The need to evaluate performance of business organization at Small and Medium Enterprises (SMEs) has been developing, yet there is an absence of extensive activity framework to encourage the procedure. The paper deliberates the evolvement of performance indicators based on business process applying a two-round Modified-Delphi method. It is used to assemble experts’ perceptions to develop the list of the indicators and to reveal insight into the dissimilarity of expert judgments. The SPSS software was implemented to evaluate the data. Twenty-two indicators were assembled in, namely strategic management, core function, and support elemental perspective. The indicators have been ranked based on their significance. From ten indicators ranking, process orientation is found to be the most important indicator. The core function is the most domain perspective, followed three under support elemental perspective, and only two from the strategic management perspective. The study outcomes also give critical implications to researchers and practitioners in SMEs.