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Informative Articles

Belief Management - The Missing Ingredient?
"Joan, I'm working so hard and I'm not getting anything done!" I have heard some version of this cry of frustration by many an entrepreneur. It's a common complaint voiced by those of use who sought the freedom to have complete authority over our...
How to Improve Your Management Procedures’ Usability
Are your people consistently following your procedures? Each year, organizations lose thousands of dollars through common mistakes and lapses in usability. But what does that mean for business owners and executives? Ask yourself: Are...
Stress Management for the Self Employed
Being self-employed, or freelancing, is a truly unique environment in which to work. Basically, you wake up every morning and “reinvent the wheel.” That means that you begin every day knowing that you’ll be required to provide your customers with...
Understanding operations management consulting
Although much attention lately has been given to accounting practices and IT consulting, operations management has always been one of the most important efficiency issues of any company. Ensuring your communication, transportation, and production...
Why Asset Management Is A Vital Key To Your Future
Our home, car, property and credit lines are all assets. Proper asset management is a necessity for all of us. When we think of asset management ofttimes we forget that we need to protect our assets not only for ourselves but for our children as...
 
The Management Team Section of Your Business Plan

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.

Please visit http://www.growthink.com/businessplan for a free copy of the 2005 Business Plan Guide.

About the Author

As President of Growthink Business Plans, 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.

 

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Advances the human resource profession to ensure that HR is recognized as an essential partner in developing and executing organizational strategy.
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Agency of the US government tasked with Disaster Mitigation, Preparedness, Response & Recovery planning.
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Management Reading | Global Executive | Business | Economist.com
The one management thinker every educated person should read Nov 17th 2005 ... The story of Emerson's successful management process is fascinating. ...
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Publisher of journals in management and library and information services, engineering, applied science and technology.
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