Using financial resilience to grow business amidst adversities

Abstract

Purpose

This paper investigates financial resilience within selected micro small and medium enterprises (MSMEs) and how it is used as a growth tool amidst coronavirus disease 2019 (COVID-19) threats.

Design/methodology/approach

An appreciative inquiry qualitative approach using a positive orientation with a case study design instead of the conventional problem-oriented approach was used. It focuses on successful MSMEs that experienced growth amidst the first wave of COVID-19 despite the large number of MSMEs that were affected negatively by the pandemic.

Findings

The results indicate that the MSMEs that were growing at an epic rate during COVID-19 exhibited financial resilience due to savings, innovative leadership, financial knowledge, experience and social capital. These businesses maintained client relationships and accessed financial capital.

Research limitations/implications

The study was qualitative based on a few cases.

Practical implications

Business owners/managers should learn financial literacy, entrepreneurial skills and leadership skills and build social capital which are tenets of financial resilience during turbulent times.

Originality/value

The study contributes to the continuity of MSMEs in developing economies during times of uncertainty.

Citation

Nassuna, A.N., Ntamu, D.N., Kikooma, J., Mayanja, S.S. and Basalirwa, E. (2023), "Using financial resilience to grow business amidst adversities", Continuity & Resilience Review, Vol. 5 No. 3, pp. 299-319. https://doi.org/10.1108/CRR-06-2023-0011