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gomembers to participate at ASAE/Center for Association Leadership AMS Demo Days
FOR IMMEDIATE RELEASE October 28, 2004 gomembers to participate at ASAE/Center for Association Leadership AMS Demo Days [Herndon, VA] gomembers, Inc. (http://www.gomembers.com) will serve as a vendor panel member during the first day of the...
Success Tips for Small Business Owners
Running a small business requires many skills. However, to do this successfully you need to organize yourself first. Avoid procrastination - read the following and take action.
Successful Small Business Owners Look After Themselves First
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SuperCharged Secret 4, Credit Card Utopia
YOU SCRATCH MY BACK, AND I’LL BUY SOME MORE BEER!
Let’s just take a brief moment to recap:
If you’ve been following along on this journey with me, learning the 5 Super-Charged secrets to Credit Card Utopia, then you now know 3 very...
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When you invest in the stock market for ever-increasing cash dividend income, verses trying to make a buck in the stock market, your mindset will change. There will no longer be a fear of losing money in the stock market.
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Three Steps to Give Your Strategic Plan Traction
We all agree Strategic Planning is a critical part of a company's success. All too often, however, strategic plans stall before they ever make it to execution - or they gradually lose momentum. The organization is then left in a vulnerable and...
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The Management Team Section of the Business Plan – Don't Just Include Resumes
Even the best new concept or existing plan will fail if executed poorly. The Management Team section of the business plan must prove to the investor why the key company personnel are "eminently qualified" to execute on the business model.
The Management Team section should include biographies of key team members and detail their responsibilities. It is important that these biographies are not merely resumes that include the educational backgrounds and previous job titles and responsibilities of the team members. Rather, biographies should highlight the most relevant past positions that the individuals have held and specific successes in each. These successes could include launching and growing new businesses or managing divisions of established companies.
Team member biographies should be tailored to the company's growth stage. For instance, a start-up company should emphasize its management's success launching and growing companies. A more mature company should emphasize how team members have successfully operated within the framework of larger enterprises.
Depending upon the stage of the company, key functional areas may be missing from the team. This is acceptable provided that the plan clearly defines the roles that these individuals will play and identifies the key characteristics of the individuals that will be hired. However, it is generally not favorable if
personnel are missing for ultra-critical roles. For example, a plan that is fundamentally a marketing play should not seek financing without a stellar marketing team.
The Management Team section should also include biographies of the company's Advisory Board and/or Board of Directors. While having well-known advisors/board members adds credibility to the business plan, it is highly effective to explain how these advisors will directly impact the company through strategic advice and/or providing conduits to key clients, partners, suppliers, etc.
In summary, the Management Team section of the business plan is an opportunity to prove to investors that your company has the necessary talent to succeed. Rather than waste this opportunity by merely showing employee resumes, which could be included in the Appendix, the section should be used to explain precisely how the team is uniquely qualified to execute the venture in its present state.
About the Author
As President of Growthink, Dave Lavinsky has helped the company become one of the premier business plan development firms. Since its inception, Growthink has developed over 200 business plans. Growthink clients have collectively raised over $750 million in financing, launched numerous new product and service lines and gained competitive advantage and market share. For more information please visit http://www.growthink.com
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