This study evaluates the management practices, performance, and challenges of Small and Medium Enterprises (SMEs) in Enugu State, Nigeria, with a view to identifying the extent to which managerial structures and practices contribute to their growth and sustainability. The research is anchored on both empirical and theoretical frameworks including the Resource-Based View (RBV) and Managerial Competency Theory, which posit that efficient managerial practices and firm-level resources determine enterprise competitiveness. The study adopted a descriptive survey research design, using a structured questionnaire administered to 200 SME owners and managers selected across Enugu metropolis, Nsukka, Oji River, and Awgu Local Government Areas. Data were analyzed using descriptive statistics, Likert scaling, and correlation techniques to examine the relationship between management practices and SME performance indicators such as sales growth, profitability, and employment generation. Findings revealed that while a large proportion of SMEs operate with informal or weak management structures, those with formalized bookkeeping, planning, and human resource practices recorded higher business performance. However, infrastructural inadequacies, limited access to finance, low managerial capacity, and weak institutional support remain major constraints. The study concludes that building managerial competence, promoting digital tools, and improving access to affordable credit are key to enhancing SME competitiveness in Enugu State. It recommends targeted management training, improved power supply, regulatory simplification, and stronger collaboration between the Enugu SME Centre, Microfinance Institutions (MFIs), and business associations to provide sustainable support frameworks for SMEs.