The Muamalat Newsletter Vol. 1 2024

FEM eNewsletter | June 2024 49 References Al-Araki, M. (2013). SWOT Analysis Revisited through PEAK-Framework. Journal of Intelligent and Fuzzy Systems, 25, 615–625. https://doi.org/10.3233/IFS-120668 Fernandes, C., Veiga, P. M., Lobo, C. A., & Raposo, M. (2022). Global Talent Management During the COVID‐19 Pandemic? The Gods Must Be Crazy! Thunderbird International Business Review, 1(11). https://doi.org/10.1002/tie.22249 Han, W., & Guangrui, T. (2018). The SWOT-PEST Analysis of the Construction of Incentive System for State-owned Enterprises’ Scientific Researchers. IOP Conference Series: Materials Science and Engineering, 439(3). https://doi.org/10.1088/1757- 899X/439/3/032032 Puyt, R. W., Lie, F. B., & Wilderom, C. P. M. (2023). The Origins of SWOT Analysis. Long Range Planning, 56(3), 102304. https://doi. org/10.1016/j.lrp.2023.102304 Sammut-Bonnici, T., & Galea, D. (2014). PEST Analysis. In Wiley Encyclopedia of Management. John Wiley & Sons, Ltd. https:// doi.org/10.1002/9781118785317.weom120113 Seow, R. Y. C. (2022). PEST Analysis of the Direct Selling Industry in China. In F. Pardi, S. Junos, H. Yaakob, H. M. Nasir, & N. F. Z. Abedin (Eds.), National e-Conference 2022 (FReN-C 2022) Proceedings (Issue 5, pp. 5–21). University Teknologi MARA Cawangan Negeri Sembilan. Seow, R. Y. C. (2024). Navigating the VUCA Landscape: Strategic Insights from China’s Direct Selling Industry. In U. S. Ak- tharsha, A. Selvarani, & P. L. Senthil (Eds.), Innovative Management Practices and Sustainability in VUCA World (pp. 197–209). Jazym Publications. Taskan, B., Junça-Silva, A., & Caetano, A. (2022). Clarifying the Conceptual Map of VUCA: A Systematic Review. International Journal of Organizational Analysis, 30(7), 196–217. https://doi.org/10.1108/IJOA-02-2022-3136 Xie, J., Zhang, L., & Zhang, Z. (2021). SWOT-PEST Analysis and Research on the Development of Chinese Table Tennis in the New Era. Converter Magazine, 2021(5), 521–527. www.converter-magazine.info Yaacob, Z., & Radzi, R. M. (2022). Public Policy Response During COVID-19 Pandemic for SME’s Survival in Malaysia. ASEAN En- trepreneurship Journal, 8(1), 41–52. Zhu, C.-M. (2021). The Development Strategy Analysis of JD’ Logistics based on PEST-SWOT Matrix. International Conference on Management, Economics, Business and Information Technology, 149–153. Following the thorough corporate exercises of PEST and SWOT analyses, the management team should possess a robust understanding of the business landscape. Armed with insights from these analyses, they are better equipped to formulate strategies that are not only relevant but also practically executable. While it may appear that a company can pursue a broad range of strategies, the reality for SMEs is often quite different due to their limited resources and capabilities. Therefore, it is crucial for SMEs to prioritize their efforts towards strategies that will deliver the most impact. Unless facing immediate threats to their survival, SMEs would benefit from allocating resources to at least one mid-to-long term strategy. Overemphasis on short-term tactics can jeopardize long-term sustainability and growth, making it advisable to adopt a balanced strategic approach that includes longer-term objectives. In conclusion, one of the most effective methods to empower SMEs to navigate the complexities of the VUCA era involves a tripartite approach: conducting PEST and SWOT analyses followed by strategic development (Han & Guangrui, 2018; Xie et al., 2021; Zhu, 2021). Opting for quick fixes without a deep understanding of the business environment is akin to marrying a stranger—a risky and potentially costly endeavour. Recognizing the challenges that SMEs may face in executing this three- pronged process due to limited resources, it is advisable for these enterprises to seek external assistance. This support can facilitate a more effective and insightful strategic planning process, ultimately positioning SMEs for greater resilience and success in a turbulent business climate.