Looking back, thinking ahead: A systematic review of business models in SMEs

Business Models (BMs) are central to how SMEs compete in dynamic environments. Despite their importance, research on BMs in SMEs remains fragmented, with limited integration across theoretical perspectives and empirical insights. This study addresses that gap through a systematic literature review of 405 articles retrieved from Scopus and WoS, mapping the intellectual structure of BMs research in SMEs. Using bibliometric and thematic analysis, six dominant research clusters are identified and synthesised. Drawing on key theories, including the resource-based view, dynamic capabilities, and stakeholder theory, the study develops an integrative framework linking contextual determinants, configuration mechanisms, and the strategic, operational, and societal outcomes of BMs in SMEs. The framework positions BMs in SMEs as context-sensitive systems shaped by the interplay of resources, adaptive capabilities, and stakeholder expectations. The paper concludes with a future research agenda that highlights overlooked areas, including how SMEs navigate overlapping pressures, internal heterogeneity, micro-level BM processes, responsible digital practices, and diverse network structures. By integrating fragmented insights into a coherent framework, this review provides a foundation for advancing theory and offering practical guidance for SMEs operating under resource constraints and environmental turbulence.