Financial Resilience of Food and Beverage SMEs in the VUCA Era: Qualitative Study in Tuban
Isi Artikel Utama
Abstrak
Purpose: This study explores how food and beverage MSMEs build financial resilience in the VUCA era through everyday financial practices, digital transactions, working capital discipline, and crisis-oriented decision making.
Methodology: A qualitative case study design was used. Data were collected through semi-structured interviews, observation, and document review involving selected MSME owners or managers in Tuban Regency. The data were analyzed using thematic analysis with triangulation and
member checking.
Results: The findings show that MSME financial resilience is formed through five practices: separating business and household cash, maintaining flexible working capital, adapting prices and procurement, using fintech for transaction records, and relying on supplier-customer networks during uncertainty.
Conclusions: Financial resilience in a VUCA environment is not merely determined by the size of capital, but by disciplined cash behavior, adaptive capability, digital financial literacy, and the ability to interpret market signals.
Contribution: The article contributes a context-based qualitative explanation of MSME financial resilience and offers practical guidance for MSME assistance programs.
Limitations: This study is limited to food and beverage MSMEs in Tuban Regency and uses qualitative interpretation based on selected informants.
Contribution: The article
contributes a context-based qualitative explanation of MSME financial resilience and offers practical guidance for MSME assistance programs.
Rincian Artikel
Referensi
Adomako, S., Danso, A., & Ofori Damoah, J. (2016). The moderating influence of financial literacy on the relationship between access to finance and firm growth in Ghana. Venture Capital, 18(1), 43–61. https://doi.org/10.1080/13691066.2015.1079952
Afrifa, G. A. (2016). Net working capital, cash flow and performance of UK SMEs. Review of Accounting and Finance, 15(1), 21–44. https://doi.org/10.1108/RAF-02-2015-0031
Amalia, S. N., Rosalina, E., & Anggita, W. (2026). The effects of financial inclusion and financial literacy on MSMEs’ financial performance in Belitung. Riset Akuntansi dan Bisnis Indonesia, 2(1), 11–23. https://doi.org/10.61401/rabi.v2i1.455
Atkinson, A., & Messy, F. A. (2012). Measuring financial literacy: Results of the OECD/International Network on Financial Education pilot study. OECD Working Papers on Finance, Insurance and Private Pensions, 15, 1–73.
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120.
Bennett, N., & Lemoine, G. J. (2014). What VUCA really means for you. Harvard Business Review, 92(1), 27.
Chyrinne, E. (2026). Crisis leadership and financial resilience in MSMEs. International Journal of Social and Management Studies, 7(1), 1–10.
Duchek, S. (2020). Organizational resilience: A capability-based conceptualization. Business Research, 13, 215–246. https://doi.org/10.1007/s40685-019-0085-7
Eniola, A. A., & Entebang, H. (2017). SME managers and financial literacy. Global Business Review, 18(3), 559–576.
Enqvist, J., Graham, M., & Nikkinen, J. (2014). The impact of working capital management on firm profitability in different business cycles. Research in International Business and Finance, 32, 36–49.
Hamzah, R. S. (2024). Enhancing MSMEs financial resilience: Integrating working capital management and financial performance. Maksimum: Media Akuntansi Universitas Muhammadiyah Semarang, 14(2), 187–203.
Hasan, G., Kristia, E., Fatonah Salsabila Sopyan, S., Chintya Yan, C., & Intan Nuraini, S. (2025). Penerapan Integrated Marketing Communication (IMC) pada UMKM Dobakes. Jurnal Relevansi: Ekonomi, Manajemen dan Bisnis, 9(2), 236–247. https://doi.org/10.61401/relevansi.v9i2.320
Herbane, B. (2019). Rethinking organizational resilience and strategic renewal in SMEs. Entrepreneurship & Regional Development, 31(5–6), 476–495. https://doi.org/10.1080/08985626.2018.1541594
Hillmann, J., & Guenther, E. (2021). Organizational resilience: A valuable construct for management research? International Journal of Management Reviews, 23(1), 7–44. https://doi.org/10.1111/ijmr.12239
Himawan, I. A. (2025). Enhancing the financial resilience of MSMEs: The role of financial literacy, financial inclusion, and financial behavior. Journal of Social Development, 1(1), 1–7.
