Exploring distress awareness and monitoring for decision making in small ventures Online publication date: Tue, 24-Oct-2023
by Andrew Marshall; Marius Pretorius
International Journal of Business Continuity and Risk Management (IJBCRM), Vol. 13, No. 4, 2023
Abstract: Ventures frequently suffer setbacks leading to decline. If the distress is detected early, corrective actions may be taken to arrest the situation early. However, action depends on management awareness and potential monitoring of distress signals. It stands to reason that a problem may only be solved if there is awareness of it. This study set out to explore and understand the decision-makers' awareness of potential distress causes and state how they monitor them and their potential responses, if any. Data was collected with semi-structured interviews with venture decision-makers. The findings direct towards subjects 'claiming' a high awareness of the health of their ventures (which may include a potential distressed state). They claim to actively monitor both financial and non-financial factors, often referred to as flags or tell-tale signs. Subjects also expressed their urgent intention to address problems once they become aware of them. The study, however, confirmed low awareness and knowledge of distress.
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