International Journal of Financial, Accounting, and Management (IJFAM)

ISSN: 2656-3355, Vol 2, No 1, 2020, 41-50 https://doi.org/10.35912/ijfam.v2i1.163

Strategic agility and performance of small and

medium enterprises in the phase of Covid-19
pandemic
Emejulu Gerald1, Agbasi Obianuju2, Nosike Chukwunonso3
Department of Cooperative Economics and Management, Nnamdi Azikiwe University, Awka
Nigeria1,2
Department of Business Administration, Nnamdi Azikiwe University, Awka Nigeria3
[email protected], [email protected], [email protected]
Abstract
Purpose: This study examined the impact of strategic foresight
(SF) on the competitive advantage (CA) of SMEs in Anambra
State.
Research methodology: Survey research design was chosen for
the work. The population was 1500, while the sample size was 306
business owners arrived at using Krejcie and Morgan formula.
Split-Half technique was used in testing the reliability of the self-
structured questionnaire, and the result obtained was .891. Data
were analysed using Simple Regression Technique, and the
hypothesis was tested at 5% level of significance.
Article History Results: The findings revealed that SF has a relationship with CA
Received on 22 May 2020 (r = .968) while coefficient of determination (R2) indicates that a
1st Revision on 3 July 2020 92% change in CA is accounted for by changes in SF (R2 = .938;
2nd & 3rd Revision on 6 July 2020 F = 4070.780, p-value < 0.05).
Accepted on 7 July 2020 Limitation: This study is limited by scope as only SMEs in
Anambra State were studied which may not be enough to make an
inference.
Contribution: This study will help small and medium-sized
enterprises to realize the importance of keeping them aware not
only of what is happening in their business environment, but
also outside of their immediate environment.
Keyword: Strategic agility, Sustainability, Strategic foresight,
Competitive advantage, Coronavirus
How to cite: Gerald, E., Obianuju, A., Chukwunonso, N. (2020).
Strategic agility and performance of small and medium enterprises
in the phase of Covid-19 pandemic. International Journal of
Financial, Accounting, and Management, 2(1), 41-50.
1. Introduction
The business environment is associated with enormous amount changes; what is relevant today
becomes moribund and obsolete tomorrow. White (2013) captures it thus, the business environment is
volatile, uncertain, complex and ambiguous. Therefore, firms and their operations are in a constant
flux, because firms that decide to be docile in the very volatile business environment could easily be
muscled out of business. Globalisation in no small way contributes to these changes, as what happens
in other countries could have an impact on what happens in another country. Hence, firms that have
elongated their operational life are always on the lookout for changes so as to respond appropriately.
Big and multinational firms appear to be better at adjusting and adopting changes more swiftly than
small firms, and as such, have more survival rate than small and medium enterprises (SMEs). Small
and Medium Enterprises (SMEs) are strategic to the survival of many economies of the world, this is
occasioned by the fact that they contribute to the Gross Domestic Product (GDP) of many countries.
They help in employment generation and play their part in both the service sector and the production
sectors in many economies. Laying credence to this assertion, Govuzela and Mafini (2019) posit that
SMEs play a strategic role in the economic performance of any country. This role played by SMEs
can be seen in products production and services offerings, innovation and in the aiding of big
businesses to function (Aga, Francis, & Meza, 2015).
Organisations are always conscious of their performance as this determines whether they will survive
in the ever-competitive business environment or not. This was captured by Arokodare and Asikhia
(2020) who state that organisations in many countries are always looking to maintain business
performance as their survival are contingent on it. However, most business establishments and SEMs
alike find it to be a herculean task to maintain positive performance always. This is even more
difficult to achieve in phases of economic meltdown, shutdown of commercial activities and staying
at home as is being witnessed today as a result of the novel Coronavirus’ or ‘2019-nCoV also called
Covid-19 which started in China and moved to other countries of the world. Therefore, organisations
that might survive in this kind of situations are organisations that are flexible, responsive and
dynamic. These features are associated with organisations that are agile which is coined as Strategic
Agility (SA).
Strategic Agility has to do with the capacity to respond swiftly to changing situations as demonstrated
by business organisations. The ability of an organisation to have the foresight to see the trend and
forecast the future in order to respond appropriately defines the SA of such an organisation. Tende
and Ekanem (2018) opine that SA is the capability of an organisation to predict, anticipate, and
forecast trends and events in the business environment to fashion appropriate response with proactive
moves. Therefore, survival is no longer guaranteed on the premise of having financial muscle or
capital, but in the ability to adjust to changes in the environment and device means to stay relevant.
Akhigbe and Onuoha (2019) posit that it is no longer the fittest organisation that last longer, but
organisations with high resilience and capacity to adjust.
In Africa and indeed Nigeria, SMEs face varying degrees of problems such as policy inconsistency,
poor electricity, inadequate road network, lack of incentives by the government, pitiable regulatory
framework and poor institutional quality. These problems have been compounded further by the new
government policy for organisations to shut down in response to the Covid-19 pandemic ravaging
many countries of the world and gradually creeping into Nigeria. This has meant that organisations
have had to operate below capacity as markets for customers and suppliers of goods and or services
are shut. For organisations that are not agile, this could spell doom as they may not emerge
successfully from this rather unfortunate situation. This could lead to the death of many SMEs and
could be catastrophic for the economy of Nigeria, and many people will lose their sources of income
and livelihood. This study is novel in that no study to the best knowledge of the researchers has
looked at the performance of SMEs from the lenses of their strategic agility in precarious situations
such as this covid-19 era. It is against this backdrop that this study was necessitated to look at how
organisations could come out victorious from this situation through the application of the doctrines of
SA. Hence, specifically, the study seeks to examine the impact of foresight on the competitive
advantage of SMEs in Nigeria.
2. Review of related literature
2.1 Strategic Agility (SA)
Strategic Agility (SA) is the ability of a firm to respond swiftly to changing environmental conditions.
The flexibility in the operational responses of firms to discontinuities and volatility in the business
environment defines the SA of a firm. Firms that are embedded with SA capability can successfully
predict and adapt to new opportunities and threats. In line with this, Mavengere (2013) posits that SA
has to do with an organisation’s sensitivity to or being armed with the foresight to understand and
predict novel happenings in the environment where the organisation operates. It is the capability of a
firm to identify and react to environmental opportunities and threats with affluence, speed, and
nimbleness (Tallon & Pinsonneault, 2011).

