The intersection between SMEs' business strategies and the phases of unexpected events: a systematic review of the literature

Framing of the research: Despite the relevance of crisis management for SMEs, existing literature primarily targets large firms, therefore paying less attention to smaller businesses. As a result, the manner in which SMEs transform their business strategies during the specific phases of unexpected events remains an unexplored research topic. Purpose of the paper: The present conceptual paper aims to develop a framework examining the kind of strategies that may be implemented by small and medium-sized enterprises (SMEs) throughout the different stages of unexpected events. Methodology: The paper reports a systematic literature review (SLR) to summarize how SMEs react in times of crisis and illustrate core themes in previous research in relation to 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 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, stakeholder 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 within specific research settings. Practical implications: The present research represents a useful benchmark for managers and practitioners to better understand what strategies are suitable according to the specific moment of the crisis. Originality of the paper: This study analyzes the evolution of SMEs’ business strategies in times of crisis from a novel perspective by pointing out the prevention, response, and recovery phases’ circularity.