Exploring the resilience development process by implementing the crisis strategic planning framework : A Swedish textile SME perspective

Abstract

Global financial crises have affected the survivability of firms particularly the small and medium ones. Swedish textile-related SMEs were no exception as they showed a higher bankruptcy during the crises. In such a context, resilience development is vital. It is upheld by crisis management, business continuity management and strategic planning thus forming an integrated crisis strategic planning (CSP) framework. This paper highlights such a CSP framework along a six-step resilience development process by identifying environmental turbulences, developing leadership and capability analyses and multiple strategy development combining effective planning and adaptation. A Swedish SME is studied longitudinally to make a comparative analysis of the resilience development process in two crises. This involves practical use of CSP using simple strategic tools or techniques to improve responsiveness and preparedness in an integrated way. SME practitioners can identify the problems, their impacts, ensure competitive market positioning, and develop multiple strategies over a timeframe of development.