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What is in a Business Plan: Management Team (Part 10 of 11)
Time For Completion: Approximately 20 hours
This section describe the team that will help you succeed in building your business.
To write this section a considerable amount of time and energy will need to be spent or have been spent on researching and building relationships.
Whats in it?
The business plan should include a statement as to how employees will be selected, trained, and rewarded. Such a background can be important for business plan reviewers to give them a feel for the company’s style.
When you are developing your management plan 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, and professional service providers.
A resume for each key team member should also be added in the appendices of the business plan.
Why is it Important
The quality of the team 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 on a management team 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 section. Even if you are developing your business plan for internal use, an accurate evaluation of your key employees strengths and weaknesses will help you make the best use of your management team.
The last step is creating the Financial Projections section. Remember, you can take a look at one of our sample business plan at any time.