The intersection between SMEs' business strategies and crisis phases: a systematic literature review

Objectives. This conceptual paper aims to develop a framework examining the kind of strategies implemented by small and medium-sized enterprises (SMEs) throughout the different stages of unexpected events. Methodology. This paper reports a systematic literature review (SLR) to synthesize how SMEs react in crisis times and illustrate core themes of previous research across the phases of crisis prevention, response, and recovery. Findings. The study develops a circular event framework and illustrates the leading business strategies implemented by SMEs in the different moments of unpredicted circumstances: (1) flexible planning, financial resources equipment, proactiveness, and collaboration, during the crisis prevention phase; (2) cost minimization and cash flow protection, revenue generation - operations and business model pivoting, stakeholders relationships, and dynamic approaches during the crisis response phase; (3) business model re-configuring, and stakeholder and employee relationships re-establishment, in the crisis recovery phase. Research limits. The conceptual nature of this work stimulates further theoretical and empirical studies. Future research should empirically test and validate the proposed framework in specific research settings. Practical implications. This research represents a useful benchmark for managers and practitioners to understand better what strategies could be more suitable according to specific moments during crises. Originality of the study. This study analyzes the evolution of SMEs’ business strategies in time of crisis from a novel perspective, pointing out the prevention, response, and recovery phases’ circularity