Successful Economic Crisis Management Strategies Used by Small- and Medium-Size Enterprise Food Service Business Managers in the British West Indies
Year: 2024
Type: dissertation
Abstract: Poor crisis management strategies caused small and medium-sized food service enterprise leaders to permanently close business operations during the COVID-19 pandemic. These closures resulted in significant economic losses and reduced employment opportunities in the industry. Grounded in the relational crisis management model, this qualitative pragmatic inquiry aimed to understand the economic crisis management strategies used by business managers in the food services industries to prevent business closures in the British West Indies. Data were collected from semistructured interviews with six business managers in the food services industry who successfully navigated their businesses through the COVID-19 pandemic. Four themes that emerged from the thematic analysis were (a) employee retention strategies, (b) customer-centric business strategies, (c) cost-cutting for financial stability, and (d) innovation and implementation. Recommendations for business managers include deploying comprehensive strategies using risk assessment planning, financial management, innovation and flexibility, employee support, technology leveraging, and strengthening relationships with stakeholders. The implications for positive social change include the potential for business managers to create environments in which economic and social systems are better equipped to cope with unexpected economic challenges, contributing to the stability and sustainability of communities and fostering a more robust and adaptable economy.
Source: ScholarWorks (Walden University)
Author: Barnes, Lancelott
Institution: Walden University
Language: English
Topic: COVID-19 Pandemic Impacts
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W7034374271
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