Managing Small Business In Times Of Uncertainty: Notes And Reflections On Business Resilience And Sustainability
For business entities ‘resilience’ means survival and continuity; and 'sustainability' means adding value to the existing assets (including the brand) and avoiding value erosion, cost and burden for the future. The strategic imperative of any business entity is to create market value and, at the same time, to ensure the continuity of the firm and its stakeholders’ network.
Business organizations may create, temporarily, some market value thanks to good stakeholder network coordination, efficient supply chain management and productivity of each unit involved in the business process. But to ensure continuity with value they need to have full support from their socio-economic context where the stakeholders are based and where they operate. Sustainability-centred management model may contribute to the quality of local socio-economic context which, in turn, would ensure moral legitimacy and support for the enterprises from the society at large.