<![CDATA[Small and medium-sized enterprises often struggle to convert valuable resources into superior financial outcomes. This study examines the relationships among strategic resources, competitive positioning, operational capability, and SME financial performance under industrial turbulence. Data were collected from 250 SME owners and managers in Makassar City, Indonesia, using a structured survey comprising five constructs measured with 108 items. Data were analyzed using partial least squares structural equation modeling with SmartPLS 4. Strategic resources positively influenced both competitive positioning and operational capability, while competitive positioning positively contributed to SME financial performance. In contrast, strategic resources, operational capability, and industrial turbulence did not have significant direct effects on financial performance. Industrial turbulence strengthened the relationship between operational capability and financial performance but did not significantly moderate the relationship between competitive positioning and financial performance. The findings show that strategic resources provide an important foundation for developing competitive positioning and operational capability, but resource possession alone does not ensure superior financial outcomes. Competitive positioning contributes directly to financial performance, whereas the financial value of operational capability becomes more pronounced under turbulent industrial conditions. These findings emphasize the distinct roles of resource endowment, market positioning, and context-dependent operational capability in explaining SME financial performance.]]>
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