The Impacts of COVID-19 Pandemic and Strategic Responses: Insights from Business Owners in Thailand

Abstract

The COVID-19 pandemic has brought daunting changes in the business landscape prompting business owners to take necessary steps to curtail its devastating effects. While most studies were about projections of its effects, this study takes a more practical and holistic perspective by aiming to understand its actual impact, and identify corporate directional strategies being implemented at different crisis stages. This study applied a qualitative methodology by in-depth interviewing 168 Thai business owners. After their responses were counted and cross-tabulated, the results showed that different strategies were implemented at different crisis stages, and leadership styles played a critical role in such strategic responses, which subsequently affected their performance. Experiences in crisis management, business size and type, and technology adaptation were also found to influence the relationship between strategy implementation and business performance. Theoretical and managerial implications are mentioned here thereto.