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Technological Forecasting & Social Change 223 (2026) 124419
Contents lists available at ScienceDirect
Technological Forecasting & Social Change
journal homepage: www.elsevier.com/locate/techfore
The role of social capital in SMEs for polycrisis management
a,* b a a
Gordon Fletcher , Alex Fenton , Jonathan Lord , Marie Griffiths
a
University of Salford, United Kingdom
b
University of Chester, United Kingdom
A R T I C L E I N F O A B S T R A C T
Keywords:
Since 2020 several crises have brought unexpected and complex economic, political and social challenges to
Social capital
small and medium-sized enterprises (SMEs). SMEs have had to innovate to survive but urgent responses often
Organisational culture
preclude strategic consideration for long-term repercussions. This paper explores the role of social capital in
Digital transformation
organisations and considers how it can assist in navigating external crises and buffering against future change.
Change management
Using a hybrid social capital perspective we examine the prospects for SMEs to survive crises using two rounds of
Crisis management
purposive and convenience sampling driven semi-structured interviews undertaken twelve months apart with the
SMEs
same respondents drawn from a diverse range of industries such as catering, digital agencies, education, and
sport organisations. The interviews explored social capital through the attributes of stakeholder trust, reciprocity
and shared values also discerning how integration with, and provocation from, wider networks impacts SMEs.
The paper critically evaluates the role of social capital in SMEs during current times of seemingly ever-present
crisis. Having clear awareness of the influence and role of social capital, its attributes and its role in shaping
the continuity of an organisation through crises is a key application of this work that can be directly used within
other organisations of this type.
1. Surviving a world of polycrisis 2022) or similar. The challenge taken up in this paper, in contrast, is to
explore the impact of the polycrisis on small and medium-sized enter-
Since 2020, the emergence of a series of interconnected economic, prises (SMEs) through the lens of their own social capital. For purposes
social, and political crises, often referred to as a ‘polycrisis’, has of this study, we define SMEs as any organisation that has fewer than
fundamentally disrupted the operational landscape for organisations 250 employees and a turnover of less than €50 million or a balance sheet
worldwide (Verbeke, 2020; Tooze, 2022). Jean-Claude Juncker, the total less than €43 million (Foreign, Commonwealth, and Development
former President of the European Commission first used this term in Office, 2023). SMEs are particularly important because they make up the
2016 (Juncker, 2016) to describe the experience of trying to govern vast majority of organisations in many developed economies. There are
Europe when you had to deal with the Greek debt crisis. But the term has various gaps in the literature to which this study responds. Camps and
been in use since the 1990s (Janzwood and Homer-Dixon, 2022) when Marques (2014) explored how social capital, the sum of resources
the philosophers Morin and Kern (1993) used the term ‘polycrisis’ in generated through a social network with a mutual exchange of ac-
their book Terre-Patrie. The key attributes of a polycrisis are defined by quaintance and recognition and seen as a strategic investment which
the presence of extremely complex networks, non-linear cause-effect must be maintained and developed (Wacquant and Bourdieu, 1992),
relationships, causal processes that cross boundaries and a prevailing affects innovation using a single organisation. They call for further
sense of deep uncertainty (Janzwood and Homer-Dixon, 2022). How- studies using multiple organisations to create theoretical insights into
ever, academic discourse must avoid reducing the polycrisis to becoming intra-organisational complexity of social capital. We respond to this gap
a convenient label for the current times without apparent origins or to by exploring social capital using multiple organisations. More recently,
disconnect it from the machinations of systematic capitalist motivations Radicic and Petkovi´c's (2023) study of German SMEs calls for further
(Sial, 2023) in their current forms irrespective of whether they are studies of this type and we respond with a study that utilizes a longi-
expressed as “network capitalism”, “platform capitalism” (Liang et al., tudinal approach. Chen et al. (2022) also explored the importance of
* Corresponding author at: University of Salford, United Kingdom
E-mail addresses: g.fletcher@salford.ac.uk (G. Fletcher), a.fenton@chester.ac.uk (A. Fenton), j.d.lord@salford.ac.uk (J. Lord), m.griffiths@salford.ac.uk
(M. Griffiths).
https://doi.org/10.1016/j.techfore.2025.124419
Received 28 June 2023; Received in revised form 22 October 2025; Accepted 1 November 2025
Available online 14 November 2025
0040-1625/© 2025 The Authors. Published by Elsevier Inc. This is an open access article under the CC BY license ( http://creativecommons.org/licenses/by/4.0/ ).

G. Fletcher et al. Technological Forecasting & Social Change 223 (2026) 124419
social capital in the success of innovation and leadership. We extend this The capacity for business to make sudden, and sometimes dramatic,
consistent call for future research to position the role of social capital in shifts requires what can be described as organisational agility. “We are
relation to smaller organisations and how they leverage their networks. moving beyond a search for greater flexibility at greater speed, towards
The literature often addresses crisis management in discrete events, a search for organisational agility itself“ (Holbeche, 2018, 302). With
such as natural disasters or economic downturns, but lacks compre- necessary significant shifts in day-to-day focus, demands for higher
hensive insights into managing continuous and interconnected crises, or levels of worker energy, and the introduction of new operating models
“polycrisis.” This paper identifies a need for understanding how SMEs as business ‘normality’, the longer consequence of one crisis and the
navigate overlapping and multiple challenges (economic, political, so- overlapping arrival of the next crisis became a challenge to long-term
cial) within a single framework of adaptive social capital. An approach continuity for some (Shankar and Narang, 2019). The failure in late
that existing models inadequately capture. 2022 of the UK online furniture retailer, Made.com, is one indicative
Previous studies, such as those by Camps and Marques (2014) and example. Although the company enjoyed increased COVID period
Radicic and Petkovi´c (2023) have often been limited to single- popularity, the challenges of post-Brexit processes brought supply chain
organisational studies or specific industries, with calls for broader, issues and increased the need for the storage of stock over just-in-time
cross-sectoral research. This paper explores social capital in diverse SME production. The results were spiralling operating costs for the com-
settings across multiple industries, highlighting how various industry- pany. With the arrival of new crises including rapid cost-of-living in-
specific factors impact resilience and adaptability. There remains a creases and declining brand popularity among its target millennial
need for further longitudinal and multi-organisational research that customer-base the success story became a business failure just two
could expand on these initial findings. While the literature often focuses years later (Butler and Makortoff, 2022). The benefits of reactive change
on immediate crisis responses, it lacks an exploration of how social can also be marginal if the response is not strategic. Many small retailers
capital enables SMEs not only to respond to crises but to leverage these that were able to remain open during the COVID-19 pandemic intro-
responses into long-term innovation and adaptability. This paper un- duced cashless payment systems at the point of sale to reduce physical
derscores the importance of strategic, innovation-oriented crisis man- contact (Cao, 2021), but the use of a new device was not always
agement through the integration of trust, shared values, and reciprocity accompanied by improved digital workflows across their back-end ac-
within a framework of social capital. Although Putnam's and Bourdieu's counting or procurement processes. For these businesses the use of a
theories provide foundational insights into social capital, they often do “card machine” was a simple front-end substitution for accepting cash
not integrate well with each other. This paper's hybrid model, combines rather than an opportunity to strategically digitalise many core pro-
Putnam's network-centric approach with Bourdieu's view of the broader cesses across the organisation.
dynamics of economic, cultural, and symbolic capital, demonstrates a Our focus on UK SMEs reflects their critical role in the national
nuanced approach that captures social capital's dual role as both sup- economy, accounting for a significant portion of employment and eco-
portive and restrictive within SMEs. This approach bridges a theoretical nomic activity (Department for Business and Trade, 2023) as well as
gap, allowing for a more balanced view of social capital's impact on being an investigation into the challenge for small organisations to ac-
resilience and adaptability during crises. cess the future value forms of wider networks of social capital. The UK's
There is a clear connection between the role of social capital - as an unique business environment, characterised by its regulatory frame-
enabling network of stakeholders within SMEs and the polycrisis. The work, market dynamics, and the recent challenges brought about
popular presentation of the polycrisis encourages a, “‘brute empiricism’ through Brexit (Armstrong, 2021) presents a specific but compelling
to conceptualise things as they appear to be, rather than questioning context for exploring how SMEs navigate these combined challenges. In
what is occurring beneath mere appearances” (Sial, 2023). Importantly, the era of the polycrisis, UK SMEs have been the first to be affected by
what exists beyond the appearance of the polycrisis and its constant rising fuel and rental costs, experience the immediate pinch of reduced
invocation for immediate reaction and response is the underlying cer- consumer spending (Kumar and Carrera, 2022) and struggle to over-
tainty and logic of social capital that is built around a multitude of come the challenge of securing EU supply chains (Sharma et al., 2022).
networks primarily benefiting specific capitalist stakeholders no matter The internal capability to turn operational challenges during any crisis
how chaotic or unresolvable the current crisis may superficially appear into strategic opportunities is also problematic for SMEs (Eggers, 2020,
to be. For a small business particularly, these networks bring either Naidoo, 2010). Understanding how SMEs are resilient and adaptable is
opportunities, if they are included - or threats, if they are excluded crucial for policy-making, economic development, and to support a
during any crisis. dynamic and productive business ecosystem.
