**Main****Overview of the Literature and Hypotheses**### Hypotheses Regarding the Antecedents of Business Model Innovation (BMI) and their impact on SME Performance**1. Enterprise Risk Management (ERM) and Business Model Innovation (BMI)****Hypothesis 1:** ERM positively influences SMEs' performance.**2. Organizational Agility (OA) and Business Model Innovation (BMI)****Hypothesis 2:** Organizational agility (OA) positively influences SMEs' performance.**3. Entrepreneurial Orientation (EO) and Business Model Innovation (BMI)****Hypothesis 3:** EO positively influences SMEs' performance.**4. Efficiency-Centered BMI and SME Performance****Hypothesis 4a:** Efficiency-centered BMI mediates the relationship between ERM and SME performance.**Hypothesis 4b:** Efficiency-centered BMI mediates the relationship between OA and SME performance.**Hypothesis 4c:** Efficiency-centered BMI mediates the relationship between EO and SME performance.**5. Novelty-Centered BMI and SME Performance****Hypothesis 5a:** Novelty-centered BMI does not mediate the relationship between ERM and SME performance.**Hypothesis 5b:** Novelty-centered BMI does not mediate the relationship between OA and SME performance.**Hypothesis 5c:** Novelty-centered BMI does not mediate the relationship between EO and SME performance.**Methodology and Data Collection*** Structured questionnaires were used for data collection.* A pilot test was conducted to ensure questionnaire validity.* Data was collected from SMEs in Henan Province, China, due to its representativeness of China's centralized population and economic well-being.* 410 questionnaires were distributed, with 57 discarded due to identical answers.* Analysis of Moment Structures (AMOS) was used to test the hypotheses.* G*Power was used to determine the sample size.**Results and Discussion****1. Measurement Model Evaluation*** The measurement model exhibited satisfactory fit indices (χ²/df = 2.359, TLI = 0.9, CFI = 0.935, RMSEA = 1.61, SRMR = 0.81).**2. Hypothesis Testing*** Efficiency-centered BMI mediated the relationship between ERM and SME performance (indirect effect = 0.15, CI 95% = [0.06, 0.3]).* OA positively influenced SME performance via efficiency-centered BMI (indirect effect = 0.32, CI 95% = [0.05, 0.59]).* EO also had a significant impact on SME performance through efficiency-centered BMI (indirect effect = 0.01, CI 95% = [0.0, 0.17]).* Hence, hypotheses 4a, 4b, and 4c were accepted, while hypotheses 5a, 5b, and 5c were rejected.**Implications for Practice****1. Focus on ERM, OA, and EO to Enhance Business Model Innovation (BMI)*** SMEs can improve their performance by enhancing their ERM, OA, and EO.**2. Prioritize Efficiency-Centered BMI*** Novelty-centered BMI does not lead to performance improvement.* SMEs should prioritize efficiency-centered BMI (e.g., optimizing production processes, reducing costs, or improving productivity) because it usually requires a lower initial investment and can generate results more quickly.**3. Embrace Digitalization*** SMEs can establish a modern home shopping platform using the O2O model and create a novel industrial ecosystem.**6. Research Limitations and Future Directions*** Small sample size.* Limitations of using existing scales from abroad.* Future research could explore the relationship between technology and BMI as a precursor.