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Abstract


BUSINESS METRICS TO MEASURE THE SUCCESS OF SMEs: AN APPROACH FOR CRAFTING AN EFFECTIVE BUSINESS MODEL INNOVATION TOOL

There is a need for multi-faceted perspectives specifically requiring attention for SMEs to hold the largest market share and maintain the market leadership status. Therefore, it is vital for SMEs to engage in innovation as a perpetual process, which is a systematic approach, rather than random creativity. The process of innovation can be measured through diverse criteria such as the number of projects, ideas created, individuals involved in the innovation process as well as new product launch, earnings from newly introduced products, R&D budget, and sales from previously introduced projects. Thus, business metrics should be applied to evaluate organizational performance in terms of reinforcing the role of innovation within a firm and delivering capability to organizational, operational and strategic areas. Within this framework, potential measures primarily associated with knowledge management, R&D capabilities and innovation capacity help create a shared understanding that efforts are needed to create an organizational structure to leverage the organizational performance and capacity. Hence, business models are critical in creating the business impact that facilitates improved business activities, boosted profits, growth in revenue, increased customer satisfaction. In the modern business world, there is an increasing necessity for SMEs to continuously renew their business models to adapt rapidly changing external environment. SMEs have been experiencing problems putting a sound performance measurement model in practice and this entails SMEs to focus on establishing standards for performance measurements known as business metrics. The goal of this study is to explain the need for business metrics to measure the performance and success of organizations and present a method and approach for crafting an effective tool to address the importance of the business model innovation process at the organizational level. In this context, a business model innovation tool has been created with the contributions of the Illinois Business Consulting (IBC) group at Illinois University.



Keywords
Small and medium-sized enterprises (SMEs), innovation, business model, business model innovation, business performance metrics



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