Journal VOL. 2 NO. 2, September. 2021, ISSN: 2811 - 2628
Innovation Strategies and Business Survival in a Challenged Environment
Mac-Ozigbo Ada, Araga Abdullahi Shehu
ABSTRACT
The global economic downturn in the recent years coupled with the raging COVID-19 pandemic has spelt enormous challenges for business entities around the world. The fallout has been, among others, financial distress, bankruptcy and outright collapse of many companies. The fact that those business organisations that have survived are still facing challenged operational environment and uncertain future requires deploying appropriate innovative strategies with which to cope with the unfavourable operational scenario and ensure their continued existence. Hence, this study, based on contextual analysis, has been carried out to investigate the relevant innovation strategies that business entities have implemented towards ensuring their survival and continued operations. The outcome of the study revealed that innovative and coping strategies used by business entities in the face of the pandemic include: change of operational schemes; switching to internet media for operational facilities; adopting new sales strategies; minimizing overhead costs; introduction of new management practices; and disengaging employees who perform non- essential duties. The paper recommends, among others, that business entities should also introduce other survival measures such as: cutting bonuses of executives and placing embargo on luxury trips and paid holidays by top executives; outsourcing non-essential operations and renegotiating fixed expenses; and above all, engaging in business model innovation for developing new products and services to complement technology innovation for competitive advantage.
Keywords: Innovation, Strategies; Business, Survival; Challenged-environment.
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