Global competitiveness, economic slack and uncertainty of business environment give birth to a number of significant questions which are related to the quality management of business in small and medium enterprises and to their capability to function successfully in a long-term perspective. An enterprise itself develops in a cyclic mode. In order to provide the sustainable development of an enterprise in dynamically changing environment of contemporary business, methods based on new approaches should be used in its management. The authors show the opportunities of implementation of enterprise life cycle concept for management of enterprise’s sustainable performance. They have specified parameters for identification of stages of enterprise’s life cycle