This paper is motivated by the need to understand how SMEs, which Taking this into account, we frame the attributes of SMEs that enable
are particularly vulnerable to disruptions, navigate the challenges rep- them to be adaptable and resilient as the positive presence of social
resented by the polycrisis (BM-Magazine, 2023). The central research capital (Ortiz-de-Mandojana and Bansal, 2016). It is through the
question we address is: ‘What role does social capital play in enabling possession of valuable social capital by the people within an SME that
SMEs to manage and adapt during periods of polycrisis?’ Our investi- the organisation can manage and navigate crises (Aidoo et al., 2020;
gation offers original insights into how the key attributes of social cap- Shan and Tian, 2022). The core argument we present, drawn from direct
ital trust, reciprocity, and shared values contribute to the resilience and observation and interviews of SMEs, is that organisations with collec-
adaptability of SMEs in times of crisis by enabling them to integrate into tively visible social capital are better positioned to survive a crisis and
wider informal networks. In this way we present social capital as a type then more capable of realising the long term benefits of the change that
of organisational resource and a social technology that enables access to was undertaken during that crisis (Chenhall et al., 2010). This empha-
future value forms. In other words, value forms are those groups, or- sises the ‘capital’ of social capital by positioning it as a valuable,
ganisations, associations and relationships that go beyond existing cur- intangible, yet powerful, resource in any organisation that is often
rent direct economic interaction but do offer the potential to directly or ignored during periods of “plenty” and “normality” but becomes crucial
indirectly contribute to an organisation's economic benefit at a later during times of crisis when it can be drawn upon to provide continuity.
date. In the polycrisis this now becomes an essential social technology that
The risk during any period of crisis is that organisational focus re- organisations must encourage and develop with as much urgency as the
mains locked on immediate operational continuity, innovation for im- technical and stakeholder skills of their people.
mediate reaction (Herbane, 2010), rather than a strategic and long-term Recognising that different industries face distinct challenges and
future. It can be argued that the presence of positive social capital, have varied capacities for resilience, our study includes respondents
resilience and access to future value forms by an organisation is a key from a range of sectors. This diversity allows us to explore how industry-
buffer against the risks of rapid unplanned change (Anwar et al., 2023). specific factors influence the impact of crises and the effectiveness of
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G. Fletcher et al. Technological Forecasting & Social Change 223 (2026) 124419
response strategies (Puthusserry et al., 2022). By drawing insight from and adaptability.
across industries, we aim to uncover broader insights into the mecha- We address each of these threads of literature, discussing the current
nisms of resilience and adaptability that might be applicable beyond the state of research and how our study contributes new insights and per-
specific context of UK SMEs. spectives. At the centre of our hybrid model (Fig. 1) is Putnam's (2000,
This paper makes significant theoretical and practical contributions 19) definition of social capital as “connections among individuals, social
by exploring the role of social capital in fostering innovation during networks and the norms of reciprocity and trustworthiness that arise
crises, particularly within SMEs during the COVID-19 pandemic. from them”. Putnam's work is a constrained definition of social capital
The theoretical contributions are the connection of social capital within an organisation that could be operationalised in research terms
(trust, values, reciprocity) to crisis-driven innovation, integrating with three key attributes (Putnam, 1993; Torche and Valenzuela, 2011)
existing literature with observed business innovation, and the adoption of trust, shared values and reciprocity. The three attributes of trust,
of an action research approach to encourage reflexivity among partici- shared values, and reciprocity (Putnam, 2000; Baron, 2003; Ever-
pants which helps to bring organisational change. ingham, 2003), are well-documented in literature (Lins et al., 2017;
As a result, there are practical contributions that provide SME Molm et al., 2007; Pastoriza et al., 2008; Torche and Valenzuela, 2011)
leaders with potential strategies to leverage social capital to improve and are the basis for enabling the social network of internal and external
resilience and to regard innovation as a strategic response to crises while stakeholder connecting with an organisation. Reflecting on De Souza
also presenting an approach to post-crisis recovery that focuses on sus- Briggs's (1997) comments, Putnam's work does offer a generally positive
taining positive transformations. These practical contributions are position regarding social capital and its ability to connect a network of
themselves founded on empirical contributions that come from unique stakeholders, despite the problem of declining social capital (Putnam,
real-time data that captures how SMEs' were responding to crises. This 1995). This noticeably contrasts with a more critical view that links
advances understanding of lived organisational adaptation in uncertain social capital with control and the reaffirmation of existing power and
times. This paper advances the understanding of how social capital can economic relations (Siisia¨inen, 2020). With the initiation of our own
act as a pivotal enabler of innovation in a crisis, offering both theoretical data collection, the limitations of Putnam's perspective and the criticism
and practical contributions to the fields of business innovation, crisis that the work lacks clarity (Portes, 1998) were reflected in the obser-
management, and organisational resilience. It also provides actionable vation and commentaries of respondents. Integrating the more wide-
insights for SME leaders and lays the groundwork for future research on ranging work of Bourdieu (1986) enables the recognition that social
business responses to ongoing and overlapping crises. capital can be experienced as a positive or negative force, links internal
In the following sections, we first discuss the theoretical framework organisational focus with the external polycrisis world and recognises
underpinning our study, focusing on the concept of social capital and its the existence and role of the many different value forms within social
relevance to SMEs. We then outline our methodology, which involves capital networks. This is the hybrid model of social capital presented by
detailed semi-structured interviews with SME owners, followed by an this paper (Fig. 2).
analysis of how social capital manifests in these organisations and Putnam's view of social capital focuses on defining the attributes that
supports positive business actions during crises. Finally, we present our enable it - the glue in the network. This view does have advantages in
findings and discuss their implications for both theory and practice, that it is more likely to offer organisations actionable insights. This value
concluding with recommendations for SMEs navigating an increasingly is reflected in the extent that Putnam's work became influential beyond
volatile and uncertain business environment. academia as part of popular debate as well as policy, media and gov-
ernment rhetoric. Bourdieu's interlocking dimensions of social, eco-
2. The value of social capital nomic and cultural capital (1986), offers a tighter logic that links this
internal glue with a wider and existing social order and the prevailing
The concept of social capital has gained significant attention in the status quo. The underlying attributes of social capital enable for more
study of organisational resilience and adaptability, particularly within immediate decisions by organisations to become operational actions.
the context of SMEs facing a polycrisis (Adler and Kwon, 2002; Al- Linking in the influence and impact of external forces provides the
Omoush et al., 2022; Mukul et al., 2022). mechanism that can either act as a blocker or enabler to strategic and
Social capital has many varying definitions. De Souza Briggs (1997, long-term organisational change. Together, these theories provide a
111) highlights how social capital “has taken on a circus-tent quality; all holistic understanding of social capital as Bourdieu's framework is
things positive and social can be piled underneath.” For this study, we essential for examining social capital's impact on social inequalities,
use the social capital literature to specifically provide a foundation for while Putnam's highlights its role in community building and civic
understanding how the attributes and presence of trust, reciprocity, and engagement. Utilising both, in this study, allowed the interview data to
shared values can facilitate, through organisational stakeholders, col- capture the dual nature of social capital, its capacity to reinforce power
lective adaptability and resilience (Burt, 1997; Coleman, 1990; Leana structures and its potential to enhance social cohesion.
and van Buren, 1999; Nahapiet and Ghoshal, 1998; Walker et al., 1997). In the context of SMEs facing a polycrisis, social capital can become a
However, with this focus there remains a need for wider, longitudinal pivotal feature (Putnam, 1993) that enables a way to navigate
and empirical understandings of how these dynamics play out in the face
of complex crises. Similarly, while the crisis management literature has
explored how organisations respond to sudden disruptions (Adekola and
Clelland, 2020; Schaedler et al., 2022), less is known about the processes
of continuous adaptation required during periods of continuous and
different crises - or, in other words, the polycrisis. This paper addresses
these gaps by offering direct insights into the role of social capital within
SMEs during periods of ongoing crisis.
By integrating the works of Putnam (1993), Putnam (2000), Bour-
dieu (1986) and their associated commentaries, this study advances the
theoretical discussion on social capital with a hybrid model that also
captures the contextual realities faced by SMEs during turbulent times in
this current phase of capitalism. The hybrid perspective contributes to a
more comprehensive understanding of the mechanisms through which
social capital influences organisations and particularly their resilience Fig. 1. Trust, reciprocity and shared values as the attributes of social capital.
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G. Fletcher et al. Technological Forecasting & Social Change 223 (2026) 124419
Fig. 2. The attributes of social capital coupled with external value forms and external (to the organisation) context.
uncertainty and rapidly changing conditions through a social network of provider (Baum and Ziersch, 2003). Reciprocity can be described as
stakeholders. Trust, reciprocity, and shared values are not just abstract deferred gift-giving. A gift is given willingly without any immediate
concepts but become practical mechanisms through which businesses expectations, however, at a later date the individual who gave the
can mobilise resources, coordinate actions, and maintain stability original gift does expect to receive a gift of similar value (Dolfsma et al.,
amidst chaos (Shi et al., 2023). The crisis literature underscores the 2009). The recipient of the second gift does not see this as a conclusion
importance of these mechanisms, particularly as organisations confront of the relationship but rather as the trigger for giving another cycle of
the need for quick decision-making, adaptation, and collective action. gifting in the future - in what can be seen as a never-ending cycle
Trust operates in social capital as “a background to everyday inter- (Pesa¨maa et al., 2013). Formal gift exchange practices often describe the
action through which the predictability, legibility and reliability of perceived value of the returned gift as being greater than the previous
collective order is sustained, while the perception of its complexity and gift (Baviera et al., 2016). This is highly contextual as the recipient often
uncertainty is restricted” (Misztal, 1996, 97). Within an organisational ascribes higher value to the gift than the giver (Steffel and Cavanaugh,
context high levels of trust means that workers have confidence that 2015). Within an organisation, the gift may be the sharing of skills that
what is being done by others across the organisation positively aligns help to complete a process more rapidly, meaning that the value of the
with their own actions. Trust also means that the broader range of gift is of a higher perceived value for the recipient (who can now work
stakeholders share a belief in the general direction that the organisation “smarter not harder”). High levels of reciprocity works to maintain and
is taking. The presence of trust within an organisation and between build trust while also ensuring that personal and organisational values
stakeholders is a key facilitator for successful management in a poly- are shared through these working practices (Abrams et al., 2003).
crisis. Trust within an organisation leads to greater flexibility, faster The three attributes of social capital work in unison for the greatest
response times, and more cohesive coordinated actions. impact as a consequence of their closely interlocking and reinforcing
Closely aligned with the role of trust is the importance of cognitive relationships (Fig. 1). Trust enables cooperative behaviour and reduces
shared values (Inkpen and Tsang, 2005). The values that stakeholders the need for costly monitoring. Reciprocity encourages a culture of
possess and the resources that they can access are the result of personal mutual support and exchange, while shared values align stakeholders
connections and mutual relationships (Edwards et al., 2003). While high with common goals and behaviours. Together, these elements create a
levels of trust in an organisation can be reflected in workers ‘pulling reinforcing cycle among stakeholders that strengthens organisational
together’ when common values are clearly stated and shared the trust resilience, a particularly critical asset in times of polycrisis (Fig. 1).
