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This article explores critical areas for enhancing the competitiveness of SMEs in the globalized economy. Due to the fiercer nature of current competitiveness, the business sector has to adapt and enhance their capability in response to rapid environmental changes. This article explores the Resource-Based View (RBV) and Dynamic Capability perspective and their effects on the performance of small and medium-sized enterprises (SMEs). This review shows that the concept of RBV contributes to driving SME performance. Dynamic capability, which is part of the management process, also helps in stimulating RBV to enhance the performance of SMEs and their competitive advantages. Additionally, this article provides several useful implications for policy that is related to the development of SMEs. It will, hopefully, contribute to the process of developing effective strategies within their organizations. It will also be of great value for researchers and practitioners who are involved in the SME sector.