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The failure rates of small and medium enterprises（SMEs）in developing countries have been very high,with many of them closing down within the first five years of operation.This research seeks to tackle SME performance problems by linking dynamic managerial capabilities to firm performance.Particularly,in today’s dynamic market environment it is vitally important for managers（or owners）of SMEs to possess dynamic managerial capabilities.This study limited its focus to three managerial capabilities namely networking,sensing,and innovation with the moderating effect of market dynamism.The research is believed to have contributed to the strategic management literature.The research method was quantitative.Non-probability sample of 300 SME owners/managers operating in Shuzu industrial zone of Zhejiang province was considered.Data analysis included Smart PLS 3? using structural equation modelling（SEM）.The data collection and analysis provided findings that revealed that Chinese SME owners effectively employ managerial capabilities in managing their firms.The moderating variable,however,had a significant effect only on sensing capabilities.The findings from this study suggest that SMEs need to improve their knowledge and application of managerial capabilities in transforming their business performance thereby contributing to the national economy.The recommendation for SME owners/managers in private,public,and academic sectors is to embrace dynamic managerial capabilities particularly in environments of rapid technological and market shifts.The study also provided contribution to both academia and practice by adding to the existing literature on dynamic capabilities.A better understanding of how to use their distinctive capabilities particularly networking,sensing,and innovation to build up a solid and sustainable firm performance that resists the waves of market upheavals is expected to greatly benefit theory,policy and practice.