Performance management in collaborative networks requires approaches suitable to deal with a larger domain than in traditional organisations, including new processes, new stakeholders and a less clear border between internal and external. The proposed approach addresses objectives and strategies setting, performance measurement and evaluation, monitoring, learning and improvement. It relies on the identification of key stakeholders and on their key success factors which provide the external perspective driving the performance evaluation and improvement. The work starts from the consideration of different natures and life times of Business Communities and Virtual Organisations, analyses the stakeholders’ relations and emphasises the clear identification of value creation for stakeholders as an essential component to align organisations.