The Effects of Covid-19 on the Strategies of Social Enterprises in Metro Manila
DOI:
https://doi.org/10.54536/ajebi.v2i2.1512Keywords:
Social Enterprises, COVID-19 Pandemic, Small and Medium Enterprises, Marketing Innovation Operational Innovation, Financial Innovation, Human Resources InnovationAbstract
This study identified and evaluated the innovative strategies implemented by selected social enterprises in Metro Manila against the adverse effects of the COVID-19 pandemic. As a response, the social enterprises have looked for innovative strategies to deal with the problems caused by the pandemic. The study also examined the effectiveness of innovative strategies in areas of marketing, operations, finance, and human resources and how they affect revenue and cash flow. Furthermore, anchored on crisis management, disaster management, the triple bottom line, and niinnovation theories to assist the social enterprises in achieving greater survivability. The study utilized descriptive and predictive correlation and a mixed method of research. An adapted survey instrument was given to the founders or top personnel of 71 social enterprises in Metro Manila. The statistical treatment of the results included descriptive statistics of frequency, percentage, mean, and standard deviation. The general linear model (GLM) supports the accepted hypothesis that implementing innovative strategies in finance has a significant effect on revenue and on cash flow. Moreover, the results showed a significant effect on perceived effectiveness when implementing innovative strategies, specifically in marketing and operations Therefore, the study reveals that innovative financial strategies significantly influence social enterprises’ revenue and cash flow. In addition, innovative strategies in marketing and operation have a significant impact on the social enterprises’ perception of the effectiveness of using these strategies during the pandemic.
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