The aim of this research paper is to explore how SMEs strategically use the elements of Shafer’s Business Model in order to face both internal and external uncertainties, and secondly how this affects their speed of first market entry, deepening and geographical diversification. This will be addressed through the research question: How can SMEs use their business model as a strategic tool to face uncertainties and how does it affect their internationalisation speed? With an interpretivist ideology, this research paper is, based on a single case study, implementing an abductive approach with systematic combining, with the purpose of developing an integrated framework for SMEs. The qualitative data consists of semi-structured interviews with the retail manager, diamond department manager and a supplier of the case company.
It is concluded that the internal and external uncertainties are faced mainly through the elements of strategic choices and the value network, while the elements of capturing and creating value support the other elements. Further, it is concluded that each dimension of speed is affected by different elements of the business model as they are used to face uncertainties, depending on the stage of internationalisation.