'Don't measure profits, go for the goals': preliminary investigation into how owner-operator objectives impact perceived SME performance

By examining their relative usefulness in explaining the utility owners receive from their firms, this study finds that both 'objective' economic return and 'subjective' owner-operator goal achievement play a significant role. However, 'objective' economic return was found to be less effective than its 'subjective' alternative, thereby debunking the argument that income/wealth maximization is the only, or even the best, way to assess a SME owner's utility. The findings also support the contention that measures of SME performance should incorporate how effectively firms in achieving their owner-operators' goals.