Developing the Management Section For Your Business Plan
By Mark Ishac
In the development stages of the business plan, the Management Plan section is an illustrative look at your management staff and how the business tenure is structured. Investors reviewing your business plan will be searching to see not only who's the top brass on your management team, but how the expertise of your team will add to the bottom line.
A simple and effective method to organize the management plan section of your business plan is to divide it into sections and parts below:
- In-house Management Team
- Outsourced Management Resources
- HR Requirements Needs
- Officer (Ownership) Structure
Part 1 - Structure
Teams that are planning to start a partnership or corporation will need to specify at the granular level how the business will be arranged from not only a legal standpoint, as well as any applicable intricacies, for example the amount of ownership each relevant partner has.
Part 2 - Professional Support
It is suggested that you hire professionals to maintain your business venture, for example attorneys, accountants, engineers and consultants (several business plan consultants exist online). This section is where you will outline these types of specialized personnel who are vital to you're the operations of business, however are not in fact a component of the business.
Part 3 - HR (Human Resources)
Lastly, we arrive at the final section of the management plan - human resource section. You should know how many will run the business, and total itemized cost (all of which will be in the financial section). What's foremost is to determine the total personnel needed by developing job descriptions, coupled with the total clients they will be able to absorb on a monthly basis. Next, compute the expenditure of each staff member (including salary, benefits ect.). To finish, shape how you will located the required personnel and how the regional economy and employment rates will affect the HR efforts.
Part 4 - What Staff is in Control?
Dependent on the sheer size of the business, this section can extend from several line items to many content-rich pages. Once you list each staff member and their duties, develop the subsequent information for each position:
- Resume or CV;
- Any compensatory information (salary, benefits, profit-sharing etc. ); and
- Any applicable contracts such as NDA (non-disclosure agreements, non-competes etc.).
Look for more articles from me regarding business plans, market research or funding your venture, current company or start-up. Also be sure to first talk to your small business development center in your community, if you are new to the business plan process - This is funded101 signing out.
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