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Timely detection of changes that could constitute a threat or present an opportunity is the hallmark of
SA. Hence, there is no SA without timely response to and being able to predict and prepare for
change. Tabe-Khoshnood and Nematizadeh (2017) aver that SA is the ability of an organisation to
detect and respond fast to opportunities and threats presented by a business environment. The
response must be rapid and deliberate to qualify as a SA move. It is the ability to rapidly and
deliberately change; this change involves rapid shifts in strategic actions, asset deployment, and
investment strategies (Nadkarni & Narayanan, 2007).
The ability of an organisation to respond rapidly to change could be the difference between survival
and death of a firm. This is because organisations that respond slowly to change could easily be
outmuscled by firms that deploy SA as a way of operation. Doz and Kosonen (2008) consider SA to
be a means by which organisations transform, reinvent, adapt, and ultimately survive the ever-
changing environment of business. Literature in SA shows that an agile organisation can be successful
in a competitive environment through responsiveness, competence, flexibility and speed which will
guarantee their continued relevance and survival (Ganguly, Nilchiani & Farr, 2009; Oyedijo, 2012).
2.2 Strategic foresight
Strategic foresight (SF) is one of the dimensions of SA. It deals with the ability of a firm to envision
or see what will happen in the future and prepare for it. That is, gazing at the future to predict the turn
of events, making appropriate adjustments and making policies that will help navigate through
threatening occurrences or gain maximally from an opportunity. SF connotes broadening the menu of
policy options and taking into account future scenarios that might affect present decisions (Baskarada,
Shrimpton, Ng, Cox & Saritas, 2016). It helps a firm to spot, observe and marshal out strategies to
respond to changes. It enhances the identification, observation and interpretation of corporate
environmental changes and potential opportunities by determining possible implications as well as
responses (Baskarada et al. 2016; Sardar, 2010).

