The goal of the research is, studying the performance of SMEs and the factors affecting performance achieving, to propose performance measurement concept encouraging the sustainable development of SMEs and to suggest performance evaluation approach according to company’s life cycle. The object of the study is SMEs from the sub-sector of manufacturing industry in Latvia. The authors create a model of sustainable performing of SMEs on the base of the results obtained from qualitative and quantitative research. External and internal business environment factors influencing effective performance of the enterprise and performance indicators that are to be supervised principally, according to the enterprise life cycle phases are included in the model. The developed model of SME sustainable performing has been tested in the sector of printing in manufacturing industry. Calculations and data processing were carried out using Microsoft Excel and EViews software.