Purpose The purpose of this paper is to identify those resources and capabilities that enable national award-winning organizations to generate value to their stakeholders and provide evidence to institutions holding business excellence model (BEM)-based programs of how dynamic capabilities theory can enhance excellence models. Design/methodology/approach Qualitative research based on systematic review and content analysis. Findings Empirical evidence supports that BEMs should consider the resource-based view and dynamic capabilities perspective as a basis for their continuous improvement. These theoretical perspectives consider resources and capabilities for the successful execution of the strategic plan and for a faster response to environmental changes through dynamic capabilities. Research limitations/implications The study is based on a systematic review and content analysis of evidence submitted by three national quality awards from Europe, Singapore and Mexico. This research should be extended to other national quality award companies, and their customers’ and suppliers’ insights should be considered. Practical implications Regardless of corporate sector, organizations must recognize that visionary leadership is vital to their management models; a strategic plan and competent staff to execute the model are also of great importance. In addition, institutions holding BEM-based programs should evaluate incorporating dimensions related to dynamic capabilities and emphasize those strongly related to national culture. Originality/value Few studies in the BEMs literature have conducted resources and capabilities analysis from a multi-country perspective.