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Change Management Needs External Focus
Poor managerial performance is viewed more as structural rather than market factors. The mantra of the managements for increasing efficiencies and profitability is more often than not structural adjustments within the organization.
Structural...
Knowledge process management
Knowledge processes cannot be managed following the standard business process management paradigm. In the following article some guidelines are given for organizations willing to better manage their knowledge processes. In the last few years a lot...
Sloppy Time Management Destroys
One of the best methods for developing planning and organizing
skills is learning from your mistakes. If you are constantly
making the same mistake, then you are in a world of trouble,
since time management is essential for success. When you...
The ACHILLES’ HEEL OF MANAGEMENT COACHING
While heading home at day’s end, you begin reflecting on a coaching meeting you had earlier that day with an employee, Chris. You hope that, this time, you finally succeeded in getting her to understand the importance of spending less time in...
Time Management Tips for Managers
Late last year I was presenting a workshop for the senior managers of a major organisation. Whilst doing a pre-workshop survey to assess the challenges these managers were experiencing it became very apparent to me that many of them were showing...
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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.
Associated Websites
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.
Growthink Business Plans has developed over 200 business plans for clients that have collectively raised over $750 million in financing, launched numerous new product and service lines and gained competitive advantage and market share. Growthink Business Plans is the sister site of GT Venture Capital.
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