Conceptualizing agile business practices for enhancing SME resilience to economic shocks
1 University of Potomac, Virginia Campus, USA.
2 Independent Researcher, UK.
3 Sanctus Maris Concepts Ltd, Nigeria.
4 Ulster University, UK.
5 Independent Researcher, Lagos Nigeria.
Review
International Journal of Scholarly Research and Reviews, 2024, 05(02), 070–088.
Article DOI: 10.56781/ijsrr.2024.5.2.0049
Publication history:
Received on 02 October 2024; revised on 09 November 2024; accepted on 12 November 2024
Abstract:
This paper examines the role of agile business practices in fortifying small and medium-sized enterprises (SMEs) against economic shocks, emphasizing resilience as a critical factor for sustainable growth. Given SMEs' vulnerability to unpredictable economic shifts, the study explores how agility — defined by rapid adaptation, flexibility, and innovation — enables these enterprises to navigate and recover from disruptions effectively. Through a review of resilience-building frameworks, the paper identifies core agile practices, such as adaptive decision-making, lean management, and iterative product development, as pivotal to enhancing SMEs' operational and strategic resilience. Findings indicate that SMEs leveraging agile methodologies experience improved responsiveness to market changes, reduced operational risks, and greater capacity to maintain continuity during crises. Additionally, the study discusses the integration of digital tools, cross-functional teams, and customer-centric approaches as enablers of agility that strengthen resilience. Conclusions underscore the necessity for SMEs to adopt agile frameworks not only as a response mechanism but also as a proactive strategy for long-term stability and competitiveness in volatile markets. This research contributes to the growing discourse on SME resilience, offering actionable insights for stakeholders seeking to embed agility as a fundamental attribute in organizational practices.
Keywords:
Agile practices; SME resilience; Adaptability; Digital transformation; Cross-sector collaborations; Artificial intelligence; Flexible workforce; Data-driven insights; Change management; Customer-centric agility; Innovation; Incremental implementation; Organizational culture; Sustainable agility; Economic shock
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0