The paper aims to analyze the relationships between strategic capabilities and performance among food SMEs, identifying which capabilities play a leading role in establishing competitive advantage. Four strategic capabilities were analyzed: innovation, marketing, network, and information acquisition. We ran a Structural Equation Model involving 67 food SMEs located in Italy. The results revealed that the marketing, network, and innovation capabilities directly and positively affect performance. SMEs benefit from selling their products in the national market. The network capability plays a dual role: It has a direct positive influence on performance as well as an indirect effect on the capability to acquire information about market and supply chain agents. The acquired market‐ and consumer‐related information is extremely valuable in enhancing the marketing capability and improving performance. The innovation capability is slightly less significant than the others in affecting performance.[EconLit citations: L11, L25, L66, Q13]