Having SF helps to circumvent the challenges of a volatile environment. It makes a firm to prepare
appropriately on time so as not to be taken by surprise and therefore consumed by such changes. SF
tackles the problem of a dynamic environment (Albright, 2004; Rohrbeck, Battistella, & Huizingh,
2015). It helps in predicting the direction that business and the environment where it operates will
take. It is the analysis of the likely evolution of the business environment to promptly detect the
opportunities and threats (Arokodare & Asikhia, 2020).
2.3 Performance
The concept of organisational performance is one that has been struggling to gain a unanimous
accepted definition over the years. People see it differently; some measure it using quantitative indices
such as profitability, Return on Investment (ROI), market share and others. Others view it from the
perspective of the employees putting in their best to make sure the objectives of the organisation are
achieved. These set of people measure performance using qualitative yardsticks such as employee
performance, customer satisfaction, competitive advantage and the rest. Performance and its indices
for organisations are very important as it measures how well, effective and efficient organisations are
in discharging their mandate. Olanipekun, Abioro, Akanni, Arulogun and Rabiu (2015) state that firm
performance is essential to businesses as the key objective for organisations’ in production or service
industries.

Performance is the degree to which the organisation carries its goals and objectives into effect
(Sosiawani, Ramli, Mustafa, & Yussof, 2015; Wales, Plarida, & Patel, 2013). It is exhibited by the
accomplishment of tasks by the employees of a firm as well as the quality of these completed tasks at
the close of a specific business period as measured against predetermined targets or aims (Ledwith &
O’Dwyer, 2014; Yıldız, 2010). How flexible, adaptive and swift organisations are in changing
situations could determine their performance and survival in the long run. Studies in the past have
shown that SA helps in dealing with the challenges of organisational performance (Kitonga, 2017;
Appelbaum, Calla, Desautels & Hasan, 2017). However, Oyerinde et al. (2018); Onigbinde (2014)
opine that SA improves organisations’ future preparedness and powerful predictors for becoming an
outperformer in the industry. Embracing SA enhances continuous and adequate adjustment of firms
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towards dynamic business environment and adapt in appropriate time, its strategic direction in core
business in relation to changing circumstances and sensitive to the business environment (Ofoegbu &
Akanbi, 2012).
2.4 Competitive advantage
Competitive Advantage (CA) has to do with the edge that an organisation has over the others. What
makes an organisation better in the production of goods or offering of service or both of them than
their rivals. Arokodare and Asikhia (2020) aver that CA is simply the ability of an organisation to stay
ahead of present or potential competition. CA could be seen as an edge or a favourable business
position, superior to its competitors in the marketplace or industry by being more distinctive in
meeting and surpassing customers’ needs compared to its competitors (Collis, 2016; David, 2013;
Grant, 2008; Thompson & Strickland, 2003).
Having a competitive advantage over other organisations puts an organisation at a vantage position to
outperform other firms and remain relevant at all times. That is, it makes an organisation immune to
changes as the organisation will always come out tops. Awogbenle and Iwuamadi (2010) posit that
CA or having an edge over others in competition has a way of driving business growth and overall
performance prospect. It is regarded as part of the foundation for high-level performance (Ismail,
Rose, Abdullah, & Uli, 2010). CA as a dimension of performance becomes a vital factor for success
and sustainability in the business environment, as well as the pursuit of excellence and work processes
development (Idris & Al-Rubaie, 2013).
2.5 Coronavirus and its impact on the performance of SMEs
Coronavirus, also called Covid-19 is a new strain in the family of coronavirus that has not been seen
before (Ojiagu, Nzewi & Arachie, 2020). This was echoed by the United Nations Development
Programme (2020) when they state that we are in uncharted territory with respect to the new
coronavirus. The virus was first observed in China, in Wuhan city in Hubei province to be specific. It
started in late 2019, and was first coined as ‘2019 novel coronavirus’ or ‘2019-nCoV.’ More recently
however, the virus has been re-coined COVID-19, where ‘CO’ means corona, ‘VI’ is virus, ‘D’ stands
for disease while 19 represents year 2019 when it was identified.
Since the identification of the virus in Wuhan China, it has swept across Europe, America and now
Africa. It has caused great havoc to lives and economy of nations. Many people have lost their lives
and others their source(s) of income. To curtail the spread, restrictions have been placed on
movement, gathering of many people have been reduced, distances have been suggested to be
maintained and a host of other measures. These have affected the economies of nations, and the
economy of Nigeria and southeast zone is not left out. These losses emanates from the restrictions
imposed on people, goods and organisations. Tashanova, Sekerbay, Chen, Luo, Zhao and Zhang
(2020) aver that the losses being witnessed are as a result of government’s order of shutting
down business operations. These protocols notwithstanding, the virus is still killing people, and as
of now, no cure has been found.
Previous experience with diseases of similar or less magnitude such as Severe Acute Respiratory
Syndrome (SARS) shows that when these types of pandemic as being witnessed rages today, the
devastation is not just on human life, but also on businesses which robs-off on the economy of
nations. Brahmbhatt and Dutta (2008) explicate that experience with similar viruses indicates that
while the human costs are significant, there are also economic costs associated with it, which are
mostly due to the preventive behaviour of individuals and the transmission control policies of
governments. The preventive protocol includes the restriction on transportation of people and goods
which negatively affects the supply of goods, personnel and services needed to keep the economy and
businesses afloat (Jung, Park, Hong & Hyun, 2016). Organisations that are proactive saw the effects
these measures could portend and made arrangement for it by embracing online service offerings,
given the way it was handled in China, but SMEs in the studied region being small appear not to have
been concerned about it when it was still causing problems outside the country. As a result of the
seeming poor strategic agility and foresight, most SMEs were caught unaware by the various
restrictions placed both internationally and locally. This seems to be jeopardising their performance as
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activities which they normally carry out unhindered are now thwarted, thereby putting their survival
on the balance.
Theoretical Framework
This paper adopted Dynamic Capabilities Theory proposed by Teece, Pisano and Shuen (1997).
Dynamic capability is the ability of an organisation to adapt rapidly to changing situations in a
business environment. Dynamic capability is “the firm’s ability to integrate, build, and reconfigure
internal and external competences to address rapidly changing environments” (Teece, Pisano &
Shuen, 1997. p. 516). The theory (DCT) explains the interplay that connects a firm’s resources and
product markets to competitive advantage and organisational survival. It helps to show how
organisations achieve sustainable competitive advantage and survive for many years in a business
environment that is dynamic and turbulent.

