Basic Business Plan - The Management Team

"Let the beauty we love be what we do." Rumi

Not every basic business plan will include a section specifically outlining the details of the management team. Some people simply outline this information in the Company section.

The Management Team, however, can be an important section if you are applying for funding. Many financial backers put a lot of weight on the quality of the team that is guiding the business and feel that it is one of the greatest predictors of the success. In fact, potential backers often look at this section first when reviewing a business plan. So, if you're using your business plan to apply for funding, pay extra attention to this section.

If your business plan will be used as an internal document to guide the development of the company, you may still decide to include this section in your plan. Preparing this section requires you to honestly assess the strengths and weaknesses of the individuals who are guiding your business (even is it's just you) and determine a management structure and style that is a good fit for your business.

When you prepare this section:

Note the key people who will be guiding the business.
You may include information about related experience and successes, relevant education, strengths as well as any areas of skills or knowledge that require improvement or support.
Demonstrate any relevant special knowledge or abilities that will benefit the company.
Indicate relevant professional accomplishments including your team's business background and direct management experience.
Indicate major areas of responsibility and note how responsibilities will be delegated where appropriate.
If your business is a partnership, clearly delineate the areas of responsibility for each partner.
Show how you will cover any areas of knowledge or experience that are weak.
Indicate any outside professionals such as your lawyer, accountant or banker who may provide important expertise for your business but are not employees of the company.
If you are preparing a basic business plan for internal use, you may also include a discussion of your management structure and style. Consider including summaries of the ways you will communicate policies, recognize employees, ensure communication is clear, solicit employee feedback and enforce policies.

Additional Resources

Business plan outline with links to further information about each section
The Successful Business Plan by Rhonda Abrams book review