Dynamic capabilities embody various capabilities that drive the organization’s adaptiveness and are studied from management and information systems perspectives. However, the impact of specific dynamic and organizational capabilities, i.e., management system adaptability and improvisational capabilities, on business model innovation under tumultuous times still has to be unfolded. Therefore, this study investigates the role of these capabilities during the COVID-19 crisis. This study presents the results of analyses on obtained survey data (N = 105) from Ghana and shows that these two strategic capabilities significantly influence business model innovation. Also, this study shows that business model innovation positively influences organizational performance under COVID-19. These results extend the current knowledge base of dynamic and organizational capabilities while offering implications for practice. We also offer various practical recommendations that help overcome business model innovation challenges during tumultuous times.