Small and Medium Enterprises (SMEs) are the backbone of the Malaysian economy and more importantly, for the creation and development of a modern, dynamic, and knowledge-based economy. These enterprises employ about 70% of the country’s workforce, make a major contribution to the field of innovation and support regional development and social cohesion. This research focuses primarily on the influence of external and internal factors, with emphasis on access to finance, working place, marketing, government policy, infrastructure, entrepreneurship, and internal management for SMEs growth in Malaysia. A questionnaire was devised based on the factors affecting SMEs growth. A total of 384 respondents were collected. The outcome of the analysis indicates that access to finance, working place, internal management, marketing, entrepreneurship, and infrastructure are important factors and have a positive significant relationship with the growth of SMEs, whereas government policy has a positive but insignificant impact on the growth of SMEs in Malaysia.