This study introduces a novel two-stage model for assessing and enhancing business excellence based on the EFQM framework. The Fuzzy Analytic Hierarchy Process (FAHP) is used in the first stage to calculate the weight vectors of criteria and sub-criteria, incorporating uncertainty through triangular fuzzy numbers (TFNs). In the second stage, the OR-Tools CP-SAT solver is used to solve the selection and improvement of sub-criteria as a multidimensional knapsack problem with mixed min/max constraints. In this way, a new and enhanced model for evaluating business excellence is presented—one that takes into account the company’s current capabilities and circumstances while also providing management with a starting point for enhancing business performance. The model is validated using data from a manufacturing company in central Serbia. The findings suggest that improvement efforts should not be symmetrically distributed across all EFQM criteria and sub-criteria. Instead, an asymmetric approach provides efficient resource allocation while maximizing business excellence improvements. This study emphasizes the balance or symmetry between subjective decision-makers’ assessments and mathematically based optimization, demonstrating the practical applicability of the proposed method in strategic decision-making under resource constraints.

In recent decades, many researchers and practitioners have believed that reaching a high level of business excellence leads to the continuous realization of a set of business goals. In the literature, a vast number of models for business excellence evaluation that contain different criteria depending on the cultural, technological, organizational, and socio-economic factors can be found. The aims of the proposed fuzzy two-stage model are to address some of the main shortcomings of the EFQM2020 model and to adapt it to the needs of process manufacturing. The relative importance of quality criteria and their values are presented by pre-defined linguistic expressions modeled by the triangular fuzzy numbers. The determination of the weight vector of criteria is stated as a fuzzy group decision-making problem and determined by using the fuzzy best-worst method. The proposed fuzzy multi-objective optimization by ratio analysis is implemented for determining the rank of enterprises. The management initiatives that should lead to the improvement of business excellence should be based on the business practices of enterprises that are highly placed in the rank. Testing and verification of the proposed model are performed on real data originating from enterprises operating in the same economic sector.