Home Budget 2007 Company Profile Services Accountancy Zone Business Zone Tax Zone IR35 Update News Articles Feedback Search Legal Notice How To Find Us Business plans - Management A good management team can take even a mediocre idea and make it fly. In fact, strong entrepreneurial teams have been known to move from business idea to business idea, repeatedly creating and running thriving companies. Conversely, 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 a winner. Additionally, you need to demonstrate that the team have complementary skills. Would Manchester United be as successful as they are if they had eleven David Beckham's? No, you need others with different qualities, a Roy Keane for example, in the team to make it truly effective. Description Use this section to describe company management including the responsibilities and expertise of each person. Many lenders and venture capitalists base their investment decisions on the strength of the company's principals. Demonstrating that your management team possesses, or will possess, an array of complementary skills will help convince investors that your business has a bright future. Try to emphasise specific achievements of individuals and why those achievements are relevant for your business. For positions you have yet to fill, detail who you will need to hire to achieve the goals set out earlier in the plan. You needn't create specific roles, but you should ensure that the main business areas, finance, sales, operations, IT and so on, are the responsibility of certain individuals. Finally, describe how the team will work together. How often will they meet? What specific objectives will they have? What management style do you wish to create? Ownership A short section on who owns and controls your company will help readers derive a better understanding of who will be making decisions. Potential lenders, many of whom will require a significant stake in the company in exchange for funds, will also be interested in what portion of the company's equity is available. Support Services Don't forget to mention your support network, including accountants, solicitors, advertising agencies and so on. These will help indicate others' faith in your business as well as your ability to attract talented individuals. [ Business Zone Home · Previous - Business Plans - Sales And Marketing · Next - Business Plans - Financial Matters ]