Managing Risks in Small Businesses: Implementations, Challenges, and Coping Strategies as Basis for Business Continuity Plan
Journal Title: Psychology and Education: A Multidisciplinary Journal - Year 2025, Vol 33, Issue 5
Abstract
This study aims to analyze the demographic profile of small enterprises (SEs) and their level of risk management implementation in San Francisco, Agusan del Sur. Utilizing a convergent parallel method, the research involved 34 SEs for a quantitative survey and ten critical informants for qualitative interviews conducted during the academic year 2022-2023. The findings reveal that sole proprietorship is the most common business form among SEs, reflecting a preference for sole ownership, and management was primarily engaged in wholesaling as the primary business activity. Most SEs have been operating for 7 to 10 years, indicating a prevalence of mid-term established businesses, whereas fewer are in the startup phase, suggesting challenges in early business survival. Regarding risk management practices, SEs demonstrate a comprehensive and robust approach, with all indicators showing a "Fully Implemented" level. Event Identification and Monitoring are solid areas, highlighting proactive risk management efforts. Despite this, the Internal Environment, while strong, is comparatively lower. The study also identifies key challenges in implementing risk management practices across cultures. Addressing these challenges, the coping strategies are changing organizational mindsets, enhancing training, structuring framework, and ensuring communication. The duration of operation significantly influences risk management implementation, with newer enterprises needing to prioritize risk management from the start and established businesses focusing on continuous improvement. The proposed intervention plan aims to sustain risk management practices by enhancing internal environments, event identification, continuous improvement, early adoption, and knowledge sharing. By equipping SEs with the necessary knowledge, tools, and resources, the plan seeks to ensure their resilience and long-term success in a dynamic business landscape.
Authors and Affiliations
Jayson Acuña
Keywords
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- EP ID EP766668
- DOI 10.70838/pemj.330508
- Views 18
- Downloads 0
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