relationship is further strengthened. While personal values can be With the focus in Putnam's model on defining the attributes for
identified in conversations and through social media engagements, developing and maintaining social capital, there is a need for the wider
defining and making an organisation's values clear can be a more chal- incorporation of the value forms that influence the specific (organisa-
lenging activity (Heinze et al., 2024). Corporate ‘values statements’ can tional) network of stakeholders. This mitigates towards a hybrid model
become hollow marketing straplines or the contortion of a pre-existing of social capital that synthesises the structural and relational aspects of
unique sales proposition (USP). The many examples of organisations Putnam's theory with the multifaceted view found in Bourdieu's work
failing to adhere to their own values is often a case of sacrificing quality, (Fig. 2). A hybrid theorisation of this type allows us to better understand
in its many meanings, for quantity (Chancellor, 2015). Organisations how trust, reciprocity, and shared values in stakeholder networks
that compromise on their stated values also face the critique of generally interact with the broader economic, cultural, and symbolic capital that
younger stakeholders who want to work for, or engage with, an ethical SMEs need to engage with beyond the direct network of their own
employer that is transparent and consistent in their intentions (Pollack, stakeholders. Our empirical data reveals that SMEs draw on a rich
2022). Unlike earlier generations there may also be a tendency to shift mixture of resources, navigating not only the immediate networks of
employers rather than “suffer in silence” (Lyons and Kuron, 2014). trust and reciprocity but also engaging with broader societal structures
Having no consistency in organisational values also negatively impacts and cultural norms. These are the integrations of the model (Fig. 2). But
on the levels of the trust held by internal and external stakeholders to- these positive interactions also reinforces the negative potential for so-
wards an organisation. cial capital on a specific network of stakeholders (such as an organisa-
Reciprocity completes the set of three attributes of social capital and tion). This produces a model that recognises social capital value forms as
refers to the provision of resources by an individual or group to another having the potential for (positive) integration as well as the possibility
individual or group with an expected subsequent return (at some ill- for (negative) provocation. A hybrid model offers a more nuanced
defined point) of an equivalent value by the recipients to the original discursive analytical framework for investigating the role of social
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G. Fletcher et al. Technological Forecasting & Social Change 223 (2026) 124419
capital in SMEs' resilience and adaptability during times of polycrisis. enhances collective capability, allowing SMEs to combine and leverage
their strengths to address common challenges (Chauvel, 2016).
3. Being resilient and adaptable: Actions in response to crises The COVID-19 pandemic provided a vivid illustration of social cap-
ital at work (Bacq et al., 2020). Businesses in various sectors formed
The advent of the polycrisis aligns closely with the accentuation of coalitions to share facilities, equipment, and even staff. For example,
global volatility, uncertainty, complexity and ambiguity (VUCA) (Boin, manufacturers repurposed their production lines to produce essential
2019; Moynihan, 2008; Tooze, 2022). In this light, social capital could medical supplies, supported by networks of trust and reciprocity within
also be an important mitigating organisational force to the generally their existing business communities (Manero et al., 2020). These actions
negative VUCA world (Fig. 2). As a response to VUCA, social capital can were not just ad hoc responses as they were underpinned by established
support organisational adaptability through the combined actions of social capital that existed within and between organisations (Nandi
encouraging wider business communities, increasing social coherence et al., 2021; Zardini et al., 2023).
across stakeholders, enabling institutional transformation and building For SMEs, the value of social capital is especially significant. Local
infrastructural resilience (Aldrich and Meyer, 2015). These can be rec- communities can create the supportive environment needed for busi-
ognised in Aldrich and Meyer's work (2015) as four desirable organ- nesses to thrive through the encouragement of ongoing relationships
isational actions that can directly respond to any crisis and the wider with customers, suppliers, and other nearby businesses. Campaigns that
presence of the VUCA world. Actively encouraging these four actions as encourage consumers to “shop local” (Wilson and Hodges, 2022) rein-
business priorities also acts to further strengthen the social capital that is force the sentiment by creating a sense of community pride and loyalty
present within the organisation (Aldrich and Meyer, 2015). that particularly benefit smaller retailers and service providers. By
“investing” in their social capital through engaging in the business
3.1. Actions to encourage business community community, small businesses can build strong networks that will, in
turn, help them navigate the challenges of the polycrisis and encourage
The significance of the business community building positive social the development of long-term strategies.
capital has long been recognised as a fundamental tenet of good practice
in professional work. This value can be seen in a variety of ways, that 3.2. Actions to increase social coherence
range from the establishment of chambers of commerce in the 19th
century (Bennett, 2011) to Michael Porter's concept of clustering (1998), Social coherence is the alignment and harmonious interaction be-
and more recently with descriptions of the value of creating business tween an organisation and all its stakeholders, including customers,
ecosystems (Mo¨ller et al., 2020). The positive outcomes associated with suppliers, and the wider community. Trust, as a belief in the reliability
business collaboration have been widely acknowledged (Crick and and integrity of each party, and reciprocity, as a mutual exchange of
Crick, 2020) and the current period of polycrisis offers practical evi- benefits, are foundational to this coherence. Together, they facilitate
dence for the value of community building in addressing the challenges open communication, collaborative problem-solving, and a shared
that this brings. commitment to common goals, thereby enhancing the overall stability
The business community, with its shared interests and support net- and resilience of the organisation (Yang et al., 2022).
works, are a key facilitator in the mutual strengthening of social capital In the context of a VUCA world hallmarked by polycrisis, organisa-
between stakeholders and across organisations, as it creates a supportive tions are placing increasing emphasis on aligning their mission and
environment where organisations can thrive with increased levels of vision with the values of their external stakeholders (Phillips and Klein,
trust. Formal associations such as chambers of commerce or professional 2023). Recognition by businesses in the importance of social coherence
bodies provide a platform for reciprocation and sharing knowledge of shows a genuine intent to establish meaningful connections with
best practices as well as leveraging shared values to advocate for policy stakeholders by constructing relationships that are themselves founded
change around common interests. By joining these organisations, an on key attributes of social capital: shared values, trust, and reciprocity.
individual organisation gains access to valuable resources, including Social coherence transcends marketing slogans or corporate social
market information, training and development programs, and lobbying responsibility (CSR) initiatives. It is a manifestation of an authentic
efforts that can help them overcome market barriers and navigate reg- commitment to ethical values and principles that are consistent with the
ulatory challenges. interests of stakeholders (Arieli et al., 2020). The emergence of two-way
During times of crisis, the key attributes of social capital become dialogues facilitated by social media channels has empowered and
instrumental in fostering resilience across multiple value forms (Ratten, emboldened external stakeholders to hold organisations more account-
2020). Trust reduces transaction costs and facilitates rapid coordination, able for their actions and insist that they remain consistent to their
reciprocity encourages mutual resource sharing, and shared values stated vision and values. This constant scrutiny and accountability is a
ensure alignment of efforts towards common objectives. These mecha- significant social force for organisations in remaining true to their
nisms enable businesses to form alliances, share scarce resources, and principles and ensuring their actions align with their stated values.
collectively navigate the uncertainty and disruptions of crises (Ozanne Encouraging trust and reciprocity among all of its stakeholders is key
et al., 2022). to developing social coherence in organisations. When stakeholders see
More informal networks, such as business ecosystems (Mo¨ller et al., an organisation acting in their best interests this builds trust in the
2020) or clusters (Porter, 1998), are another means of strengthening organisation and the stakeholders become more heavily invested in its
social capital across a business community. These networks develop success. This organisational investment can take various forms, such as
organically when businesses located in close proximity to one another sustained patronage, advocacy, or collaboration (Adekola and Clelland,
develop collaborative working relationships that are based on shared 2020) with external value forms. As a consequence, there is a reciprocity
values or complementary capabilities. By working together, individual that has future potential economic benefit for commercial organisations.
businesses reciprocally leverage each other's strengths and can address Maintaining organisational values that correspond to stakeholders'
common challenges, such as access to financing, talent, or technology. values is ultimately rewarded by the continued loyalty of customers.
Collaborative relationships emphasise the role of networks, collab- Strong social capital among internal stakeholders leads to a social
oration, and capability as critical components of social capital in the coherence that buffers against the threat of the VUCA world, allowing
context of managing during a polycrisis. Networks provide the structural organisations to adapt to ever-shifting circumstances and plan for a
support for collaboration, enabling businesses to access resources and long-term future (Phillips and Klein, 2023). Social coherence built on
information crucial for crisis response (Al-Omoush et al., 2022; Putnam, strong social capital among internal stakeholders also creates more
1993; Shen et al., 2021). Collaboration, fostered by trust and reciprocity, resilient organisations that can prosper even during a polycrisis.
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G. Fletcher et al. Technological Forecasting & Social Change 223 (2026) 124419
3.3. Actions to enable institutional transformation ambiguity by aligning actions and decisions with a common organisa-
tional vision (Grojean et al., 2004). Together, the attributes of social
The polycrisis and the VUCA world underscore the value of pos- capital create a resilient organisation capable of adapting to change in a
sessing organisational capability for transformation (Fenton et al., VUCA world (Shet, 2024).