The theory is premised on three fundamental presumptions. The first is the capacity to sense and
shape opportunities. The second is to seize opportunities while the third is to maintain
competitiveness through reconfiguring the enterprise’s assets (Teece, 2007). With these presumptions,
the nexus between the theory and this study can be observed. An organisation that sense changes and
opportunities as fast as possible and seizes such opportunities to maintain competitive advantage can
be said to be strategically agile organisations. Being strategically agile makes organisations perform
well and makes the survival of such kinds of organisations not to be doubted. Therefore, the study
hypothesises that:

a) Ha1: Foresight has a significant impact on the competitive advantage of SMEs in Nigeria.

Empirical Review
Tende and Ekanem (2018) studied small businesses in Nigeria to examine strategic agility as an
intervention prescription to competitive advantage. The study adopted a quasi-experimental design.
The population size was 163 while the sample size was 114 using Krejcie and Morgan table. A five-
point Likert scale questionnaire was used in data collection while the analysis was done using
Kendall_tau Rank Correlation Coefficient. The results revealed that there is a moderate positive
relationship between strategic sensitivity and low cost, and between strategic sensitivity and product
differentiation. It was also seen that there is a moderate positive relationship between collective
capabilities and low cost and between collective capabilities and product differentiation. Based on
these findings, the study concluded that strategic agility can significantly influence the competitive
advantage of small businesses in Nigeria.

Akhigbe and Onuoha (2019) investigated the nexus between strategic agility and organisational
resilience of food and beverages firms in Rivers State, Nigeria. A cross-sectional survey was used
employed in the study. A total population of 95 managerial employees of the 15 registered food and
beverage firms were used in the study. Data were collected using a questionnaire and were analysed
using the Pearson Product Moment Correlation statistical analysis. The findings revealed a
noteworthy relationship between the dimensions of strategic agility (flexibility and accessibility) with
the measures of organisational resilience (adaptability and robustness). The study, therefore,
concluded that when an organisation’s strategic agility increases, the firm’s resilience also increases
as a result of their linear relationship.
Govuzela and Mafini (2019) investigated the connection between organisational agility, business best
practices and the performance of SMEs in South Africa. The study adopted a quantitative approach
using the cross-sectional survey research design. A structured questionnaire was administered to 564
randomly selected owner-managers of SMEs. Hypotheses were tested using the structural equation
modelling procedure. The result showed that the four business best practices, namely, technology
capability, collaborative innovation, organisational learning and internal alignment, exerted a
significant positive influence on organisational agility. Also, organisational agility exerted a
significant positive influence on business performance. The study concluded that the performance of

