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Writing a Business Plan, Part III - Management Team
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Introduction
A good management team is essential. Weak management often cannot build a strong business out of even the best idea. For this reason, the management section of your business plan must demonstrate that the team you have assembled, or will assemble, is talented, has experience relevant to your business, and complementary skills.
Description of Management
This section of your business plan should be used to describe the responsibilities and expertise of each person in a key management position (e.g., marketing and sales, production and quality assurance, research, and administration). You do not have to have personnel devoted to each of these areas, but you should have people who will be able to assume these responsibilities as needed. For positions you have yet to fill, explain who you will need to hire to achieve the goals set forth in the product development schedule.
Ownership
This subsection of the plan should be a simple, short and concise statement on who owns and controls the company.
Board of Directors and Advisors
A strong board of directors, or board of advisors, can add credibility to a weak management team and increase the chances of success. In this subsection, you should outline who is on your board, listing their names, employment, education, expertise, industry connections, ability to raise capital, and how they will help your business succeed. If you have not formed a board of directors or advisors, use this section to discuss the kind of talent and experience you plan to assemble for your board.
Support Services
In this subsection describe the support services you have and those that you still need (e.g. attorneys, accountants, advertising agencies, etc...). In your description, describe what experience or contacts each individual brings to your company, and what characteristics and skills you would like in those not yet ascertained.
Go to: Writing a Business Plan, Part IV - The Market.
Related Articles:
- Writing a Business Plan, Part I - Executive Summary.
- Writing a Business Plan, Part II – Your Business Description.
- Writing a Business Plan, Part III – Management.
- Writing a Business Plan, Part IV – The Market.
- Writing a Business Plan, Part V – Development & Production.
- Writing a Business Plan, Part VI – Sales and Marketing.
- Writing a Business Plan, Part VII – Financials.
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Located in Los Angeles, California, the Law Office of Melissa C. Marsh handles business law and corporation law matters as a lawyer for clients throughout Los Angeles including Burbank, Sherman Oaks, Studio City, Valley Village, North Hollywood, Woodland Hills, Hollywood, West LA as well as Riverside County, San Fernando, Ventura County, and Santa Clarita. Attorney Melissa C. Marsh has considerable experience handling business matters both nationally and internationally. We routinely assist our clients with incorporation, forming a California corporation, forming a California llc, partnership, annual minutes, shareholder meetings, director meetings, getting a taxpayer ID number (EIN), buying a business, selling a business, commercial lease review, employee disputes, independent contractors, construction, and personal matters such as preparing a will, living trust, power of attorney, health care directive, and more.