This report presents the findings from a four-year initiative by Shell Foundation and Value for Women (VfW), co-funded with aid from the UK government, to further assess the relationship between business performance and gender strategies for small and medium enterprises (SMEs). Findings show that adopting a business-focused strategy for gender inclusion not only supports women as entrepreneurs, employees, and consumers, but also aligns with business models that are more profitable and sustainable. The report includes nine case studies that demonstrate how tailored technical assistance to SMEs can influence improved business performance. This report introduces the Inclusive Business Growth Framework (IBGF), which is based on the business performance and gender inclusion quantitative data generated from surveys of 61 SMEs and five impact investors, as well as the key findings from the technical assistance.