Post Covid -19 Pandemic Adaptation Strategies by SMEs: A Narrative Literature Review
Globally, Small and Medium Enterprises (SMEs) faced unprecedented problems as a result of the COVID-19 pandemic. Using a narrative literature review, this study examined the innovations and entrepreneurial strategies used by small businesses in countenancing these challenges in the aftermath of the pandemic. The narrative review was underpinned by three core phases. In the first phase, the study outlined the topic in question which bordered on an examination of the innovations and entrepreneurship adopted by SMEs after the Covid-19 Pandemic. In the second phase, the study further searched and identified most relevant research articles pertinent to post-Covid innovations by SMEs. Finally, an in-depth narrative analysis was chosen in digesting the four (4) articles with Scopus-indexed publications which formed the basis of the literature analysis. The analysis revealed that most SMEs after the pandemic resorted to the quick adaptation of digital technologies such as social media, e-commerce, artificial intelligence, and big data analytics which enabled them to adjust to shifting market conditions and adjust to the financial crisis of the pandemic. Similarly, the review also underscores the importance of entrepreneurial orientation, government support, and innovative resilience in navigating the post-pandemic landscape. The results indicate that, despite significant obstacles, SMEs that embraced innovation and technology showed increased resilience and competitiveness. The study thus provides valuable insights into the role of technology and proactive strategies in ensuring the long-term survival and growth of SMEs in a post-pandemic world.
Keywords: COVID-19, Small and Medium Enterprises Narrative Review, Adaptation Strategies
