09: Management Team
TIME FOR COMPLETION: APPROXIMATELY 20 HOURS
The Management Team section describes the team that will help you succeed in building your business. Completing this section will take a considerable amount of time and energy dedicated to researching and building relationships.
What’s in It?
The business plan should include a statement as to how employees will be selected, trained, and rewarded. This is very important for business plan reviewers so that you can give them a feel for the company’s style. When you are developing your Management Team section, begin with an objective assessment of the company’s requirements. Based on these assessments, the composition of the rest of the company may be defined as the following:
- Key management
- Board of advisors
- Board of directors
- Professional service providers.
A resume for each key team member should also be added in the appendices of the business plan.
Why’s it Important?
The quality of the people employed determines the success of your business. Many ventures ultimately fail because the proper talent has not been assembled. Individuals with strong technical backgrounds might ignore the importance of including a management team comprised of people with the appropriate business background, and vice versa.
If you are preparing your business plan for financing purposes, you need to take particular care in crafting your Management Team section. Even if you are developing your business plan for internal use, an accurate evaluation of your key employee’s strengths and weaknesses will help you make the best use of your management team.