The COVID-19 pandemic has affected millions of service firms worldwide; therefore, they must be resilient during these uncertain economic times. This paper develops a new conceptual framework of resilience-building strategies for the service industry. This framework encompasses five major practical strategies and several sub-strategies that can help service firms to survive and thrive amid and post COVID-19 pandemic. The proposed strategies include market orientation, supply chain optimization, strategic corporate reorganization, innovation, and business model transformation. The successful implementation of each strategy depends on various factors, which are discussed in the study. In addition, four major resources, including financial, human, social, and technological capital, are reviewed as prerequisites for adopting the resilience-building strategies. This new framework contributes to the organizational resilience literature and provides practical implications for service firms to become resilient during and post COVID-19.
Huang et al. (Fri,) studied this question.
Synapse has enriched 5 closely related papers on similar clinical questions. Consider them for comparative context: