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Change Management: Getting It Right
Change management is something many companies may face
throughout their existence. Whether something simple or a
complete change, various things can be done to allow for a
successful change. Management of the change effectively will
allow for...
Five Steps to Better Employee Management
Hiring employees is a huge responsibility. Before hiring anyone, be sure to carefully analyze your needs in terms of extra assistance. Once you’ve gotten through the hiring process, there’s still much more you must do now that you’ve become an...
Perfecting Management
As part of a management team you probably spend a lot of time studying
the multitude of differing business reports that lower level
managers turn in for your review. Without this kind of business
report it is hard to keep management up to...
Team Efforts in Time Management
Family and co-workers are a part of the team of people that you
should include in your time management plan. When you promote
confidence and motivation to your team, you are taking the first
step in making your plans work. Time Management is...
The Myth of the Management Team
Every business has problems. That is why the average life span of a large industrial company is 40 years. Some are learning disabilities where companies are not prepared to learn from their mistakes. They insist on doing the same thing every time....
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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
Associated Websites
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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