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SMEs can be improved tremendously through a proper alignment between the four business best
practices considered in the study.
Bassam (2019) showed the importance of strategic agility in achieving competitive advantage through
studying its impact on innovation, service quality, delivery reliability, process flexibility, and cost
leadership. The researcher distributed 300 copies of questionnaires using a random sample of
employees in Egypt air, while 256 questionnaires were found usable for analysis. Spearman’s
correlation and simple linear regression were deployed in data analysis. The results revealed that
Egypt air is characterised as an agile company. Results also showed that strategic agility affects
greatly the competitive advantage in Egypt air, where it affects greatly delivery reliability, followed
by innovation, then process flexibility, service quality and finally cost leadership. The study
concluded that the application of strategic agility is one of the significant tools to achieve competitive
advantage within a volatile and rapid changing business environment.
Ekweli and Hamilton (2020) examined the relationship between product innovation and
organisational agility in the banking sector in Nigeria economy. A cross-sectional survey research
design was employed in the study. 36 top and middle managers from 18 Deposit Money Banks
formed the population of the study and the 36 respondents constituted the size sample. Pearson
Product Moment Coefficient was used in testing the hypotheses at 0.05 level of significance. It was
revealed that there is a significant relationship between product innovation and organisational agility
in the banking sector in Nigeria economy. Therefore, product innovation in the banking sector in
Nigeria led to high sensing agility, decision agility and acting agility.
3. Methodology
This study adopted a survey research design as it seeks to collect relevant data from selected SMEs
owners in Anambra State. Anambra State was selected as a result of the concentration of SMEs in the
state and given that it is one of the five Southeast States in Nigeria where the indigence are known for
their entrepreneurial prowess. The population of the study is 1500 SME owners selected randomly
from the three senatorial zones in the state; 500 from each of the zones. The sample size of the study
is 306 business owners arrived at using Krejcie and Morgan 1970 formula, with 102 copies each
going to the 3 zones. The questionnaire was subjected to face and content validity while the reliability
was ascertained using Split-Half technique by Lord and Novick (1968) which returned an average
of .891 coefficient which shows that it is reliable. A total of 286 copies of questionnaire were returned
out of 306 distributed, 272 copies were analysed, meaning a usage rate of 88% from the total
distributed. The data were analysed using simple regression technique and hypothesis was tested @
5% level of significance meaning a 95% confidence level.

Data presentation and analysis

Data analysis
Table 1: Frequencies and descriptive statistics
S/N Questionnaire Items SA A UD D SD Mean Remark
(5) (4) (3) (2) (1)
Independent Variables (Strategic Foresight)
1 I usually think ahead to know what will happen 43 50 - 99 80 2.55 Reject
tomorrow in my business.
2 I always listen to news to know if there are government 32 39 - 111 90 2.31 Reject
policies that could affect my business.
3 I do not care about what my competitors are doing. 70 97 - 60 45 3.32 Accept
4 I do not want to disturb myself with what will happen 130 83 - 59 - 3.68 Accept
tomorrow in my business environment.
5 I feel that nobody can tell the future, so I do not bother 50 121 - 101 - 3.44 Accept
myself with what will happen tomorrow.