2025). However, the underlying conditions that promote institutional
transformation are not always given adequate attention. Strong levels of 4. Methodology: Conducting research during crises
trust, reciprocity, and shared values among stakeholders enables suc-
cessful pivots as and when they become necessary (Putnam, 2000). The For our study we conducted 22 interviews in two rounds. We selected
state of continual readiness needed to change rapidly is virtually eleven organisations through a combination of purposive and conve-
impossible without the precondition of these attributes. nience sampling to represent a diverse cross-section of industries within
The benefits of shared values became particularly evident during the UK SME sector. We selected a senior person from the organisation,
crises. For example, the lost generation of workers in their 50s who left either a senior manager or founders who had a deep understanding of
permanent employment after COVID-19 (Office for National Statistics, their organisation and we interviewed each one twice. Once during the
2022) is a poignant example of the negative consequences of crises. This COVID-19 lockdown and then, subsequently, approximately 12 months
now seemingly lost (to employment) generation represented a much after this period. This number of interviews was considered enough for
wider absence than solely labour power, with experienced people this type of research in order to reach theme and theoretical saturation.
departing an organisation there is a loss of embedded knowledge. Wutich et al. (2024) highlighted that there has been an increased
Another related trend are those individuals who overcommit themselves amount of research relating to interview sample sizes. Through a robust
to their organisations during a crisis and subsequently experience review of the literature, highlighted that nine to 17 interviews (Hennink
burnout (Sutherland, 2022). Another effect is also evident, as those who and Kaiser, 2022) are required for theme saturation and that between 20
question their employers' values during a crisis subsequently choose to and 30 are needed for theoretical saturation (Wutich et al., 2024). Our
pursue alternative activities that are better aligned with their personal use of ongoing conversations with the respondents helped to refine our
beliefs and values (Turner, 2023). insights and contribute to the identification of thematic clusters. Within
the set of respondents there was regular contact between the formal
3.4. Actions to build infrastructural resilience interview sessions and in some cases continues to be ongoing contact
with the authors. This informal contact has been used to “sense check”
The rising inflation and cost-of-living costs in the UK has brought the arguments being made by this paper during its development.
attention to the country's status as the worst-insulated nation in Europe Undertaking robust research during a period of crisis presents chal-
(Broadbent et al., 2023). The country has traditionally relied on rela- lenges that mirror those faced by the SMEs examined. Recognising the
tively cheap fuel prices to counteract extensive heat loss from poorly significance of an extreme phenomenon while still living through that
insulated buildings during winter. The fuel crisis has also highlighted the phenomenon is a particularly rare experience for research in the field of
inefficiencies of the UK's national grid for electricity, where between 6.7 business and management. The vast majority of research conducted in
% and 9.7 % of generated energy is lost during transmission and dis- business tends to report ongoing nuances found within ‘normal’ condi-
tribution before it can be used (National Grid ESO, 2019). Encouraging tions or are discussions of phenomena post-hoc. Well established and
the creation of local generation networks based on renewable energy regarded methods are consequently constructed towards these more
sources can lead to more effective and less polluting systems. However, regularly experienced situations. Fortunately, the trend for pragmatic
to date, no crisis has been of sufficient severity to be the catalyst for such approaches guided the research design and subsequent interactions with
a large-scale shift in national infrastructure strategy. SMEs. Oates et al. (2025) refers to this form of research as “seizing a
Building infrastructural resilience requires strong social capital unique opportunity”.
where trust and shared values among all stakeholders can drive a long- In order to effectively address our research, we undertook primary
term vision that can be expensive to create and challenging to imple- research which relied upon a combination of purposive and convenience
ment. In this way, in the UK, the scaling-back and then subsequent sampling of SME leaders from a diverse range of industries such as
cancelation of the high speed railway between London and Manchester catering, digital agencies, education, charity and sport organisations to
(the High Speed Train 2 project or HS2) (Young and Ravikumar, 2023) apply what was a tightly formed but semi-structured interview protocol
can be also regarded, in part, as a result of the weakening ties and (Appendix 1). This approach introduces several potential biases. The
provocations of social capital, especially trust, between different sample primarily includes SME leaders already within the researchers'
stakeholders and value forms including, in this case, a national own networks, which might not fully represent the diversity of SME
government. experiences during a polycrisis. Since participants may have had similar
Trust is essential, as exemplified by the shift undertaken by retailers backgrounds or shared viewpoints due to these pre-existing connections,
and consumers towards cashless payments through a phone app. Infra- there was a risk that the sample may over-represent certain industries,
structural changes require reciprocity as well, as there is a need to alter perspectives, or resilience strategies that are specific to the researchers'
social behaviours during a crisis for preventative measures to be effec- network. Participants who have a relationship with the researchers
tive, this might include spending habits, public health behaviours or could have tailored their responses to align with what they perceive the
altered household activities. Moreover, creating infrastructural resil- researchers expect or prefer, potentially portraying their organisational
ience requires a shared set of values, where the benefits of infra- strategies in a more favourable light. This inclination could then have
structural change towards greater resilience and longer-term benefits skewed the findings towards overly positive accounts of resilience, so-
are recognised and accepted by all stakeholders. The assumption by cial capital utilisation, or innovation strategies, particularly if partici-
consumers that energy costs will eventually return to previous levels pants wish to reinforce their professional rapport with the researchers.
minimises any consideration for wider, long-term environmental bene- The researchers' familiarity with the participants and their business
fits brought by change. Similarly, rising dissent towards the policies of contexts could have influenced the interpretation of data. Pre-existing
the UK's central government results in challenges to the shared set of knowledge might unintentionally lead to affirming of expected behav-
values needed to support large infrastructure projects such as the HS2. iours or alignment with known views, possibly limiting the recognition
Trust reduces perceived external volatility and uncertainty by of contrasting or novel insights within the data (Joyal-Desmarais et al.,
fostering predictable and reliable relationships (Park and Kim, 2018). 2022). The reliance on a convenience sample from the researchers'
Reciprocity allows for adaptive systems to be deployed, enabling orga- networks could have led to excluding SMEs that lack established con-
nisations to mitigate complexity. Shared values contribute to reducing nections with academic institutions. These excluded SMEs might face
6

G. Fletcher et al. Technological Forecasting & Social Change 223 (2026) 124419
unique challenges or possess distinct strategies in navigating polycrisis member not directly involved in the interviews analysed the interview
that could enrich this study's findings further but remain unexplored due data, providing an additional layer of objectivity (Creswell and Poth,
to limited access . 2016).
To address these limitations and enhance validity, the researchers Consideration of the potential limitations to this approach which was
applied a longitudinal triangulation method (Campbell and Fiske, 1959; borne out of necessity is further explored in the conclusion. Given the
Webb et al., 1966). This approach corroborated the formal data from the impact of the various crises and the fact that interviews were conducted
two rounds of interviews with subsequent longer-term contact and during crisis conditions, many of the SME decision makers who were
engagement that the authors had with the informants. This technique interviewed did recognise the benefits of the research and agreed to
also reinforces the extent that authorial social capital was utilised for reflect on their own practise during this crucial time.
this research and could even be seen as a requirement given the cir- Given the restrictions during the COVID-19 lockdown, no form of
cumstances. From this point of view, it is also worth noting that contact face-to-face contact was used to gather data during either round of in-
with a number of informants even continues to this day (P1, P2, P6 and terviews. The use of online communication tools further relied on the
P11). Additional sources, such as the “grey” literature of contemporary existing good working relationships with the participants. However, the
news articles that discussed the specific situation of the sectors repre- significant increase in video conferencing usage and skills after 2020 did
sented in the sample further triangulated with the observations and offset most of the issues that may have previously been associated with
comments we were obtaining from the interviews and these subsequent interviewing participants online (Kozinets, 2015). The collection
conversations (Abdulla, 2021; Butler and Makortoff, 2022; BM-Maga- method was consistent but heavily driven by the availability of the SME
zine, 2023; Clarkson, 2021; Lewis, 2020; Macaskill and Muvija, 2023; decision-maker in what was a difficult time for many small businesses.
Sutherland, 2022). This approach helped provide a more comprehensive Our methodological choices recognise that SME experiences of crises
view of each SMEs' context and reinforces the reliability of the findings. are shaped by an interplay of factors including industry, size, and
The interviews were designed with open-ended questions that location. Previous literature shows that industry-specific dynamics
enabled participants to explore and reflect on their own situation in significantly influence how businesses experience and respond to dis-
greater detail (Ryan et al., 2011). The questions were structured around ruptions (Ozanne et al., 2022). By focusing on UK SMEs and including a
the attributes of social capital using questions based on the trust, reci- variety of industries, our study contributes to a more comprehensive
procity and shared values within the organisation as well as other understanding of business resilience and adaptability in the face of
stakeholders. The interviews also explored the core values of the infor- crises.
mant themselves and the alignment (or otherwise) of their personal
values with the organisation. The approach was two-phased as we
4.1. Data collection and analysis
returned to the informants a full year after the initial interviews for a
second cycle of reflective interviews. An aim of this approach was to
Participants were chosen based on their having first hand experience
reconnect with our informants to understand their operational chal-
in navigating recent crises, ensuring that they could provide rich, rele-
lenges during different moments of the polycrisis era - from the period of
vant insights. The selection criteria and process were designed to cap-
lockdown during COVID-19 to the realisation of new and different crises
ture a range of perspectives while also considering practical constraints
emerging including post-Brexit regulations and emerging cost-of-living
such as access and willingness to participate. Our study included leaders
challenges.
with diverse backgrounds and experiences. Characteristics relevant to
The inclusion of various industries necessitated a research design
their social capital, such as their role in the organisation, participation in
that could accommodate the diverse experiences and perspectives of
wider networks and industry influence further contextualised their
SMEs. Our data collection and analysis was structured to capture
responses.
industry-specific nuances where possible while also identifying the
Interviews were conducted in two phases in July 2020 and February
wider themes and patterns that emerged. This approach allows us to
2022. This short-term, contemporary study is significant for its timing as
draw conclusions and provide recommendations that remain relevant to
the voices of business leaders that have been captured are live com-
SMEs across different sectors.
mentaries from the COVID-19 lockdown period and in the immediate
The research team already had key building blocks in place for
aftermath. The participants as a result were all navigating the same UK
conducting this research that significantly simplified access to SME
Government advice and media commentary at the moment they were
leaders during these difficult times. Through previous experience, the
being interviewed.
team could rapidly gain institutional ethics approval for conducting
Overall the SMEs that were part of this study had been trading for
interviews with SMEs that enabled the protocols to be quickly
between two and twelve years at the first interview. In total, they
confirmed. The ethics approval consciously limited the extent of the
employ a total of approximately 200 people. The respondents are coded
conversations with SMEs especially regarding exploring financially
and summarised showing their role, sector and number of employees
sensitive, confidential or mission critical issues. However, by framing
(Table 1).
the questions around the concepts of social capital any drift towards
While relying on one respondent per company offers valuable in-
more clearly sensitive issues could be avoided. The research team also
had an existing networks of SME leaders to call upon. This network had
been developed through previous working relationships facilitated by Table 1
Respondents by ID, Role, Sector and Employees.
institutional support and through dissemination activities associated
with the institution's Small Business Charter accreditation.
