Business Plan Part 6 – Identify your management team. This section should include the following:
People, not ideas or products, make a company successful. This is probably the most important section of your plan, since most small businesses fail due to poor management.
- Show your team’s balance of technical skills, business skills, and experience.
- Anyone with 20% or more ownership in the company needs to be included.
- Investors prefer experienced managers who have a significant stake in the success of the business.
- When addressing the management team’s skills and abilities, be sure to tailor your comments to address each of the major reasons small businesses fail [SBM:EB pp 17-21].
Show that the firm has the right people organized in the right way to do the job.
Resources needed to write this section
- An organizational chart.
- Job descriptions for key positions.
- Resumes of key officers. Each officer’s age.
- Financial statements on each officer detailing his/her personal finances and stake in the company.
- The compensation plan including stock options, buyout, etc.
- A written copy of your philosophy of management.
- A list of the members of your board.