A novel approach to conducting business research after COVID-19: incorporating crisis elements in the study frameworks

Abstract

Purpose To understand how to deal with high effect situations, like that associated with COVID-19, in the future, many economists, academics and business leaders are drawing parallels between the 2008 financial crisis and the current pandemic. This study aims to explore how crisis elements can be considered while strategizing for business research despite the minimal possibility of an emergency occurring. Also, research in crisis management is fragmented, resulting in isolated components guiding businesses through crises. This research emphasizes the relative scarcity of a comprehensive crisis management framework. Design/methodology/approach COVID-19 has been the biggest crisis the world has ever confronted, and businesses require an innovative strategy to address it. Towards keeping the data set involved in this study targeted and manageable, articles are selected from peer-reviewed journals based on a purposive sampling method. In addition, the research used reports from consulting firms and government and nongovernment organizations to understand current trends in business research. Findings The findings revealed that for a firm to survive a crisis, it must ensure its plans are aligned with the trends that would allow it to grow during the crisis. Rather than entirely changing the track, strategies should be guided by the company's existing resource availability and capabilities. The techniques used must ensure the company's profitability or limit losses, thus ensuring long-term viability. Real-life examples from the current pandemic have shown how firms who recognized crisis characteristics could survive the pandemic and profited multiple times. Originality/value It presents an integrated, sector-agnostic crisis management framework based on literature, business managers' insights and lessons from the current pandemic. Precrisis, crisis arrival, crisis management and crisis experience are the four phases of the framework. The study proposes future research directions to scholars in applying the framework and its enhancement concerning the upcoming crisis possibilities.