Performance Management Model for SMEs

Abstract

One of the biggest challenges of all times for a company is to achieve performance. This term has a wide interpretation, from financial performance to innovation performance or social responsibility performance. Each company chooses its path to performance by defining its mission, strategic objectives and by improving its internal processes to achieve performance. There are plenty of tools for measuring the performance of a company, but SMEs need special tools for measuring and guidance through performance. This paper is proposing a new theoretical model for performance management for SMEs that will enable an up-to-date approach of managing performance in a small business. It is also presenting a number of factors that influences and limits the model.