Purpose The purpose of this paper is to offer small to medium‐sized organizations (SMOs) with global business aspirations an innovative approach to performance measurement and management. Design/methodology/approach The first phase of this research is based on a literature review. The second phase capitalizes on the literature review to offer a conceptual framework aimed at improving the performance measurement approach utilized by SMOs. The advocated approach stresses performance measurement, benchmarking, and effective implementation. Findings The conceptual approach offered in this study represents the main outcome of this applied research. The advocated approach integrates several frameworks in an effort to address practical concerns related to performance measurement, management, and improvement. Research limitations/implications The research offered in this study has practical and theoretical implications. The proposed approach offered by this study should be refined and validated through future research. Practical implications The approach presented in this study offers practicing managers a systematic and practical approach to performance measurement, management, and improvement. Originality/value The approach offered in this study capitalizes on several methodologies and tools to offer managers a benchmarking‐based performance management approach suitable for SMOs with global operational aspirations.
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