Springer Books, in: Entrepreneurial Crisis Management, chapter 4, pages 59-71, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-25188-7_4
    DOI: 10.1007/978-3-031-25188-7_4
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:sprchp:978-3-031-25188-7_4. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.