ID Role Sector Employees
It is also important to acknowledge the context for this research. The
P1 Founder Catering 2
opportunity to conduct research during a period of crisis was reliant on
P2 Chief Executive Charity 12
the combined social capital of the research team and the access to
P3 Entrepreneur Property & Education 22
P4 Director Sport Organisation 11
stakeholders in wider academic, professional and industrial networks
P5 Manager Sport Organisation 8
that this had enabled. The SME leaders who were approached, in many
P6 Director Digital Agency 25
cases, already knew and trusted the interviewer - a bias that is already
P7 Founder Education 8
consciously acknowledged here. To mitigate this bias, we took several
P8 Founder Data management 8.5
steps to ensure the integrity of our findings. We acknowledged this in- P9 Manager Training & Education 25
P10 Owner Training 30
fluence by expanding the sample to include interviewees who were not
P11 Managing Director Digital 24
directly connected to the interviewer. Additionally, a third team
7

G. Fletcher et al. Technological Forecasting & Social Change 223 (2026) 124419
depth insights, we acknowledge the potential limitations of this track how the influence and awareness of factors relating to social
approach. To mitigate concerns about the validity and reliability of the capital changed over time. The same respondents participated in both
data, we carefully considered the representativeness and expertise of phases of the study, providing a unique opportunity to observe any
each participant. However, we also recognise that individual perspec- change in their perspectives and strategies over time.
tives will not fully capture the complexity of an entire organisation's Upon revisiting the data in the second phase of interviews, we found
experience during the polycrisis. that the initial themes remained consistent, indicating a saturation of
Both rounds of interviews were audio recorded and then transcribed themes and reinforcing the robustness of our findings (Wutich et al.,
using Trint, a commercial AI-based transcription software. Transcripts 2024). The first interviews did tend to emphasise the attributes of social
were confirmed by the research team (Chang et al., 2023). QSR Nvivo capital and internal stakeholders (Fig. 1) whereas the second interviews
was then used to analyse all the interview transcripts and coding of the introduced greater awareness, and frustration with external stake-
interview transcripts was based on the theoretical framework of social holders and the influence and role of external value forms (Fig. 2). This
capital focusing on trust, shared values and reciprocity. shift in emphasis does reflect the timing of the second set of interviews
The data was analysed thematically (Braun and Clarke, 2012) given the rapidly changing business environment and in light of ongoing
starting with the interviewers on the research team coding the data national and global events.
based on the inductive coding technique where codes are developed To enhance the validity of our findings, we employed triangulation
organically during the analysis of documents, with the coding process techniques, comparing interview data with relevant secondary sources
serving as a tool to uncover new phenomena within the dataset as well as subsequent ongoing conversations and interactions with the
(Bingham, 2023, Saldan˜a, 2021, Spinoso-Di Piano et al., 2023). We informants that continue to this day. These sources particularly included
identified recurring words, phrases, and concepts, which formed the grey literature of industry reports, news articles, and other publicly
basis of the initial codes. This process was guided by both inductive available information about the companies and sectors represented
reasoning, drawing directly from the data, and deductive reasoning, (Abdulla, 2021; Butler and Makortoff, 2022; BM-Magazine, 2023;
incorporating pre-existing theoretical concepts described in the previous Clarkson, 2021; Lewis, 2020; Macaskill and Muvija, 2023; Sutherland,
sections. Through this coding we began the process of thematic analysis, 2022) as well as relevant academic work that was being published
grouping codes into broader themes that captured the broader patterns rapidly (Bacq et al., 2020; Cao, 2021; Crick and Crick, 2020; Iacobucci,
and meanings found in the data. This was an iterative process of com- 2021; Manero et al., 2020; Nandi et al., 2021; Ozanne et al., 2022;
parison, refinement, and consolidation, ensuring that each theme was Ratten, 2020; Verbeke, 2020). This triangulation allowed us to corrob-
robustly supported by evidence from multiple data points. The coding orate the interview findings and gain a more comprehensive under-
techniques enabled a systematic breakdown of the data in a way that standing of the context and implications of the reported experiences.
captures the breadth and depth of the respondents' experiences while To improve analytical transparency, we present a further table
also enabling identification of the more abstract concept of social cap- (Table 3) that illustrates the frequency of the first-order codes and their
ital. This approach aligns with the exploratory and interpretive nature of thematic clustering. The authors determined the themes and aggregate
our study, allowing us to draw out the rich, contextual insights that can dimensions from the codes found in the interviews. Trust, shared values
also address our research questions. and reciprocity emerged as the aggregate dimensions from this
In this first phase of interviews, 58 descriptive codes (Table 2) were approach. This aggregation was heavily guided by the high levels of
generated from participants' direct use of specific terms as well as terms prevalence of the core Trust, Reciprocity and Values codes in the in-
commonly used in previous literature (Strauss and Corbin, 1998). terviews. However, these dimensions are not always identifiable from all
To ensure the rigour and reliability of our coding process, we the codes/themes but across the total of 500 coded responses the
engaged in peer debriefing and regularly reviewed our codebook across
the research team. This collaborative approach helped to mitigate in-
Table 3
dividual bias and ensure an accurate interpretation of the data (Chang
First-order codes, thematic clustering and aggregated dimensions.
et al., 2023; Oates et al., 2022).
Codes (Counts) Theme Dimension
The data collection was conducted in two distinct phases. The first
Trust (67) Trust Trust
phase aimed to establish a baseline understanding of the role of social
Financial capital (28), Investment (4) Finance
capital in SMEs during a crisis, while the second formal phase, con-
Partners (16), Leadership (7), Networking(7), Leadership
ducted just over one year later, captured any developments or changes
Training (3)
in strategies and perspectives. This longitudinal approach allowed us to New technologies (13) Digital
Support (9) Social
Trust eroded (8) Emotion
Table 2
Safe environment (5) Other
First-order codes generated from the interviews. Risk (3) Risk/
Change
amazing ambition cease trading challenging clarity
Reciprocity (52), Community (9), Stakeholders (7), Social Reciprocity
experiences
Connections (2)
community compassion connections core values CSR Customer (4), Educating customers (4), Listening (1) Customer
culture customer digital diversity educating Digital innovation (30), Innovation (18) Digital Shared
innovation customers Values (30), Honesty (9), Transparency (5), Core Values values
face to face family financial friendly friends values (3), CSR (3), Honest (2), Own ethos (2),
capital Respect (2), Personal Integrity (1)
frustration genuine honest honesty inclusion Involvement (14), Inclusion (7), Social capital (4) Social
innovation investment involvement leadership listening Culture (12), Family (2) Identity
loyalty networking new business new normality Frustration (9), Positivity (9), Proud (4), Compassion Emotion
models technologies (2), Friendly (2), Genuine (1)
own ethos partners personal pivot positivity Ambition (3) Leadership
integrity Amazing experiences (1), Clarity (1), Diversity (1), Other
profits proud reciprocity recovery respect Friends (1)
risk safe social capital stakeholders support New business models (36) Digital No
environment Challenging (13) Emotion dimension
training transparent trust trust eroded unchanged Pivot (9), Unchanged (4), Cease trading (3) Risk/
value for values young people Change
money Young people (6) Identity
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G. Fletcher et al. Technological Forecasting & Social Change 223 (2026) 124419
dimensions of Trust can be attributed to 167 codes, Reciprocity to 82 organisation [had] invested in a full learning management system... to
codes and Shared Values to 175 codes or, in total, over 84 % of all the deliver a hybrid version...”
coded responses can be represented by these three dimensions. In the second series of interviews, a maturing and more critical
The association of codes to themes also assisted the selection of perspective was emerging in relation to communications technology
indicative and exemplar quotes utilised in the subsequent discussion linked to merging greater awareness of social technologies in the form of
presented here and in forming Tables 4 and 5. The specific quotes were external value forms. P2 said in relation to their learning and experi-
selected based on this analysis and collaboratively through iterative ence, “The only positive impact to the business is the use of video
authorial discussions, drawing on shared interpretations of recurrent conferencing in relation to time saving.“ P6 took this critical thinking
patterns across this qualitative data as well as the ongoing conversations even further with, “I think that it's not just a case of us all working from
with informants as the work developed. home. It's also the impact on our clients and what they're going to do and
Our methodological approach is grounded in established qualitative what does it mean for them.” and then “What we have done is look at
research practices, particularly those relevant to studying SMEs and what flexibility truly is, what agility truly is. We've not been in an office
crisis management (Adekola and Clelland, 2020). The strategies for now since well, since March [2020]. We left our office officially in May
participant selection, data validation, and triangulation are informed by of last year. We do have access to an office as part of the broader group
best practices in the field, aiming to ensure that our findings are both business.” P4 also reveals a more personalised learning experience, “On
insightful and robust (Oates et al. 2022). a personal level I have certainly shifted towards more diverse thought
To help make sense of the textual data (Basit, 2003), the discovered and understanding than previous. It can be beneficial to try and view
themes were then linked through a mind mapping exercise at the problems from the opposite side's POV before putting up barriers to
intersection of the attributes of social capital with Aldrich and Meyer's progress.”
(2015) four desirable actions (Tables 4 and 5). To ensure reliability and Like the majority of businesses, the initial economic impact of the
appropriateness the process was guided by criteria for good thematic polycrisis - in the pandemic was significant. The respondents presented a
analysis (Braun and Clarke, 2006). series of harrowing recollections, including “all our work was
cancelled”, “80% of our income has stopped with immediate effect”, “so
5. Social capital attributes during a polycrisis our studios were closed down”, and “concerned we might not get paid by
people in our business”. Shaping many of the responses from the busi-
The interviews demonstrate how businesses were pushed to adapt ness owners was the unstated presence of the interlocking relationship
because of external forces. Indicative early comments from the first between trust, values and reciprocity and these are used to discuss and
round of interviews include informants relating the need for ‘spending present the findings of this research as well as providing the structure for
more time on Zoom’, ‘moving to Zoom classes’, ‘meeting on Teams’, presenting indicative quotes (Tables 4 and 5).