Kartobi, R., & Gustiawaty Dewi, F. (2026). The effect of environmental performance and environmental costs on firm value with profitability as a mediating variable. Studi Akuntansi dan Bisnis Indonesia, 1(4), 231–246. https://doi.org/10.61401/sabi.v1i4.401
Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44.
Mahendra, A., Yateno, Y., & Imantoro, J. (2026). Product variety and price on purchase decisions at a retail grocery store in Indonesia. Studi Akuntansi dan Bisnis Indonesia, 1(4), 261–272. https://doi.org/10.61401/sabi.v1i4.507
Miles, M. B., Huberman, A. M., & Saldaña, J. (2014). Qualitative data analysis: A methods sourcebook. SAGE Publications.
Millar, C. C. J. M., Groth, O., & Mahon, J. F. (2018). Management innovation in a VUCA world: Challenges and recommendations. California Management Review, 61(1), 5–14.
Normawati, R. A. (2025). Digital financial literacy as an antecedent to financial inclusion and MSME performance. Jurnal Sentralisasi, 14(1), 45–70.
Safitri, M. (2025). The role of financial technology (FinTech) in enhancing access to capital for MSMEs. Jurnal Ilmiah Global Education, 6(3), 1748–1756.
Saputri, R. D. A., & Shofi, F. (2025). Dampak digitalisasi keuangan dalam bentuk cashless payment pada financial performance usaha mikro kecil menengah Kota Malang. Jurnal Bisnis Mahasiswa, 5(6), 3526–3534. https://doi.org/10.60036/jbm.1076
Shofi, F. (2025). Problematika dan tingkat akses keuangan pada UMKM: Sebuah pintu kinerja yang lebih baik. Journal Islamic Banking, 5(1), 15–23. https://doi.org/10.51675/jib.v5i1.1117
Shofi, F., Aisjah, S., & Suryadi, N. (2022). The impacts of social capital and financial literacy on business performance with financial access SMEs Batik Pamekasan Regency as mediation. International Journal of Research in Business and Social Science, 11(8), 213–220. https://doi.org/10.20525/ijrbs.v11i8.2146
Shofi, F., Prabowo, W. A. S., & Rosada, A. (2026). Transformasi transaksi keuangan digital: Pengaruh penggunaan sistem pembayaran non-tunai terhadap kinerja keuangan UMKM di Kabupaten Pamekasan. RIGGS: Journal of Artificial Intelligence and Digital Business, 5(2). https://doi.org/10.31004/riggs.v5i2.8984
Syaifudin, A., & Rifani, A. (2026). Mediating role of brand image: Competitive advantage and school selection decisions in Islamic education. Jurnal Relevansi: Ekonomi, Manajemen dan Bisnis, 9(2), 413–427. https://doi.org/10.61401/relevansi.v9i2.421
Talom, F. S. G., & Tengeh, R. K. (2020). The impact of mobile money on the financial performance of the SMEs in Douala, Cameroon. Sustainability, 12(1), Article 183. https://doi.org/10.3390/su12010183
Teece, D. J. (2007). Explicating dynamic capabilities: The nature and microfoundations of sustainable enterprise performance. Strategic Management Journal, 28(13), 1319–1350.
Williams, T. A., Gruber, D. A., Sutcliffe, K. M., Shepherd, D. A., & Zhao, E. Y. (2017). Organizational response to adversity: Fusing crisis management and resilience research streams. Academy of Management Annals, 11(2), 733–769. https://doi.org/10.5465/annals.2015.0134