This study aimed to develop an approach for a digital maturity model (DMM) based on Small and Medium Enterprises’ (SMEs’) requirements. Our research is based on a systematic literature review in which we analyzed and compared existing approaches of DMMs with regard to their stakeholders. In addition, we conducted several interviews with SMEs for the InnoSÜD research project “Digitaler Reifegrad@Mittelstand.” Our findings show that DMMs are currently a significant topic for SMEs across various industry sectors, but there is no consensus on the required dimensions to examine when applying a DMM. The chapter offers an approach to the development of a DMM consisting of the following dimensions: digital strategy, partner interface, the company’s processes, employees and technologies, products and services, and customer interface. Moreover, the chapter offers recommendations for further research.