This study looks at SME’s currently operating in Sweden and examines the relationship between EO and business performance with a moderating role of firm life cycles. Based on a quantitative study of 370 SME’s in Sweden the empirical research results suggests a broad use of EO in SME’s as well as identifying a multidimensional perspective towards EO. Some EO dimensions showed promising relationships towards performance in certain life cycle stages whilst others did not strengthening the argument that EO is multidimensional. In brief, the study contributes with further knowledge and further valuable findings were found within the construct of EO and business performance in SMEs.