Resilience as Bottom-Line Strategy Towards Business Sustainability: a Review

Abstract

How can a company stay in business? What method is used to keep a business afloat in this volatile world? All of these considerations point to two (two) critical factors in business and entrepreneurial practice: resilience and sustainability. To address those statements, this study develops a framework of baseline strategy to achieve business sustainability, spanning four levels: business growth, entrepreneurs, organization and crisis. We drew on resilience theory and the literatures to include elements in supporting and strengthen the role of resilience towards business sustainability and form a proposed model to achieve business sustainability by using resilience as a basic strategy. Finally, apart from delivering sustainability model, this study brings out strategies can be conducted by each actor and variable relate to the model.

Business resilience and growth strategy transformation post crisis

“…Up to this date, there is inconsistency in the literature in positioning the relationship between resilience and business sustainability. Some literature claims resilience is a component of sustainability (Avery & Bergsteiner, 2011;Bachtiar & Ramli, 2023;Golicic et al, 2017;Linkov et al, 2018), whilst other literature indicates sustainability as a component of resilience (Ortiz-de-Mandojana & Bansal, 2016). Based on our data analysis for this research, this study argues that resilience is a component and basic strategy to achieve business sustainability by starting from creating entrepreneurs' awareness regarding resilience and continuing through adaptation and action processes.…”

“…In doing so, the owner or, in this case, entrepreneurs need to implement resilience and growth stages as the primary and first response to the crisis. Building resilience shares substantial support as a bottomline strategy of business sustainability (Bachtiar & Ramli, 2023), which means that businesses must develop their resilience first to reach business sustainability. The study confirms the previous research that claims building business sustainability has to start by establishing resilience (Golicic et al, 2017).…”

“…Some business sectors even needed to halt their operation over the two year period years, such as many in the tourism and leisure sector. Although this crisis impacted both large and small businesses, small businesses with limited resources, limited funding, and networks were more severely affected, and their business sustainability was at risk (Bachtiar & Ramli, 2023;Clauss et al, 2021;Raian et al, 2022). These outcomes created an urgent need to enhance business sustainability.…”

A Bibliometric Analysis of Themes and Network Structures for Future Research in SMEs Sustainability

“…Conversely, organizational resilience pushes the resilience role higher by providing adaptive agility and strong flexibility to bounce back from crisis. Moreover, previous literature states the role of resilience as a bottom-line strategy for business sustainability (Bachtiar & Ramli, 2023;Carnahan et al, 2010).…”

“…To reach this aim, they must establish sustainability strategies within their firms. In the literature, Sustainability strategy has been linked with innovation (Bos-Brouwers, 2010a; Le & Ikram, 2022a), resilience (Bachtiar & Ramli, 2023;Behera et al, 2020), leadership (Kerr, 2006), growth (Achtenhagen et al, 2010;Prastian et al, 2022), ambidexterity (Alcalde-Heras et al, 2019), business model (Zhang, 2021), where business sustainability relates to the ability of firms to survive and grow to be sustained in the market.…”