During the current time period, where catalytic changes are taking place on a global scale, cultural entities are facing a variety of operational and organizational difficulties that hinder their development. In this context, "cultural management" must focus on accelerating the analysis and record-keeping of the conditions, primarily of the external environment, which forms a precariously shifting landscape in the endogenous environment of the entities in question. In this regard, it becomes necessary for them to proceed with the adoption of the new best surveillance practices, the rationalization of their available resources and means, as well as the understanding of the expectations, impulses, and experiences of their visitors, in order to appropriately and purposefully shape their programming to maintain their sustainability, i.e. to become capable of producing results of the same or higher quality over time. In this article, the authors initially describe the critical parameters that define the framework of the economic development of cultural entities in light of the challenges of the present era. Subsequently, they highlight the importance of using modern management techniques for their self-assessment focusing on risk management, internal control, and data utilisation tools. Furthermore, they examine the main components of the external environment in order to emphasize their contribution to the structuring of the organizational and economic preparation and development of cultural entities. For this purpose, they present the Chios Mastic Museum of the Cultural Foundation of the Piraeus Bank Group, as a representative example/case study.