Growth Strategies and Diversification Processes as a Response to the Pandemic Crisis: an Italian Multiple Case Study.

Objectives: In the wake of the ongoing Covid-19 pandemic, this study aims to investigate the conditions and assumptions that have prompted numerous companies, especially small ones, to undertake important actions to reconvert their business. In particular, the main objective of this paper is to provide suggestions and knowledge that will be necessary in the post-Covid period, in which many of the approaches and business paradigms will be subject to profound changes and new perspectives to be implemented. Literature review: The occurrence of a crisis is to be understood as a cyclical and non-extraordinary phenomenon that can often occur in business activities (Giacosa, Mazzoleni, 2018). It is therefore possible to state that in modern market economies, corporate crises have become a permanent part of the business operating system (Sirleo, 2009). However, the present crisis is to be considered as the most serious after that of 1929 (Carnazza, Giorgio 2020). The economy of the European area witnessed a contraction of 7.8% in autumn 2020. It is estimated that only at the beginning of 2023, the European states will be able to return to a pre-pandemic economic phase. Approach/Method: It has been developed a qualitative multiple case study research based on the empirical method of the semi-structured interview, leading the interviewee through very specific questions on topics and salient points, which stimulated the subject to provide well-defined notions and opinions. The study analyzes five small business realities, strongly rooted in their home territories, which have made very courageous choices, undertaking different and particular paths of reconversion of the business. Findings: The companies analyzed in this work have shown to have an adaptive and resilient strategic approach as a minimum common denominator, which has allowed them not only to survive during the crisis, but to trigger new scenarios and new opportunities to be exploited in the future. The typical reactivity of small and medium-sized enterprises is pushing these realities to seek their own emergency management strategy, breaking away from traditional schemes and betting on something completely new. Value & Implications: The considerations derived from this study cannot be extrapolated and decontextualized from the emergency in progress, but are presented as methods and examples, if not imitative, but of important reference for future emergency occasions of this magnitude. New approaches and paradigms seem to emerge, based on an adaptive strategy that is indispensable in an unpredictable environment, which require greater flexibility and speed of response.