Purpose: The purpose of this paper is to show how different business model innovations (BMIs) help small and medium-sized enterprises (SMEs) in the food and beverage industry to navigate turbulent and uncertain environments such as the coronavirus economic crisis (COVID-19).Design/methodology/approach: The paper adopts an in-depth case study approach and uses a dynamic business modeling (DBM) approach to analyze how a pioneer craft brewery in Switzerland implemented innovative actions undertaken during the COVID-19 pandemic.Findings: The paper offers a novel framework describing three processes helping SMEs to implement innovations in their business model (BM) to respond in an effective way to crises, such as the COVID-19 pandemic. The first process refers to SMEs' ability to leverage readily available resources and allows SMEs to rapidly use their current knowledge to react to the changing environment amid the crisis. The second process points at SMEs' ability to transform existing resources into novel products or solutions. Finally, by mobilizing distant resources from their network, SMEs can obtain new resources and knowledge that facilitate the implementation of major changes in their BM.Originality/value: Unlike previous studies, this research adopts a cause-and-effect perspective to make explicit how SMEs' BM changes affect strategic resources, key drivers and processes, thereby impacting performance. The analysis of the multiple reinforcing and balancing feedback loops resulting from the DBM approach can help SME entrepreneurs learn how and what changes are required in their BM to effectively face turbulent times, such as the COVID-19 crisis. From such an analysis, it emerged that the ability of SMEs to effectively implement innovations amid a crisis depends in large part on their collaborations with business partners and their ability to use and transform internal and external knowledge. In addition, as the future evolution of the COVID-19 crisis is still ongoing and uncertain, this study offers a unique perspective for SMEs in the food and beverage industry as the situation unfolds rather than after the fact.