Excellence is a term/concept that is widely used in research and practice. Yet, although there have been many suggested definitions of excellence and the success factors behind excellence, few organisations have been able to achieve the goal of excellence. It has been argued that this is due to a genuine confusion amongst managers on what excellence means for their business. Using a systematic review of the operations literature on excellence concepts, we identify a plethora of concepts associated with the term excellence. In response, an overarching definition that seeks to consolidate the different concepts is presented. Excellence is defined as a combination of operational excellence (efficiency) and service excellence (effectiveness). Further analysis warrants that existing business excellence models may be detrimental to sustaining excellence and making good business. More specifically, business excellence models appear to overemphasise the creation of value whilst underemphasising means of capturing this value. Moreover, they often lack a strategic component, including concepts such as strategic choice, alignment, and sustained competitive advantage. This has major implications for research and practice.