‘Teams calls’, ‘home working only possible because of Teams’ showing In the second round of interviews a more balanced picture emerges.
communication technologies software became a key parameter for Most reassuring, all of the businesses that were initially interviewed
change during the early periods of the polycrisis. As “working from were still trading and available for the second subsequent interview. P5
home” shifted from being enforced to a preference, some respondents set out a positive tone for their situation, “[our organisation has] a
were beginning to plan “future spaces, future interaction’” with the blended model now, and that's been kind of done across a lot of our
change in perspective regarding removing working “from negative to programmes. We have the ability to do a blended delivery as opposed to
positive”. P5 noted, “The prospect of increased distant interaction via just face to face. So that's increased the kind of ability for us to engage
Zoom conferencing etc has been shown to be possible and effective. I and reach the audience. So there have been positives there.” The role of
expect this to be utilised to a much greater extent moving forwards.” P9 a balanced or hybrid response was also echoed by P7, “ it accelerated
had already implemented the project management and communications [...] 10 times faster than [...] before. I think from a company point of
system, Basecamp, for working with their staff and stakeholders. Infra- view, it's the realisation that a lot more can be done and people will
structural changes are also needed for survival during a crisis, with P1's probably be scared of doing it [...] and from my point of view [...] that
first immediate response being “to set up an ecommerce system… taking human connection, I think, is so vital.”
payments electronically” and P7 revealing that “in July 2020, the
Table 4
Evidence for the intersections of three attributes of social capital with the four actions that it facilitates and are reinforced by (1st phase of interviews).
Trust attribute Reciprocity attribute Shared Values attribute
Encouraging ...being seen as a trusted/trustworthy So I have reached out to a couple of organisations We are involved in a large number of networks
business organisation is very important. (P2) and been on webinars. So I think that's probably in Oldham- and see this as vital in supporting us
community action the key thing that's being done, I think is listening to achieve our vision and mission- from an
to each other and if someone's going through a operational perspective involvement with other
challenge, as we've been through that already and organisations means that we are able to signpost,
can we help them? Yeah, I think it's that exchange seek guidance, refer people - as part of our
of communication has been key. (P1) advocacy service. (P2)
Increase social ...a friend of mine got his pizza kits in [a And hopefully that the fact that we have been able ...giving back is always in my nature. (P7)
coherence action supermarket chain] because of the relationship to do that is showing that … the team are really
they had with someone they played golf with. important to us and we want to look after them as
(P1) best we can as an organisation. (P5)
Enabling Since I've been CEO, we've been going through ...ensure that people are not left out, not left And we have a set of values that we actually
institutional digital transformation … we've created … 35 very behind. (P4) publish all over the place, they're even on our
transformation successful virtual internships. So we created that emails. It's about honesty and integrity. (P11)
action as a product. (P3)
Building Central to everything I try to do is personal I think the training culture has been good. We We are an innovative business, innovation is sort
infrastructural integrity. From this factor comes trust, personal provided a whole list of free training courses for all of at the heart of what our core values are. (P7)
resilience action relationships and their ongoing development. A the stuff, such as digital garage. (P3)
more simplistic phrase would be “doing the right
thing” whenever able and “doing what I say I will
do” whenever possible. (P4)
9

G. Fletcher et al. Technological Forecasting & Social Change 223 (2026) 124419
Table 5 organisation with good values by all stakeholders is one we work hard to
Evidence for the intersections of three attributes of social capital with the four maintain.” Delivering a personal service for P2's organisation without
actions that it facilitates and are reinforced by (2nd phase of interviews).
the usual face-to-face interaction had proven a challenge but one they
overcame with technology and one they feel will be used in the future, “a
Trust attribute Reciprocity Shared Values
attribute attribute digital offer would be cheaper and easier for many people. We also see it
as a way of increasing the activities we could offer - more cost effectively
Encouraging (Trust) I think it's …we find that there's been a
business probably an all- we've had to massive change to - no need to pay for room hire - more sessions of shorter time duration -
community time high. (P11) almost become a how kind we are all
plus the opportunity to develop peer support digitally.”
action little bit more are as an
P3 discussed trust and the challenges they were experiencing with
engaged with organisation. (P5)
landlords during the pandemic lockdown - identifying a potential
them and more
provocation with external value forms. “They're putting their head in the
reassuring to them
and more
sand and that doesn't help with trust... transparency builds trust.” The
nurturing them.
combination of building trust and creating transparency were seen by P3
(P10)
as critical for survival during the crisis.
Increase social Obviously you We provided So when we look at
After the lockdown and in the second round of interviews. A more
coherence can convey that tablets to our kind of mental
action through someone individuals to health programme, mixed picture emerges. P1 highlighted the range of behaviours by
who you trust … enhance inclusion offload is the main
describing their customers, “I think we've got a [...] very loyal customer
So there's a real and socialisation. example of that.
base, so I think they're standing by us and obviously they still trust our
positivity if you (P2) We've been able to
products and all that as a team,” but then in relation to their suppliers, “I
can find the right access hundreds
feel that they were quite happy to be nice. when nobody was buying the
influencer. (P6) more participants
because of the stuff they bent over backwards to help. And then all of a sudden they just
online platforms.
dropped me like a brick.” A behaviour that is also damaging to a sense of
(P5)
reciprocity.
Enabling It's been a very Clients seem to be We have become
The experience of P5 coming out of the pandemic was more positive
institutional tricky time for still happy. Most more efficient,
transformation everyone and importantly, our partly through for their own direct experience, “So from that point of view, the trust
action they have to trust staff seem to be technology, partly
between our service providers and our team of deliverers and full time
us as an very happy. We've through just
staff, I think that's probably been solidified. It probably has improved.”
employer. So had no mental understanding
However, P5 also offered up an observation about the contrasting
they're getting health issues, what we need,
experience of other organisations particularly in relation to government
paid on time. which, of course, what we don't need
(P7) is a priority for us. (P3) support programmes, “a lot of the companies have really I won't say
(P8)
abuse is the right word, but they've really used for in the wrong way
Building Our challenge is I think we've got a The first thing on a
what they have paid staff, kept them there and then just got rid of them
infrastructural as a 48 year old lot of very loyal Monday morning,
at the end of it as well, will get rid of them at the end of it. And it's really
resilience business with customer base, we have a huddle,
action people who've really, so I think we get together. We broken down the trust relationship between them.” These observations
been there for 48 they're standing talk about clients.
from P5 showed the influential role of government and bureaucracy as a
years, the older by us and (P8)
provocation to maintaining social capital. Since the second round of
generations, do obviously they
interviews, subsequent crises including the finalisation of Brexit and the
not trust the still trust our
commencement of the war in Ukraine have all continued to have a direct
people who work products and all
from home. What that as a team. impact on the sustainability of the businesses that were interviewed.
I realised is that I The suppliers …
While the trust relationship between small business and with their
also think that when nobody was
customers is essential, the need for these businesses to have trust re-
some people buying the stuff
lationships with wider networks including larger organisations and na-
actually need to they bend over
be in an office. backwards to help tional government has become more evidence - and, at times, strained. A
(P3) (P1)
situation that has been highlighted by the opposition political party at
the time (UK Labour Party, 2023).
5.1. The attribute of trust
5.2. The attribute of shared values
Across the group of respondents, and in our initial round of in-
The respondents displayed a range of values based on their corporate
terviews, trust was found to be a key quality for consistently doing
ethos. Generally speaking, the interviewees did not feel that their values
business successfully. For example, P8 highlights the important role of
had changed particularly during the first phase of the polycrisis but it
trust, “Well, without a shadow of a doubt it's paramount. And I don't
was notable that, for many, these values had been tested over time. For
think that's anything to do with COVID and what has happened. It's just a
example, P6 said, “I wouldn't say that lockdown has made me reflect on
general principle isn't it?” However, it was apparent from the interviews
my business ethos, more that it's ensured my business ethos has come to
that trust had taken on additional significance during lockdown. P8's
the fore.” In a similar way, P10 said, “So, probably COVID-19 has, with
business had largely been unaffected by the pandemic but they had
self-reflection, has told me that I probably need to do a little bit more.”
donated their clients some of their time in order to demonstrate that they
The indication is that where values are already well considered they
were financially stable and in order to build a stronger relationship.
should adapt with the organisation during a polycrisis.
Employees also benefited, P8 encouraged higher levels of internal trust
P4's organisation was totally disrupted by the lockdown and had to
during lockdown by allowing flexibility in working practice and resist-
move to an online learning model. Their strong and inclusive commu-
ing the furloughing of staff. P8 confirmed the important role of mutual
nity values were important for this change and were instrumental in
trust with the observation, “I guess COVID really has enabled me to
shaping their actions. They created a new value form of network that,
reinforce that.”
“brings the whole sector organisations together. And we've been part of
But maintaining trust during a polycrisis is an issue. P2 observed
that ongoing [conversation], which is to just ensure that people are not
that, “as an advocacy organisation and charity being seen as a trusted/
left out, not left behind.”
trustworthy organisation is very important. Our reputation as an
In the second round of interviews, P5 offered the clearest statement
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G. Fletcher et al. Technological Forecasting & Social Change 223 (2026) 124419
regarding the impact of a crisis in making changes to organisational P11 stated that “...we paid everybody 100%, whether they're on
values,”there's been a massive change to how kind we all are as an furlough or not... So I think it's kind of almost reset the relationship in a
organisation.” However, P8 offered a contrasting view as to the external really positive way for everybody.” However, in the second round of
provocations nudging a change in values, “I would say I don't think I've interviews there was a growing tension around the furlough scheme as
been ruthless enough as a business owner. And I think a lot of other media reports of large scale fraud and the failure of the government to
businesses have benefited. Or taking advantage of the situation where attempt systematic recovery of these funds had undermined the trust
we haven't.” P10 also identified how the pandemic revealed gaps within and goodwill that had built up initially. This was another example of
organisational processes as well as defining a clear purpose for having external value types (to the organisation) of social capital being a po-
those processes, “from a physical well-being perspective, just making tential opportunity or provocation. P6 offered an observation that
sure those are robust and in place that well communicated so that brought out this tension, “we've been a very honest business, honest to
everybody knows that employers and employees and customers, stu- our clients and really honest to our team as well”.
