PurposeIn this paper, the authors set out to explore how small- and medium-sized tourism enterprises (SMTEs) in a developing country (Turkey) are coping with economic and financial consequences of coronavirus disease 2019 (COVID-19) pandemic. It is also crucial to understand what kind of policymaking solutions will help them to successfully overcome it.Design/methodology/approachTo gather data, the authors interviewed SMTEs in the Bodrum area – one of the most elite and exciting destinations for foreign travelers in Turkey. Semi-structured interview method was used, and questions for data collection focused on three key areas: (1) impact of COVID-19 on SMTEs, especially in terms of cash flow and other problems, (2) government incentives and (3) business strategies to cope with the crisis.Findings(1) Even a year and a half into the pandemic, despite government relief efforts, vaccination programs, the easing of lockdown and travel restrictions, survival is still the main concern for SMTEs. (2) Although they do not have enough resources, these entrepreneurs have energy and motivation, are optimistic about the future and are investigating new opportunities by capitalizing on their “strategic flexibility”, an intrinsic strength of SMEs. (3) Recovery is going to take a long time, and government support, however crucial in the interim, cannot replace the pre-crisis conditions that are anxiously awaited by these businesses.Research limitations/implicationsOne of the main limitations of this study is that the gathered research data are localized to one destination in Turkey, the Bodrum area. In that respect, it is difficult to hypothesize the degree to which the resulting data can be generalized to other areas of Turkey and the rest of the world. Future work is required to provide greater insight into how to be prepared effectively for this type of crisis. Therefore, further research should be undertaken to investigate tourism and hospitality industry in the whole country and to compare findings to those of other cities and regions. An especially important issue for future research that would yield insight and practical implications worldwide is comparison of findings across countries.Practical implicationsThe impact of COVID-19 is challenging all SMTEs’ conventional business models. Each business needs to evaluate its own internal and external conditions, secure required financial resources necessary for survival and sustainable business strategies for post-COVID-19 era. Besides short-term survival thinking, they also look for long-term business strategies both saving, investing, innovation and diversification. They are also on the look-out to seize any new opportunities presenting themselves as well as for any additional governmental support.Originality/valueThis paper offers a systematic approach toward understanding the realities of SMTEs in the midst of crisis by focusing on their short-term survival and long-term sustainability responses against COVID-19. It also brings practical experiences of industry participants and opinions of industry experts to academicians, practitioners and policymakers, shedding light on challenges faced by SMTEs.
This study sets out to review in detail the available information on SMEs crisis management. Despite SMEs’ crucial role in the economy, relatively little research has been carried out on the effects of the economic crisis on SMEs and how they can cope with a crisis. This work will generate fresh insight into the crisis management for SMEs and provide a clear and easily understandable framework to survive COVID-19 and beyond. Ensuring sound cash flow during the crisis is the center of our framework. It is also crucial to have timely, accurate information and confident, courageous management. It will enable accurate analysis of the situation to restore or establish a new level of homeostasis from the perspective of bounded rationality. There is no generic treatment for overcoming a crisis. Tailor–made strategies and implementations empower companies to approach crisis resolution in the context of equifinality. There is only one goal: to survive the crisis. Yet, every company will have its own unique way to reach this goal.
The technological developments in the banking sector have significant implications for banks and are dramatically changing the way retail banks conduct their business. Banks can invest in digital banking (DB) services either to acquire a strategic advantage or because doing so has become a strategic necessity. This study is organized to examine if DB service channels have any positive or negative impact on Turkish deposit banks’ performance. With this aim in mind, in the first stage of the proposed DEA model, physical assets are used. Then, in the second stage, DB service channels are added to see if they have any impact on banks’ performance. The results show that the banks are investing in DB services just to keep the competition as it is. In other words, they invest in DB services as a strategic necessity. DB services do not provide any strategic advantage to any banks in terms of financial performance or efficiency since the banks are already efficient. Investing in DB only helped to preserve their strategic positions. The Turkish deposit banking industry is very competitive and very profitable, and it is necessary to invest in DB services just to keep the competition as it is.
Turkey is one of the new centers of attraction for healthcare tourism with increasing efforts for improvement at policy making level. In link with the specific targets for healthcare tourism income set by the government, this study aims to analyze historical data of healthcare tourism income of Turkey over 2002-2015 and provide future forecasts. Both annual and quarterly healthcare tourism income data are analyzed to investigate the share of healthcare tourism income in aggregate tourism income and to search for seasonal effects. Results indicate that relying on the high correlation between aggregate tourism and healthcare tourism income, healthcare tourism income can be presented and forecasted as a percentage of annual tourism income. Seasonality is observed for the aggregate tourism income, where it is also present for healthcare tourism income between 2002 and 2009. It is also found that Turkey has an upward trend in health and aggregate tourism income.
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