SME’s Innovation Strategy for Business Continuity and Crisis Management

Abstract

At the company level, it's easily driven if the management has the will and sees the benefits. Many continuous improvement management systems/techniques also involve getting the primary through to tertiary work groups to think of better and innovative methods of working or developing new techniques and technologies. SMEs are commercial enterprises with the ultimate objective of being profitable. A typical SME, especially nowadays, would suffer from a lack of spare cash and wouldn't be willing to borrow, for any financial liabilities are detrimental. The guarantee on returns is perceived as a gamble, and thereby introduced uncertainty can be unacceptable for a small certainty and stability-seeking company. In crisis conditions have resisted only SMS’s that had a clear strategy of innovation, adapting to market demands, continuous reduction of production costs, following ensuring quality conditions.