dents as well, obviously, because there's some communication, has been The second round of interviews indicated that some organisations
a big, big factor.” P5 also indicated that there was a more conscious saw the end of the pandemic as a chance to return to a “previous normal”
awareness of the purpose of organisational actions in relation to indi- rather than adopting a “new normal”. P4 offered this insight, “The club
vidual stakeholders, “With the well-being of our staff has been at the owner group are acting in a more belligerent fashion than previous with
forefront of our mind. And we wanted to make sure that as best we changes being made and implemented without discussion or consider-
could, we looked after them”. ation of the impact that these may have. These have often been enforced
as a ‘needs must’ principle. Doubts are increasingly being cast as to the
5.3. The attribute of reciprocity necessity of some of these changes and […] their strategic objectives.”
But this perspective was balanced by a clearer awareness of the rela-
During the first round of interviews, P1 highlighted that all of their tionship and reciprocity between organisational and individual per-
competitors in catering changed because of the pandemic. Whilst P1 had spectives, P7 said, “they bonded together more because, you know, at
successfully continued trading by creating an ecommerce website and by the end of the day, you [are] all in this together [...] you're a leader of a
using Facebook Live as the forum for a customer ‘pizza making school’, company or an employee of a company is still looking out for your own
they did note that some competitors had experienced more succes- individual needs as well as the company's needs.” P10 also recognised a
s.”Another friend of mine got his pizza kits in [a supermarket chain] change in reciprocity between the organisation and its customers,
because of the relationship they had with someone they played golf with “we've had to almost become a little bit more engaged with them and
that was high up in the organisation.” This is a very direct observation of more reassuring to them and more nurturing as a customer to and how
a provocation for one organisation that was a result of the access a we have practically done that is through communication and using
competitor had to additional and different value forms of social capital. texting as a community, as a mode of communication rather than a
This competitive edge highlighted the role of personal reciprocity and blanket newsletter that goes out to everybody. So make it a little bit
the influence of different value forms of social capital including what is more personal and a bit more customer focussed.”
colloquially described as the “old boys' network” and maintaining the These statements (and Tables 3 and 4) are indicative of how the at-
societal status quo (Bourdieu, 1986). The competitor's existing rela- tributes of social capital within the enabling network of an organisa-
tionship through external value forms with a key decision maker in a tion's stakeholders had provided support through the polycrisis.
supermarket chain had offered the basis for a competitive advantage. Through these actions external value forms of social capital can interact
The difference in situation had been highlighted because of the crisis but as either opportunities or provocations to that network.
the opportunity to leverage wider networks of external value forms is a
social technology that uses personal associations built over long periods 6. Actions in a polycrisis
of time.
P7 also shifted their business from a purely B2B business model to The overall theme found in the interviews is the importance of
providing some free educational content directly to the consumers. “So maintaining strong relationships and upholding core values, even in a
as soon as we put free content out there, we actually pushed it out time of polycrisis. The interviewees emphasised the need to maintain
through social media to all of the channels and the students because they integrity and trust with stakeholders including employees, customers,
knew there were some interactive resources they could work with and suppliers, and the wider community, as well as the need to continue to
they were free. We had quite a lot of downloads which we're continuing be involved in networks and social responsibility activities in the face of
to have. So that gives us a feedback loop as well, because we know who's adversity.
actively using it” (P7). At one level, P7 was trying to help students (of Comparison between the two rounds of data collection revealed
their clients) by giving them this free content. But this action also rec- some notable shifts in how SMEs approached the management of a crisis.
ognised the reciprocal benefits that can come from building a new While the first round of responses were often big, reactive and ad hoc,
community of 60,000 learners, the feedback this network would give the we observed twelve months later a trend towards more moderate but
organisation and the publicity for the business through brand building strategic and proactive approaches. This evolution indicates how the
are important but equally the gift of content to students helps to keep attributes of social capital and leveraging of different value forms can
clients. P7 also gave guest talks to local University students, “giving back contribute to organisational adaptability and resilience. This is central
is always in my nature. So I think that's actually from a personal point of to defining how social capital is also a social technology that can also be
view and also the organisation in terms of its brand awareness and we seen as counteracting the negative effects of digital technologies.
can show that and we are helping education. And that's our core aim.” Our original question was, “What is the role of social capital within
A common comment associated with the role of reciprocity revolved organisations during periods of crisis?” We saw the machination of so-
around the UK Government's ‘furlough’ scheme during the pandemic cial capital in an organisation through a combination of attributes
which covered the pay of workers who might otherwise have been made functioning to support a network of stakeholders that can be coupled
redundant. A number of interviewees who had utilised the scheme had with external value forms to build adaptability and resilience in the age
“topped up” the 80 % salary payment provided by the government to of polycrisis. This hybrid view of social capital was coupled with four
100 %. This voluntary topping up by organisations was done in good desirable actions (Aldrich and Meyer, 2015) that deploy this social
faith (reflecting the values of the organisation) and to garner trust but technology. Indicative examples of these intersections can be readily
most importantly to generate a feeling of reciprocity as the interviewees identified (Tables 4 and 5) and reinforce the notion of social capital as an
knew that their business would need their staff when the scheme ended. enabling network of connectivity positioned within a wider external
11

G. Fletcher et al. Technological Forecasting & Social Change 223 (2026) 124419
context (Fig. 2). ability to address the challenges of the polycrisis and VUCA world.
Our findings contribute to the literature on social capital and man-
agement by providing empirical evidence of how SMEs leverage their 7. Conclusion
networks through reciprocity, trust and shared values in times of crisis.
The examples offer new insights into the mechanisms of resilience and This study set out to investigate the role of social capital within SMEs
adaptation, expanding our understanding of how businesses navigate during periods of polycrisis, examining how the key attributes of trust,
complex and uncertain environments. reciprocity, and shared values contribute to organisational resilience
What is shown by this research, and exemplified through Tables 3 and adaptability. Our findings make several important contributions to
and 4, is that social capital attributes are being regularly leveraged by theory and practice while also offering actionable insights for SME
SMEs through their stakeholders to varying degrees of positive impact leaders who must navigate an increasingly volatile and uncertain busi-
with the access and relationship with external value forms being a ness environment.
heavily influential factor. The interviewees were able to identify their
own organisational strengths in relation to social capital attributes in 7.1. Theoretical contributions
many ways. Unexpectedly, the act of interviewing also prompted a
number of respondents to reflect on their organisational situation This research makes three significant theoretical contributions. First,
generally and specifically in relation to social capital. The result of this we advance understanding of social capital by proposing and empiri-
reflection has been to encourage an identification and encouragement of cally validating a hybrid theoretical model that synthesises Putnam's
attributes that could bolster further positive actions and consequently network-centric approach with Bourdieu's broader perspective on eco-
strengthen the social capital bonds found within their own organisa- nomic, cultural, and symbolic capital. This integrated framework dem-
tions. As a result, this work itself has become a form of action research in onstrates how social capital functions as both a supportive and
that it has provoked the beginnings of change in the organisations as a potentially restrictive force within SMEs, providing a more nuanced
result of conducting the interviews. While action research was not the understanding than either of these earlier theoretical perspectives offer
intended purpose or expected outcome of the research there is a clear in isolation.
indication of a direction for a future wider research agenda. One of the Second, our research extends the crisis management literature by
respondents (P2) has continued working with the authors by developing demonstrating how the presence of positive social capital can enable not
a project - using a central government funding scheme - that addresses just immediate crisis response but also support the cultivation of long-
the issues initially raised by these interviews. term innovation and adaptability for an organisation. While previous
Perhaps more unexpectedly but entirely in line with theorisations research has often focused on discrete crisis events, our longitudinal
regarding social capital are the indications that our solely UK based study revealed how social capital attributes continue to evolve and
sample is also influenced by the political aspects of the polycrisis that function across overlapping crises, providing insight into the mecha-
parallel the health and economic challenges. The organisational and nisms that can sustain organisational resilience.
individual abuse of government assistance by business during the Third, we contribute to the SME literature by highlighting the dual
COVID-19 pandemic affected the perspectives of many of those who nature of social capital's impact during polycrisis - showing how it can
were interviewed, P8 observed that, “I don't think I've been ruthless serve as both an opportunity and a threat which is determined by how
enough as a business owner, I think a lot of other businesses have external value forms interact with an organisation's stakeholder
benefited or taking advantage of the situation where we haven't”. The network. This advances a theoretical understanding of why some SMEs
diminishment of a national sense of trust and reciprocity were then demonstrate greater resilience and adaptability than others, despite
played out in the comments relating to business activity in a generally facing similar external challenges, superficially the same organisational
negative way. P4 said, “negativity found from enforced financial and structures and operating in common sectors.
contractual variations placed upon our members has led to a diminished
relationship amongst all stakeholders”. 7.2. Empirical contributions
A key learning from the interviews coupled with our subsequent
observations of the UK environment in the continuing polycrisis is that Our study provides valuable empirical evidence through real-time
the maintenance of social capital is important for business - especially data collected during actual crisis conditions, capturing the lived ex-
small businesses. As an enabling stakeholder network with external periences of SME leaders as they navigated the challenges of the COVID-
linkages integrated through various value forms to other organisations 19 pandemic and subsequent economic and political crises. The longi-
of all types, social capital has tangible value. The current UK govern- tudinal nature of our research, with interviews conducted at two distinct
ment enquiry in its own pandemic response (Every Story Matter, 2023), time points in time, reveals how perceptions and strategies evolved
the accusations of government PPE contracts being awarded to un- during that time, offering insights into both immediate reactions and
qualified organisations (Iacobucci, 2021) and the proven mendacity of more strategic, long-term approaches to crisis management.
politicians (Macaskill and Muvija, 2023) all reveal the consequences of The empirical findings particularly highlight how the three attributes
“misspent” social capital during the polycrisis. of social capital - trust, shared values, and reciprocity - manifested in
Small businesses, with a closer knit but smaller network of stake- concrete actions that enabled SMEs to remain viable and even enjoy new
holders are uniquely positioned in relation to wider economic, social, success. Our data shows that SMEs with strong social capital were better
and political challenges. The attributes of reciprocity, shared value and positioned to: engage and use business community support networks,
trust can be more readily encouraged to provide resilience and adapt- increase the social coherence among their stakeholders, enable ongoing
ability. But by being smaller in scale, the risks of failure are greater than transformation and build infrastructural resilience. These findings,
those that are experienced in larger organisations where the bonds organised within Tables 3 and 4, provide clear empirical evidence of
within the organisation that are produced by social capital may be how social capital attributes translate into specific organisational ac-
weaker but the scale of the organisation creates a different form of tions during a crisis.
resilience. This exposure to external risks underscores the importance of
actively maintaining and leveraging access to external value forms of 7.3. Practical implications
social capital as a strategic asset that can be called upon during a crisis.
