This issue of CPRE Finance Briefs summarizes research that investigated how school-based management can be implemented so that it is more than just a catch-phrase. Making the transition to SBM is neither simple nor quick. Neither is it possible for SBM to succeed simply by giving schools more power over such things as budgets, personnel and curriculum. In addition to power, schools need hefty portions of three other commodities that private sector research has found to be essential for making good and productive decisions: Knowledge of the organization so that employees can improve it. Teachers and other stakeholders need technical knowledge, such as how to employ new approaches to teaching, business knowledge, sch as how to develop a budget, and knowledge of interpersonal and problem-solving skills so they can apply what they know to achieving school goals. Information about student performance and comparisons with other schools about whether parents and community leaders are satisfied with the school, and the resources available, either monetary or other. and Rewards to acknowledge the extra effort SBM requires as well as to recognize improvements.