Small to medium enterprises (SMEs) represent the majority of emerging businesses in the developing world as such they play a key role in sustaining economies and livelihoods. Despite their importance, SMEs face enormous performance and growth related challenges rooted in the turbulent environment in which they operate as well as lack of strategically managing their finances. There has been numerous studies towards enhancing SMEs performance with scanty research on studies on developing conceptual framework that guide SME performance and growth. The theoretical paper reviewed various theories on business performance and growth leading to the development a conceptual framework for SMEs in the turbulent environment. Drawing from a sound theoretical and conceptual base, SMEs in the developing world have the potential to enhance performance and sigficantly contributing to the respective economies.