A Strategic Resilience Framework for SMEs: Integrating Digital Transformation, Financial Literacy, and Risk Management

• Author(s): Ngozi Joan Isibor ; Augustine Ifeanyi Ibeh ; Chikezie Paul-Mikki Ewim ; Ngodoo Joy Sam-Bulya ; Ejuma Martha Adaga; Godwin Ozoemenam Achumie
• Paper ID: 1702609
• Page: 122-133
• Published Date: 28-02-2021
• Published In: Iconic Research And Engineering Journals
• Publisher: IRE Journals
• e-ISSN: 2456-8880
• Volume/Issue: Volume 4 Issue 8 February-2021

Abstract

Small and Medium Enterprises (SMEs) play a crucial role in economic growth, job creation, and innovation. However, they are highly vulnerable to external shocks, financial instability, and rapid technological changes. This paper proposes a Strategic Resilience Framework that integrates digital transformation, financial literacy, and risk management to enhance SMEs' adaptability and long-term sustainability. Digital transformation enables SMEs to optimize operations, improve customer engagement, and enhance competitiveness in dynamic markets. Financial literacy empowers business owners to make informed financial decisions, ensuring better access to credit, investment opportunities, and effective resource allocation. Risk management strategies help SMEs mitigate operational, financial, and market risks, reducing vulnerabilities to economic downturns and unforeseen crises. The framework emphasizes a holistic approach that combines these three pillars, providing SMEs with a structured methodology to enhance resilience. By adopting this framework, SMEs can build sustainable business models, improve financial stability, and strengthen their capacity to withstand disruptions. The study highlights policy recommendations, industry best practices, and key enablers that facilitate SMEs' strategic resilience in an increasingly complex business environment.

Keywords

Strategic Resilience, Digital Transformation, Financial Literacy, Risk Management, SMEs Sustainability

Citations

IRE Journals:
Ngozi Joan Isibor , Augustine Ifeanyi Ibeh , Chikezie Paul-Mikki Ewim , Ngodoo Joy Sam-Bulya , Ejuma Martha Adaga; Godwin Ozoemenam Achumie "A Strategic Resilience Framework for SMEs: Integrating Digital Transformation, Financial Literacy, and Risk Management" Iconic Research And Engineering Journals Volume 4 Issue 8 2021 Page 122-133

IEEE:
Ngozi Joan Isibor , Augustine Ifeanyi Ibeh , Chikezie Paul-Mikki Ewim , Ngodoo Joy Sam-Bulya , Ejuma Martha Adaga; Godwin Ozoemenam Achumie "A Strategic Resilience Framework for SMEs: Integrating Digital Transformation, Financial Literacy, and Risk Management" Iconic Research And Engineering Journals, 4(8)