Fostering an organisational culture that engages the business commu- Our research offers several practical implications for SME leaders,
nity, builds social coherence, can transform and has infrastructural policymakers, and other stakeholders. For SME leaders, our findings
resilience are the basis for actions that produce strategic success and the underscore the strategic importance of cultivating social capital as an
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G. Fletcher et al. Technological Forecasting & Social Change 223 (2026) 124419
organisational resource and social technology that can be leveraged A further limitation is that these interviews did rely on the social
during crisis periods (Box 1). Specifically, we recommend: capital of the research team to gain rapid access during a crisis to get
relatively full responses to their questions. This type of limitation will
● Prioritising trust-building activities with all stakeholders, especially inevitably produce bias but the consistency of the responses that were
during any periods of relative stability, to create reserves of goodwill received reassured the research team that the experiences being docu-
that can be drawn upon during crises mented were generalisable and useful for other SME owners. The par-
● Clearly articulating and consistently demonstrating organisational allel of the research experience with those of the SMEs was captured by
values, ensuring they align with stakeholder expectations and are one comment from P6, “Whilst I still believe there's more we can do, I
reinforced through actions rather than merely stated feel proud of what we've achieved during this period”.
● Fostering reciprocity through strategic sharing practices including The volatility and uncertainty of the ongoing polycrisis being expe-
their own knowledge, offering flexibility and providing support rienced by SMEs in all sectors means that there will be more insight and
without immediate expectations of return learning to be revealed through longitudinal as well as large scale
● Actively participating in business communities and networks to ac- quantitative research. As new challenges emerge specific questions will
cess diverse and new external value forms that can provide resources, be raised but the underlying theorisation will provide clarity and guid-
information and support during crises ance. While new digital technologies will always continue to appear, the
● Using crisis periods as much as possible to be opportunities for social technology of social capital will act as a mitigating agent and draw
strategic transformation rather than merely focusing on short-term businesses and individuals back from extremes of provocation and
operational continuity integration that each new technology inevitably attempts to evoke.
Already the opportunities and threats of generative AI tools, the US
For policymakers, our research shows the need for programmes of presidential transition, widespread warfare and regime change in the
support that recognise and enhance social capital within SME commu- Middle East as well as food and fuel insecurity are continuing the story of
nities, particularly during crisis periods. This might include facilitating polycrisis and public debate. Unravelling the polycrisis is a live and
community building among SMEs, creating platforms for knowledge necessary project to understand the current state of contemporary cap-
sharing, and ensuring that crisis response measures (such as the UK's italism and its persistence through the underlying ordering logic offered
COVID furlough scheme) are designed to strengthen rather than weaken by social capital.
trust relationships. Future research could extend this work in several directions. Larger-
scale studies across multiple countries could test the generalisability of
the presented findings and explore the impact of cultural variations in
7.4. Limitations and future research
how social capital functions during crises. Research incorporating
multiple perspectives from within each organisation could provide more
While our study provides valuable insights, we acknowledge its
nuanced insights into the internal social capital dynamics of individual
limitations. Our sample size, though justified by reaching a theoretical
organisations. Additionally, quantitative studies measuring the rela-
saturation, remains relatively small and geographically focused on UK
tionship between specific social capital attributes and organisational
SMEs. The reliance on a single interviewee per organisation may not
performance metrics during crises would complement our qualitative
capture the full complexity of internal organisational social capital dy-
findings.
namics. However, we attempted to mitigate this limitation by carefully
selecting knowledgeable and representative respondents and by trian-
gulating our findings with secondary sources including contempora- 7.5. Final remarks
neous academic and grey literature. Considering the importance of
multiple perspectives in understanding trust, shared value and reci- In an era of seemingly perpetual polycrisis, our research underscores
procity by involving additional stakeholders from within the organisa- that social capital is not just a theoretical perspective but a practical
tion or the broader business ecosystem could further enrich our findings. resource that enables SMEs to navigate uncertainty and complexity. The
Future research that develops the hybrid model presented here would attributes of trust, shared values, and reciprocity serve as the foundation
benefit from including more categories of stakeholders to provide a for organisational actions that build resilience and adaptability. How-
more holistic view of social capital. ever, social capital is also embedded within broader societal structures
Box 1
Practical implications for SMEs.
A social capital playbook for SME leaders
These practical actions support SMEs to build resilience and adaptability using social capital through the dimensions of trust, reciprocity, and shared values.
Take steps to stabilise
● Map the network. List your top fifteen stakeholders (staff, anchor customers, key suppliers, trade bodies, finance partners). Where are the current areas of trust, reciprocity and
shared values?
● Translate your values into a small number of plain English behaviours. This could be, “We pay on time”, “We tell customers as quickly as possible when a delivery time slips”). Share
the values internally and with partners.
● Find the moments for reciprocity. Offer one meaningful “give” to each priority stakeholder. It could be flexible payment plans for customers, a commitment to a specific supplier
volume or pro-bono support for community partners.
● Strengthen communications. Add short weekly team huddles and monthly stakeholder updates that are brief, transparent and consistent.
● Reconnect to the wider ecosystem. Make the commitment to taking an active role in a relevant cluster, chamber of commerce or professional network.
Then embed and extend
● Invite the community in and be generous. Co-host a mini-event or webinar with a peer organisation or a wider representative body. Use the time to share effective playbooks,
templates and knowledge rather than marketing slides.
● Make everything coherent. Align policies to values such as well-being commitments, forms of working flexibility and supplier fairness. Close any identifiable “we say/we do” gaps
with action that have deadlines.
● Be “always” ready to transform. Plan a workable protocol that enables change to shocks. Define who will decide what, what data will be used for decision-making, how fast any
change is done. Run tabletop tests to check the protocols.
● Make infrastructure resilient. Cover the basics. Ensure backups exist, alternative suppliers are defined, communications channels are established. Better to be resilient before you
become heroic.
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G. Fletcher et al. Technological Forecasting & Social Change 223 (2026) 124419
that can directly influence an organisation's capacity for action. • (if Yes) How will you implement and encourage this change in
By understanding and actively cultivating positive social capital values?
value, SME leaders can better position their organisations to not only • (if Yes) What types of innovation will help develop these new values
survive immediate crises but to transform challenges into opportunities across the organisation?
for long-term strategic innovation. As the nature and frequency of crises
continue to evolve, so too must our understanding of the social tech- 6. Employers and employees will feel they have both given and taken in
nologies that enable organisational resilience. This study provides a new ways during the COVID lockdown. How will you maintain
foundation for that ongoing endeavor, highlighting the critical role of healthy working relationships within the organisation after lock-
social capital in SMEs' navigation of an increasingly volatile, uncertain, down end?
complex, and ambiguous business environment. Supplementary questions
CRediT authorship contribution statement • Will innovation support maintaining and developing positive work-
ing relations?
Gordon Fletcher: Writing – review & editing, Writing – original • (If YES) What form of innovation do you think will be used?
draft, Validation, Methodology, Investigation, Formal analysis, Data
curation, Conceptualization. Alex Fenton: Writing – review & editing, 7. How does your organisation engage with other businesses and the
Writing – original draft, Validation, Methodology, Investigation, Formal wider community other than through direct financial transactions
analysis, Data curation. Jonathan Lord: Writing – review & editing, (such as networks, social responsibility activities)?
Writing – original draft, Validation, Methodology, Investigation, Formal
analysis, Data curation, Conceptualization. Marie Griffiths: Writing –
review & editing, Writing – original draft, Validation, Methodology, Data availability
Investigation, Formal analysis, Data curation, Conceptualization.
Data will be made available on request.
Appendix 1. Research Questions
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Gordon Fletcher is Reader and Associate Dean for Research and Innovation in Salford
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Business School. In this role, Gordon's research focuses on specific examples and experi-
Shankar, V., Narang, U., 2019. Emerging market innovations: unique and differential
ences of digital business, culture and practice. Most recently Gordon has published the
drivers, practitioner implications, and research agenda. Journal of the Academy
open access monograph, Management and Visualisation: Seeing beyond the strategic.
Marketing Science. https://doi.org/10.1007/s11747-019-00685-3.
Sharma, M., Alkatheeri, H., Jabeen, F., Sehrawat, R., 2022. Impact of COVID-19
pandemic on perishable food supply chain management: a contingent resource-based Alex Fenton is Associate Professor and Associate Dean International at the University of
view (RBV) perspective. The International Journal of Logistics Management. 33 (3), Chester Business School. He is a senior fellow of the Higher Education Academy and was
796–817. https://doi.org/10.1108/IJLM-02-2021-0131. previously a Digital Business academic at Salford Business School. He completed his PhD in
Shen, B., Xu, X., Chan, H., Choi, T., 2021. Collaborative innovation in supply chain digital marketing in 2018 and has published a wide range of articles including world
systems: value creation and leadership structure. Int. J. Prod. Econ. 235. https://doi. leading academic journals, and is primary investigator for the Nesta Healthier Lives Data
org/10.1016/j.ijpe.2021.108068. Fund.
Shet, S.V., 2024. A VUCA-ready workforce: exploring employee competencies and
learning and development implications. Pers. Rev. https://doi.org/10.1108/PR-10-
Jonathan Lord is a Senior Lecturer in HRM and Postgraduate Director at Salford Business
2023-0873.
School. Jonathan has previously been a HR Director, Manager and Consultant, working
Shi, J., Wang, J., Kang, L., Sun, J., 2023. How to poach the talents? Role of social capital
across all three sectors. Specifically working within the transport and construction in-
and contextual knowledge base. Technological Forecasting and Social Change 197,
dustries, as well as carrying out HR projects within the public and voluntary sector.
122905. https://doi.org/10.1016/j.techfore.2023.122905.
Sial, F., 2023. “Whose Polycrisis? Developing economics”. https://developingeconomics.
org/2023/01/27/whose-polycrisis/. Marie Griffiths is Professor at Salford Business School. Marie is also Programme Leader for
Siisia¨inen, M., 2020. “Two concepts of social capital: Bourdieu vs. Putnam”. Paper Managing Innovation and IT and Digital Business. Previously the President of UKAIS,
presented at ISTR fourth international conference, trinity college, Dublin, 5th-8th Marie is now a Digital Trustee at a local homeless charity Emmaus Salford, where she
contributed to embedding a digital strategy and introducing new ways of working.
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