It is customary for smaller trades and businesses, particularly in the range of £1 million to £5 million, to be run by a principal. This person is generally a skilled person trained in the line of the business carried out but not necessarily in the art of managing and running a business properly on a daily basis.

A client once remarked, "I am a printer by trade and I have always been good at what I do. It now ten years since I commenced business and I find that far from running a printing business, I am involved in dealing with banks, understanding accounts and cash flow projections and other management techniques. I am called upon to deal with negotiating overdrafts, rates of interest, office administration and personnel matters, together with decision-making on office equipment etc. This has nothing to do with printing! "

In times of high competition and in the climate of today’s markets, any business which is more than "a one man band " and has become successful will have day to day management decisions to make, which require proper training and expertise.