Dependent Variables (Competitive Advantage)

6 I like doing things that other businesses are not doing. 45 60 - 75 92 2.60 Reject
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7 My business offers what my competitors do not. 67 44 31 91 39 3.03 Accept
8 If I can sense what will happen tomorrow, I can 102 80 17 73 - 3.51 Accept
perform better.
9 Not paying attention to what is happening in the 45 109 - 60 58 3.08 Accept
business environment has affected me negatively
before.
10 Doing things differently can make my business perform 70 67 11 55 69 3.05 Accept
better than my competitors.
Source: Field Survey, 2020
Table 1 shows the distribution of responses from SME owners in the studied area. Descriptive
analysis was deployed in testing the individual questionnaire items measuring SF and CA. Any
questionnaire item with a mean of 3.5 and above are accepted as being implemented while those with
a mean of less than 3.5 are viewed as not being true or practised by the business owners. From the
table, it is seen that questionnaire items 1, 2, and 6 are rejected as not being true as the respective
mean results are below 3.5 while the rest are above 3.5 and therefore accepted as being practised by
the business owners or that the SME owners agree with the questions.
Test of hypothesis
HA: Foresight has a significant effect on competitive advantage of SMEs in Anambra State.
Table 2: Summary of Model
Model R R Square Adjusted R Std. Error of
Square the Estimate
1 .968a .938 .938 1.825
a. Predictors: (Constant), SF
Key: SF: Strategic Foresight
Source: Field Survey, 2020

Table 2 shows the summary of model for the regression analysis carried out. From the Table, the r
which is the correlation coefficient is .968 while the coefficient of determination (R 2) is .938. This
shows that SF has a relationship with CA going by the r. From the R2, it shows that 92% change in
CA is determined by changes in SF.

Table 3: ANOVA
Model Sum of df Mean Square F Sig.
Squares
Regression 13560.876 1 13560.876 4070.780 .000b
1 Residual 899.443 270 3.331
Total 14460.320 271
a. Dependent Variable: CA
b. Predictors: (Constant), SF
Key: CA: Competitive Advantage
Source: Field Survey, 2020
Table 3 shows the hypothesis test results in the form of ANOVA. The F-Statistic is 4070.780 while
the p-value as represented by sig in the Table is .000. From this, therefore, it is seen that p-value is
less than the level of significance used (p-value < 0.05), therefore, the alternate hypothesis is accepted
and it is stated that SF has a statistically significant positive relationship with CA.
4. Discussion of Findings
The result obtained from the test of hypothesis shows that SF has a statistically significant relationship
with CA. This finding implies that a change in SF impacts on CA. Having a positive relationship
means that an increase in SF by SME owners will lead to a concomitant increase in CA. This is shown
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from the result obtained in the study thus; when business owners start having the foresight to gaze into
the future to know the direction things will take, to observe policies of government and happenings
that might impact positively or negatively on their operation, then they will be able to respond
appropriately by making a deliberate effort to either minimise the impact of a negative policy or
maximise the gains from a positive policy and situation. This result aligns with findings of previous
studies such as Tende and Ekanem (2018) who observed that strategic agility can significantly
influence the competitive advantage of small businesses in Nigeria. Similarly, Akhigbe and Onuoha
(2019) revealed that when an organisation’s strategic agility increases, the firm’s resilience also
increases. Also, Bassam (2019) indicated that strategic agility affects greatly the competitive
advantage in Egypt air.

5. Conclusion
The findings from the study show that the strategic agility of SMEs as measured by foresight has an
impact on their performance as captured by competitive advantage. Hence, the study concludes that
the effect of Coronavirus pandemic will not have an enormous effect on SMEs that had the foresight
to observe what was happening in other countries and made provisions and changes to their
operations, in preparation for when it will be their (SMEs) turns to make sacrifices to curtail the
spread of the virus through business shutdown and restriction of movement and social distancing
measures as directed by government. The pandemic has led to the shutdown of activities of
organisations both in the private and public sector and organisations that did not prepare for it are
suffering as a result. This has in no small way affected the operations of businesses across the world
and SMEs in Anambra State are no exception.
Recommendations
The study makes the following recommendations:
a) That SME owners should always be on the lookout for likely changes in the business
environment that might impact their businesses to make necessary adjustments for it.
b) The world is a global village, and what happens in the economy of other nations needs to be
of concern to SMEs so as not to be caught off guard.

Limitations and study forward

This study is limited by scope as only SMEs in Anambra State were studied. Also, just three areas
were covered in Anambra State. This limits the generalizability of the findings. Thus, aspiring
researchers could cover more ground by studying the entire southeast zone of Nigeria, thereby
covering more SMEs and increasing the inferable power of the findings.

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