Value‐Focused Thinking and Interpretive Structural Modeling in the Development of Resilience‐Enhancing Initiatives in SMEs

ABSTRACT Following the aftermath of the COVID‐19 pandemic, small and medium‐sized enterprises (SMEs) have faced growing challenges that underscore the critical need for enhanced organizational resilience. This study aims to bridge the gap in resilience research by offering a structured and practical decision‐support tool to enhance the resilience of SMEs. Adopting a multiple‐criteria decision analysis (MCDA) approach, combining value‐focused thinking (VFT), and interpretative structural modeling (ISM), the study identifies and prioritizes key initiatives and factors affecting SME resilience. Specifically, using a constructivist, process‐oriented methodology, we engaged an expert panel from diverse sectors, including technology, manufacturing, and services, to collaboratively develop a group cognitive map and an interpretive model that guide resilience‐building efforts. The findings highlight a hierarchy of resilience determinants, offering actionable insights for SME managers to structure and implement targeted resilience‐enhancing strategies. The originality of this study lies in its dynamic decision‐support approach, tailored specifically for SMEs, which is particularly relevant in today's volatile, post‐pandemic business environment. The results provide a significant contribution to the field by addressing critical gaps in SME resilience research and offering practical tools for organizational planning.