Table 4 Crisis challenges and strategies
From: Crisis challenges of small firms in Macao during the COVID-19 pandemic
Crisis challenges | Crisis strategies (number of firms) |
|---|---|
Pre-crisis | |
Sense-making | Planning (4) Testing (3) Signaling (4) Documentation (5) Contingency plan (5) Monitoring (4) Communication with employees (5) |
During crisis | |
Making decisions | Cost reduction (6) Closedown or shorten operation hours (6) Flexible HR policy and employees’ stress management (6) Reducing inventory (3) Exploring new products (3) Customer relations, advertising, discount promotion (6) Extend credit period with suppliers (3) |
Making meaning | Timely communication with employees (4) Reform HR policy (2) Diversification (4) |
Termination or become normal | Restore public confidence (6) Extended non-paid leave (2) Invest in health and safety equipment (2) Redecoration (2) Apply for SMEs loan from the government (2) |
Organizational learning | Strengthen crisis management strategies (4) Investing in learning on crisis management (5) Investing in learning on technology (6) |