Effective business model adaptations in family SMEs in response to the COVID-19 crisis

Purpose The present paper aims at exploring effective business model adaptations in response to unexpected events such as the COVID-19 pandemic. Design/methodology/approach The authors test the effect of two major business model adaptations, namely changes in the value proposition and changes in the target market, on a sample of 96 family SMEs. Findings Results show that only changes in the value proposition had a positive and significant impact on performance, helping family SMEs to better confront COVID-19. However, this effect is reduced in the case of target market change. Originality/value To the best of the authors' knowledge, this is the first study to investigate how business model adaptations in family SMEs affect performance in crisis situations.