Navigating Turbulence Amidst Pandemic Through Examination of Frugality Management in Tourism-Based Thai SMEs by The Second-generation Owners

Abstract

Reflecting on the COVID-19 pandemic, this crisis forced many companies to reassess and adapt their strategies for survival and growth. During the height of the crisis, with revenues plummeting to nearly zero, SMEs not only fought for their own survival but also struggled to safeguard the livelihoods of their employees, whom they regard as family. Focusing on Thailand’s tourism-based economy, this research investigates and analyzes notable success stories of the SMEs in the service industry by exploring how second-generation business owners, equipped with education, international experience, and innovative mindsets, strategically adapted their family businesses during the crisis. By implementing new solutions, making bold decisions on cost reduction, and maximizing resources, these owners set new standards and generated revenue during uncertain times.