Small- and medium-sized enterprises (SMEs) play an important role in creating a dynamic and successful European economy. Time-poor managers in these organisations generally have fewer opportunities for training and development than their counterparts in larger organisations. As a result, different requirements are placed on training. The aim of this study was to test the principles of action learning in a virtual environment. The action-learning programme was based on virtual working but did also involve face-to-face workshops, thus providing a blended approach. The project was designed to be "evaluation-led", with evaluation progressing alongside the project from design to finalisation. The focus of this paper is on how the evaluation-led approach unfolded. To this end, we start by explaining our research approach, we then move on to an analysis of the project to conclude with a discussion of the findings and of the lessons learnt. We conclude by highlighting some further research needs. (Contains 1 table and 5 notes.)