Purpose The purpose of this paper is to help readers to better understand and manage the key drivers of business model performance. Design/methodology/approach This paper investigates research on business model performance to identify and illustrate five static and dynamic performance drivers. Findings While performance mechanisms linked to traditional business model components remain instrumental for business model success, the authors argue that managers need to adopt a more dynamic view, emphasizing how changing combinations of drivers matter over a firm’s life cycle. Originality/value The proposed approach combines insights from multiple theoretical perspective into an actionable framework for management practitioners.