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Purpose The aim of this paper is to characterise the association between business network and the balanced scorecard used by Malaysian small and medium enterprises (SMEs) as a method for assessing firm efficiency. The business network takes into account both the dimensions of stability and efficiency. The business network can help SMEs, with fewer resources to remain competitive. By having a secure business network, the performance of SMEs in Malaysia can be further improved. A business network can facilitate swift coordination amongst distant geographies to create new competitive advantages by accessing market segments, resources as well as building strategic business alliances. Design/methodology/approach A total of 404 sets of data collected by using stratified random sampling and structured questionnaire as an instrument. The list of SMEs collected from the Malaysia Foreign Trade Growth Corporate Directory (MATRADE) directories. Structural equation modelling (SEM) was utilised to analyse the data. Findings The findings show that the business network plays a role in the balanced scorecard (BSC) outcomes of Malaysian SMEs. Originality/value This article provides the owners and managers with an awareness to rapidly achieve the company's efficiency. Finally, the new article often has some consequences for decision-makers and regulators.