Puissant (Jan 2022)
Business Management Competencies as the Driver of Small-Medium Enterprises’ Survival during COVID-19 Pandemic
Abstract
Managerial competencies are vital in solving issues and providing quick solutions in this time of the pandemic. The capacity of top managers to manage the firm plays a critical part in the enterprise's survival. However, competency gaps among managers in this time of pandemics continue to be high. This study determined the management competencies of Managers and their impact on the survival of Small and Medium Enterprises during COVID-19. Business continuity strategies were also determined to prove managers possess the competencies to thrive in this challenging business environment. This study used a quantitative-qualitative research approach to identify the management competencies possessed by twelve SME managers in Santiago City, Philippines, as validated by the responses of five employees who directly work under each SME manager/owner. Data were collected through the drop-and-collect method. SPSS was used to process and analyze data using weighted means and Pearson-r correlation. In addition, financial accounts from SMEs were requested for triangulation to corroborate the findings on survival. Indeed, recovery planning, resilience, innovativeness, creativity, integrated decision-making, problem-solving, and analytical thinking are crucial to managerial success and business survival. Business managers have deliberately designed continuity strategies to continue operating despite limits and profit from their business activities. This study increases transparency and accessibility of comprehensible and understandable information on intensified business management competencies, including its impact on business survival. Thus, SMEs may be able to adopt and implement practical approaches that were revealed. It will also allow business owners to create training, coaching, and mentoring programs that will suit the need of the managers, which may equip them with necessary competencies that can contribute more opportunities for the company's growth in the new century.
