PERFORMANCES OUTCOME AND IMPLEMENTATION CHALLENGES OF BALANCE SCORECARD IN SMEs: A SYSTEMATIC LITERATURE REVIEW

Abstrak

Small and medium-sized enterprises (SMEs) play an important role in economic development and business sustainability. The Balanced Scorecard (BSC) is widely recognized as a strategic performance measurement framework that integrates financial and non-financial perspectives, including financial, customer, internal business process, and learning and growth dimensions. This study aims to examine the performance outcomes and implementation challenges of BSC in SMEs through a Systematic Literature Review (SLR). Using the PRISMA 2020 framework, 225 records published between 2022 and 2026 were identified through Publish or Perish and supporting databases, resulting in 20 selected studies for final review. The findings indicate that BSC implementation positively contributes to SME performance by improving financial management, customer orientation, operational efficiency, strategic alignment, employee development, and decision-making quality. However, several implementation barriers were identified, including limited resources, weak managerial capability, lack of strategic planning, and difficulties in determining appropriate key performance indicators (KPIs). The review concludes that BSC has strong potential as a strategic performance management tool for SMEs when implemented through simplified and contextually adaptive models that align with organizational capacity and business characteristics.