Most companies are currently faced with the question which circular business models (CBMs) are best suited for their organization to achieve the highest possible circularity of their resources. Several decision support approaches have already been developed in the relevant literature to facilitate the transition to the Circular Economy (CE). However, these studies only provide general statements on the selection of CBMs and make few references to small and medium-sized enterprises (SMEs) in the manufacturing industry, whose business models as well as strategic decisions are influenced by a multitude of specific factors and requirements. Considering the complexity of the decision problem, SMEs need a thorough approach to conquer this challenge. To fill this research gap, the main objective of this study is to develop a decision support approach for SMEs in machinery, automotive and plant engineering in industrialized countries. The focus is to enable SMEs to choose the most appropriate CBM for their organization. Based on a literature review, the five most frequently mentioned CBMs and 12 general success factors (SFs) have been identified and evaluated using a multi criteria decision analysis method (MCDA) called Fuzzy PROMETHEE. The results are the rankings of the SFs and the CBMs. From the ranking of the SFs it can be derived, that the most important factors for the successful development and implementation of CBMs are primarily aspects such as training, education and motivation, followed by cooperation and collaboration with all internal and external stakeholders and the separate allocation of internal financial resources. According to the ranking of the CBMs, the Circular Supplies Model is the most appropriate CBM for SMEs followed by the Resource Recovery Model, Product Lifecycle Extension Model, Product-Service Systems and Sharing Platforms.