Small and medium enterprises play a key role in the maintenance and economic development of many emerging countries. They use different internal and external components of intellectual capital, but most companies do not have a systematic approach to intellectual capital management. The article examines the special manner of perceiving and understanding this resource and determines the degree of intellectual capital's influence on the performance of national SMEs. The study, based on the authors' empirical research, has tested hypotheses about the impact of separate elements of intellectual capital, such as human, structural and customer capital, on the overall performance of small and medium-sized businesses. Intellectual capital is assessed with respect to resource-based view theory. By conducting surveys of 206 representatives of small and medium-sized companies and using the SPSS application package, several hypotheses about the influence of intellectual capital on the company's efficiency have been proved. The study presents calculations confirming the existence of a direct relationship between the level of development of intellectual capital and the growth of SMEs' productivity. This research also provides computations allowing to conclude that in elaborating a series of measures for improving the efficiency by using intellectual capital, it is advisable increasing the knowledge and professional skills of the enterprise's management staff. The article also provides a comprehensive analysis of the factors influencing the process of using intellectual capital in SMEs, according to which it is necessary to improve government measures aimed at increasing the efficiency of using intellectual capital.