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| External Management Resources | External Management Resources can be your internal management team's support. So think over using them in your business and in your management plan. There are two main sources of External Management Resources which can be described and used in the management plan; Professional Services and an Advisory Board.
Your business may require accountants, bankers, lawyers, IT consultants, business consultants, business coaches and so on. They are called external professional advisors and described in Professional Services section of your Management Plan. An Advisory Board will help you to run your business profitably. Select its members carefully and they provide additional expertise, which your internal management can lack. The one, who has a true interest in seeing your business do well and has the experience in running business, will be a fine advisor. You can choose recently retired executives or managers, other successful entrepreneurs, and/or vendors. But you should avoid lawyers, accountants, customers or a direct competitor to include in your Advisory Board as they may have a conflict of interest. Two or three members will be enough to have an effective Advisory Board and a profitable small business. If you already have an Advisory Board, list its members, their names, titles, expertise and experience. A management plan for new business also requires an overview of your plans for setting up an Advisory Board and description of people you will approach to serve on your Board.
Human Resources Needs
The last think you need to include in the management plan section of your business plan is your business' human resources needs.
When writing about your human resources needs, give specific information about how many employees your business will need and what it will cost you. The number of employees you will need depends on how many customers each employee can serve and what is your predicted customer’s number for the first year. Then your can consider what is better way to satisfy your requirements. Will you use employees, contract workers or freelancers? Is it better to have full-time or part-time staff? If the people working for you need to have any specific skills, describe them in this section.
An important item of expenses is the total cost of salary for all your employees. This estimation is based upon how much salary each employee will receive, the cost of Workers' Compensation Insurance, and the cost of any other employee benefits.
Describe also how you are going to find the staff, and how you are going to teach them.Even if you are the only employee, add this section to your business plan. In such a way you show that your business will develop and succeed.
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