Navigating the COVID crisis: reimaging business models and reporting mechanisms to enhance the resiliency and sustainability of small and medium sized enterprises

The COVID-19 crisis has caused severe disruption in the supply chain, reduced demand for goods and services, prompted a dramatic decline in GDP, caused high levels of unemployment, and undermined consumer confidence. The calamity has exposed vulnerabilities in the current paradigm of management thinking and business operational structures. Small to medium-sized enterprises (SMEs) are among the most vulnerable especially when compared to larger corporations. SMEs require novel strategies to help them respond, pivot and survive the economic disruption caused by COVID-19. Key priorities to support the transition to include new supply chain models, technology sharing, strategic decision-making tools, and reporting frameworks. While the immediate need is to help mitigate and stabilize the economy and employment, in the longer-term businesses need to integrate a resiliency approach as a core tenet of business strategy to protect against future economic shocks.

Faculty Supervisor:

Jeffrey Wilson

Student:

Amr ElAlfy

Partner:

SmallFood

Discipline:

Environmental sciences

Sector:

Agriculture

University:

University of Waterloo