The construction industry worldwide is now facing the Industry Revolution 4.0. As such, the industry is undergoing significant transformation to adapt to the needs and challenges of the revolution. New technologies and digitalization in the construction industry, innovating the whole traditional project cycle and bringing more tech savvy and effective in the project delivery of its life cycle are, among others, issues that need to be addressed. Contributing towards the whole construction business model, there is a need to enhance the existing business models that are available. The objective of this paper is to review the types of business model, the definition, and the challenges faced by SMEs to adopt the business model. As a reference, more attention is given to business model canvas. Challenges faced by SME contractors to implement construction industry 4.0 technologies and enhance their productivity are the expected contributions to the body of knowledge. This paper concludes, many studies highlight on finding new elements to be added into existing business model canvas. At end of the research, it is found that manpower, machinery, material, finance and information technology are the new elements that need to be added in existing business model canvas. Furthermore, this paper will help the scholars and industry players to understand how the Industry Revolution 4.0 significantly affect the construction industry, SME and their business model.