SmallBusinessNewz

The purpose of this section is to provide evidence that the management is more than capable to operate according to the laid out business model. As seen in the video below, the Management Team section needs to be written for your specific business needs. For example, if your business is driven by sales, show that you have a strong sales force.

This section can be broken down into four sections: Ownership Structure, Internal Management Team, External Management Team, and Human Resources Needs. The Ownership Structure could be summarized in one sentence and informs whether or not your business structure is a sole proprietorship, partnership, corporation, or limited liability company.

The Internal Management Team describes the basic management within your business.  One of the biggest mistakes people make with the Management Team section of the Business Plan is they only include the resumes for management. The Management Team section contains a lot more than just resumes. It needs to detail the management's most relevant past experience.

Technically, the management's resumes should be located in the Appendix of your Business Plan. Any contracts or other important documents should go there as well.

The External Management Team consists of your business's Advisory Board and/or Board of Directors. Also include any professional services you will use such as lawyers, accountants, IT professionals, etc. Explain each of their roles and the impact they will have on the business's daily operations and decisions.

The Human Resources Needs section essentially reiterates your plan for the future. It needs to address issues such as future hires, salaries, benefits, and additional costs.

Your goal with the Management Team section is to prove to investors that their investment would be safely executed under your personnel's leadership.

For more information on Business Plans, check out our entire series. Keep watching SmallBusinessNewz for our final two segments on Business Plans.