Conceptualizing agile business practices for enhancing SME resilience to economic shocks
Year: 2024
Type: article
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.
Language: English
Subfield: Management of Technology and Innovation
Domain: Social Sciences
Open Access status: hybrid
OpenAlex ID: W4404416517