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"You’ll need to complete an application form that demonstrates that you fulfil at least two of the nine Fellowship criteria: creativity, enterprise, innovation, insight and experience, leadership, repute, responsibility, service, and influence and contribution"
Being a manager in a small company may help to meet the leadership or responsibility (or both) criteria, but you also need to have been doing it for five years.
The management position question can be an interesting one: when I was looking at applying I felt it was an issue that part of my application was based on a period when I was a rather senior manager in our division, but because it was in a large multinational I was actually a long way (something like six levels of management) from the top. I suspect this is quite a common position for potential applicants. A PRA (thanks Sue if you're reading this!) can be a huge help in helping you step back and look at that and then put your actual influence on your sector of the industry through your part of the organisation across well in your application. I'd be interested to hear comments from successful applicants from this type of position since I never put this advice to the test.
And it certainly seems to be the case that finding supporting Fellows will not be a problem, both your FPRA and the IET registration team will help.
Caveat on all the above advice, obviously I'm not a Fellow, never having actually applied, but I've spent a reasonable amount of time over the last couple of years looking at the process in a lot of detail both for myself and for others (I get very interested in this type of stuff). And the main thing I've found is ask for help and you'll find people will give it. Then make sure you actually get around to filling the forms in and submitting them straight away I cannot emphasise that last part enough! 🙂