This book seeks to contribute to the comprehension of current challenges and trends in management. Chapter 1 presents the conducted qualitative research, questionnaire probe and subsequent evaluation of the actual situation in managing small and medium-sized family businesses. It is primarily based on the intuitive decision-making of CEOs and personal communication of company representatives with customers, employees, suppliers, and other stakeholders. Chapter 2 examines the managerial approaches applied during the existence of contemporary management and the contribution of individual approaches to the present day. Chapter 3 analyses the individual managerial functions in detail. Chapter 4 deals with the manager’s personality and emphasises the importance of lifelong learning. Chapter 5 introduces change management and the importance of applying innovative approaches with a more detailed focus on the circular economy. Chapter 6 presents the issue of risk management. The fi nal Chapter 7, entitled The Road to the Best Managed Company – An Insight into the Practice of Czech Best Managed Companies, offers a systematic insight into the desired management level in four main pillars – Strategy, Productivity and Innovation, Management and Financial Performance, and Corporate Culture. The text of the professional book highlights the ongoing changes in today’s turbulent market environment. Based on case studies, research outputs and quotations from expert texts, it presents the possibilities and trends of implementing digital management tools into everyday business practice. The individual ideas for refl ection lead the reader to contemplate different solution options and they are inspirational in nature.