Risk management strategies of small food enterprises in the Municipality of Cabatuan, Province of Iloilo

Abstract

This study was conducted to identify the risk management strategies of small food enterprises in the Municipality of Cabatuan in the province of Iloilo. The primary goal of this study is to identify the risk management strategies that the business owners of small food enterprises practiced especially during the COVID-19 pandemic. The data was gathered through the use of semi-structured interviews wherein a predetermined set of open questions was discussed, furthermore, this instrument brought convenience for the researchers to explore particular themes or responses. In this study, a qualitative research design was used by the researchers to better understand the thoughts, ideas, and experiences of the participants. The phenomenological approach was chosen by the researchers as their framework of study because this method is best used in interpreting human experiences and it best captures the meaning that each participant derives from their experiences. Coding was also used to collect important data. This study identified five major themes; Food SMEs Mitigation Strategies, Adaptive Strategies of Food SMEs, Effects of COVID-19 to Food SMEs, Operating a Business Amidst the Pandemic, and Consumer Behavior During the Pandemic. The results show that the risk management strategies of small food enterprises according to the participants of this study are the following: First, they identified the business threats that occur in their business operation and then they analyzed the situation and create a possible solution. The last step will be followed by monitoring the action that they made and waiting for the feedback.