Many business ventures today focus on how to attain excellence, where companies and individuals seek the appropriate ways to improve their businesses. This practice does not exclude small businesses since everyone envisages positive progress. There is a tendency of small business practitioners to ignore feedback management which limits their progress. This study examines the role of feedback in assisting small businesses to attain excellence. The study uses the concepts from two theoretical frameworks: Schramm’s Model of Communication which introduces feedback in communication process for interactive settings and the Business Excellence Model by Mann that seeks to achieve goals in every part in the business. From those theories, the researcher developed a conceptual framework that explains how feedback works to attain excellence in small businesses. Data were collected through interview, questionnaire and observation. Data obtained show that small business ventures use customers as their main source of feedback. The informal or monitoring inquiry approach is used mostly by small business practitioners to collect feedback, but there is no scientific way of managing feedback. Failure to collect and interpret feedback by small businesses limits the business growth, while proper utilization of feedback helps growth of the business. Feedback plays big role in attaining business excellence through enabling small business to improve, introduce new product or services and maintain the delivering approaches. The study therefore recommends that, small businesses have to employ both direct and indirect inquiries to collect feedback, and then manage them scientifically for effective use in attaining business excellence.