April 29,3: That is, not allowing a statement to switch to a plan that is significantly slower than the one it has already been executing.
Many investors and lenders feel the quality and experience of the management team is one of the most important factors used to evaluate the potential of a new business. But putting work into the Management Team section will not only benefit people who may read your plan.
It will also help you evaluate the skills, experiences, and resources your management team will need. Addressing your company's needs during implementation will make a major impact on your chances for success.
Key questions to answer: Who are the key leaders? If actual people have not been identified, describe the type of people needed. What are their experiences, educational backgrounds, and skills?
Do your key leaders have industry experience? If not, what experience do they bring to the business that is applicable? What duties will each position perform?
Creating an organization chart might be helpful. What authority is granted to and what responsibilities are expected in each position? What salary levels will be required to attract qualified candidates for each position? What is the salary structure for the company, by position?
The Management Team section for our cycling rental business could start something like this: Jim Rouleur, Owner and Manager Joe has over twenty years experience in the cycling business.
A complete resume for Mr. Rouleur can be found in the Appendix. Mountain Biking National Champion. She worked in product development for High Tec frames, creating custom frames and frame modifications for professional cyclists.
She also has extensive customer service and sales experience, having worked for four years as the online manager of Pro Parts Unlimited, an online retailer of high-end cycling equipment and accessories. In some instances you may also wish to describe your staffing plans. For example, if you manufacture a product or provide a service and will hire a key skilled employee, describe that employee's credentials.
Otherwise, include staffing plans in the Operations section. Don't be tempted to add a "name" to your management team in hopes of attracting investors. If you don't have a lot of experience--but are willing to work hard to overcome that lack of experience--don't be tempted to include other people in your plan that will not actually work in the business.
If you can't survive without help, that's okay. In fact that's expected; no one does anything worthwhile on their own. Just make plans to get help from the right people. Finally, when you create your Management section, focus on credentials but pay extra focus to what each person actually will do.
Experience and reputation are great, but action is everything. That way your Management section will answer the "Who is in charge? Next time we'll look at the next main component in a business plan: More in this series:With the newly-released QS World University Rankings by Subject Business & Management Studies, discover the best universities and schools for studying business & management studies.
In a business plan, the management team includes the business’ owners, board of directors and managers. Depending on the business plan’s style, the details for these team members may appear in different sections of the plan.
BUSINESS PROFILE (Example) Type of Business: Corner Store, service station & Deli (operating 24/7) Contact: John D. (owner) Management is making plans to expand deli items and increase sales. The sink in the deli area is not equipped with a disposal.
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If you don't have a lot of experience--but are willing to work hard to overcome that lack of experience--don't be tempted to include other people in your plan that will not actually work in the business.