Literature on SME internationalisation often ignores that internationalisation is a process that involves the whole value producing chain of activities. This chapter takes a holistic view to the internationalisation of an SME by examining, also its capabilities to manage the value chain. Therefore, it makes an important contribution to organisational capabilities, value chain management and international business literatures. The qualitative case study captures the capabilities needed to manage the value chain in a higher-level construct of value chain management capability. The value chain management capability is found to consist of international orientation, network capability, market orientation, technological capability and teamwork management capability.